By: Darrell Castle
Harry Browne, an old friend of mine, wrote a great article I saw in a newsletter on the secret of escaping “The Box Trap.” It really hit home as a bankruptcy attorney as we strive in our office to help our clients escape the box trap of debt.
“You’re in the Box Trap if you tolerate any such situation by assuming there’s no way out of it,” Harry wrote. “The first thing to recognize is that you’re paying a price every day you remain in the box. You’re forgoing more attractive alternatives. And you suffer discomfort just from knowing that you don’t like the situation, plus the discomfort of whatever you have to do to keep from rocking the boat.”
I’d like to break Harry’s article down into three parts.
1. Harry claims the first step is to recognize what you’re giving up when you choose something.
When you’re in debt and choose to not do anything about it, you’re giving up a life of financial freedom, and you’re really making life more costly and inefficient for yourself. Due to fees and interest rates, your debt doesn’t just sit still, but instead it grows. The longer you wait to take care of it, the more money you’ll owe.
2. Harry says the second step is to realize there’s a way out.
You can escape debt through a bankruptcy – that’s my advice atleast. By filing for bankruptcy, your debts can either be discharged through a Chapter 7 or lumped into an affordable 3-5 year repayment plan through a Chapter 13. An experienced attorney can help you make the right decision.
3. My good friend Harry then poses a self-reflecting question – what could you do today that would give you more freedom tomorrow morning?
If you’re enslaved by debt, what’s stopping you from freedom? Is it reluctance to face the problems or are you afraid of the whole bankruptcy concept?
Well, I’ve practiced bankruptcy law in Memphis for over 30 years, and I can tell you the decision is often a tough one, but the process, with our law firm, is very easy.
If you don’t believe me, you can give us a call at (901) 327-2100 or contact us by filling out the “Get in Touch” form at the bottom of the page to speak to one of our attorneys, free of charge, about your situation.
You’ll find that our attorneys not only want to help you get out of the box trap of debt through a bankruptcy, but they also want to help you grow to a stronger financial life. One way of accomplishing this is by signing you up, for free, for our credit restoration program called “7 Steps to a 720.” This program is a $1,000 value because it works so well, but we offer it free to our clients because we pay for it ourselves, and we’re the only firm in the area offering it.
“7 Steps to a 720” teaches you tips and tricks the banks don’t want you to know that will help you re-establish and rebuild your credit score to an A+ rating of 720 in a short amount of time.
Are you trapped in a box of debt? You don’t have to be – contact us today.