Interviewer: Why would it be beneficial to hire an attorney for chapter 13 bankruptcy and what sort of attorney should people be looking for if that’s the case?
James Logan: What you really look for in anything whether it’s an attorney or a doctor is do they specialize, do they have a lot of experience and what it is you’re looking for. I guess the classic example is gas station sushi, not a good idea, right. You go to a gas station, you get gas and if you go to a Sushi restaurant, you get sushi. If you’re looking for debt relief, you want to find an attorney who’s got experience in that area and knows the ins and outs of that area of law. The same thing; if you go to your doctor and you have heart problems, you don’t go see your general practitioner, you go and see a specialist in heart problems. So, in any thing, you want to find somebody who really has a lot of experience and actually in Maryland, you can’t even see specialized it just says a lot of experience in the area that you need help in.
Bankruptcy is About Putting Aside False Perceptions and Doing What is in Your Best Interests
Interviewer: Would you say it’s a matter of putting aside one’s past perceptions and pride and focusing on yourself and your family and your wellbeing when it comes to bankruptcy?
James Logan: That’s exactly it. You got to ask yourself, “What is the most important for me and for my family?” Big corporations, they don’t think twice about filing bankruptcy. GM just filed bankruptcy and basically the pensions of all their employees were cut 30 per cent or something like that but do you think GM lost any sleep over that? No, it’s a business decision. It’s said, “Look, we can’t go on any more like this. We can’t afford to pay those suspensions, we can’t afford to pay those healthcare, we’re going to file a bankruptcy and move on with corporation”. Now, GM is healthier than it’s ever been and making money like crazy. So, you got to have the same kind of attitude that this is a financial decision that I’m going to make for what’s best for me and for my family and not worry about the creditors.
By Filing Bankruptcy an Individual is Exercising His Right to Getting a Fresh Start
Sometimes people tell me they feel bad about not paying, so I say, they don’t feel bad about taking your money, so you shouldn’t feel bad about. You’re exercising your rights under the law and getting a fresh start of course. A very important part about that is you got to be honest and forthright with the bankruptcy court about your situation and as long as you do that, you’re entitled to have a fresh start and that’s what bankruptcy do is they’re forced to give you a fresh start and a second chance. And certainly success stories, there’s no shortage of famous people that have filed bankruptcy, Walt Disney, Donald Trump and Ed McMahon.
Financially Well Off People Have Filed Bankruptcy When They Were in Dire Straits
Ed McMahon, if you want a success story, is a guy who could generate money like crazy and he also likes to spend it and he got injured and he couldn’t work and so, his come dropped traumatically and he couldn’t make the payments on his mansions and cars and all of the other stuff and that’s how he ended up in bankruptcy. So, there’s no demonstration in how McMahon and you accept it. When Ed McMahon worked, he made a million dollars a year and when you and I work, we make much less than that. So, that’s what I see that everyday here where people get injured and can’t work or get sick and can’t work and the next thing you know they’re behind on everything.