RETIRING BANKRUPTCY JUDGE OFFERS MEMORIES, ADVICE

RETIRING BANKRUPTCY JUDGE OFFERS MEMORIES, ADVICE

“’Bankruptcy is about good people making really bad decisions.’” So says someone who knows– retiring U.S. Bankruptcy Judge R. Thomas Stinnett, speaking from his office in Chattanooga, Tennessee.

In an article by Monica Mercer in chattanoogatimesfreepress.com, Judge Stinnett is portrayed as a man who spent fifteen years “looking in on the private lives of people who largely have failed at finances,” giving the jurist a distinctive vantage point on how people handle not just their money, but their lives.

Although the difficult economy has stirred a rising number of bankruptcy filings throughout Tennessee, Stinnett recalls that even Bull Markets can be marked by financial difficulties.  He remarks that during easier economic times when jobs are plentiful, many families have two incomes, enabling the family to purchase cars, boats and other luxury items—instead of saving their excess good fortune. However, when the bubble inevitably bursts, it can make it that much more difficult to face lean times.

“’The good times are just as bad as the bad times as far as bankruptcy is concerned,’” Judge Stinnett said in the article.

The judge’s expertise is reflected in his own financial scorecard—his only outstanding debt is the mortgage on his home. He preaches a smart spending gospel, but states that it takes personal trial and error to develop responsible habits.  For instance, he gave each of his sons a credit card in high school with an attached sticker warning, “Overuse can be dangerous to your wealth”!

If you are considering filing for Chapter 7 or Chapter 13 personal bankruptcy, call Legal Helpers toll-free at 800-260-1402, today. You will speak with an experienced and knowledgeable bankruptcy attorney and your first consultation is free.

Looking back over his career as a U.S. Bankruptcy Judge, Stinnett stated that his biggest disappointment in people who file for bankruptcy is their failure to learn the simplest financial guidelines– living with a budget and acknowledging that there are more than four weeks to each month.

If you find that you have too much month left over at the end of your money, call Legal Helpers at 800-260-1402, www.legalhelpers.com; when you need serious advice about your bankruptcy.

 

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