Hello everybody! My name is Carmen Dellutri with the Dellutri Law Group. I’ve been in and out of the bankruptcy courts for
about twenty years, a little more than twenty years now I guess and people
always ask me what exactly is bankruptcy. I said, “Well that’s a great question.”
Bankruptcy, in my opinion, is financial planning for the future. What are you
really trying to do? Let’s take a 30,000 foot approach. Bankruptcy is your
opportunity to deal with all your financial creditors at one time. Rather
than fighting a fire, “Oh this guy is calling me, maybe I should send him some
money and I just won’t send any money to the other ones”. What you’re doing is
basically taking them all in, bringing them to the Bankruptcy Court and saying,
“Here’s what we’re gonna do. We’re gonna deal with each of you right now and this
is what we’re gonna do to help you or not pay you.”
Sometimes people don’t get paid, a lot of times they don’t get paid. That’s the
way the game is played. However, I tell my clients to think of it this way, when
you’re thinking about bankruptcy court think of it this way you’re having a
party at the Bankruptcy Court you’re the host. You’re inviting all your creditors
in and you tell them don’t worry about it don’t bring anything. I’ll provide the
refreshments. When all those creditors arrive at the Bankruptcy Court sometimes
there’s no refreshments for the creditors, sometimes there are. And here’s
the way I want you to look at it when you file bankruptcy I want you to think
of mentally putting everything you own on this desk. Everything, including your
clothes, your jewelry, pictures or picture frames. Everything you have is on the
desk. My job is your attorney is to come in and take things off and say this is
protected because of this, your 401k is protected, your IRA is protected, your
house is protected, your car is protected, your personal property is protected. My
goal in a bankruptcy is to take everything off the table. If I take
everything off the table guess what’s available for those
creditors. Nothing. And that’s perfectly fine. That’s called
a no asset bankruptcy. Sometimes, there’s stuff that sits on the table. I always
refer back to the person I was sitting there said let’s say for example I can
take everything off the table but your baby grand piano and the woman looked at
me she goes, “Carmen I have a baby grand piano.” Well, I just made that up but I’m
glad I did because now we have an actual asset that we have to deal with and then
we deal with that. Now what happens? I’m talking like it sounds like all the
creditors are just gonna get nothing that’s not true, in future videos we’re
going to talk specifically about what creditors get but the overall picture is
this: a debtor goes into bankruptcy court with assets. We protect some of the
assets or all of the assets by taking them off the table. We have to deal with
what’s left. Now sometimes creditors get something
sometimes they get nothing but the difference is this at the end of the day
the debtor, meaning the person who filed the bankruptcy, is going to get their
discharge and their fresh start so that they can move on with life and
that’s the most important part of the bankruptcy process. Getting through it
but getting that debtor the discharge. Once they have that discharged that’s
kind of like a ticket to the future and that’s the hardest part about it- getting
them there. Once we get them there then life changes folks. Trust me when I tell
you, it’s a new lease on life. If you’re thinking about filing bankruptcy, please
feel free to give me a call and I’ll do everything I can to help you. I’m Carmen
Dellutri. Thank you. Thank you for taking the time to watch. I’m Casey Byrus with the Dellutri Law Group. If you liked what you saw in this video, then do us a
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for watching. Have a great day.