Chiropractor's wife!

Chiropractor's wife!
Have Curves In All The Right Places?

Wednesday, March 23, 2011

The B Word

Let me take you back to November 2010. This was the first month our chiropractic business didn't have enough to pay its own bills in the 25 months we had been at the helm! Having never missed a payment of any type in over 30 years of life we found ourselves in the office of a local attorney for advice. We told him we just want out of the business and we anticipate not being able to pay our bills for December. He introduced Bankruptcy to us and went into a beautiful history lesson about the Revolutionary war in the USA being fought about bankruptcy rights and that it is one of the main factors in the fight for freedom we seldom hear about. That all sounded fine and good but I wanted to know more! What is the process? What is the reality of that road should we take it? How much would it be? He said $1500 which we got over to him in cash right away and obeyed his direction to stop paying our bills. He even said we would file after we got a tax return so we could keep it and admonished us to spend it quick and on things like rent, and utilities. We got the tax return the first week of Feb and had easily spent it on car repairs and rent and the accountant and a few smaller debts we owed. What from the attorney? Crickets. I'll spare you the details which invololve another $400.
I called a boyfriend of mine who has been through bankruptcy once upon a time without legal representation. I was fired up to spend the day researching the process in my state. To my utter delight there is step by step instructions, free legal help, and the best part to consider:
If you do not have any assets (valuable property that is not exempt such as a second car, second house, newer electronics) you are judgment proof. This means that even if a creditor gets a judgment against you for the amount you owe, they have nothing they can take from you to satisfy that judgment. Therefore, you can just ignore the creditors and not pay. If you choose to do this you can send stop annoying phone call letter to the collection agencies that should help reduce the number of harassing phone calls you receive. However, creditors can still call between 8:00am and 9:00pm but only to notify you they are seeking other remedies. This is not a good option for someone who is temporarily unemployed or will soon be inheriting any valuable asset, because once you start receiving pay or assets the creditor will then be able to enforce the judgment they have against you by garnishing your pay or taking your newly acquired assets. These debts will still be reported on your credit report for up to seven years. The fact that you filed for bankruptcy cannot remain on your credit report for more than ten years.

Needless to say, according to all resources even the fees for the filing and classes can be waived if a family of 4 like we are makes below $33,074. We have made below that amount as a family my entire marriage. So the likely hood of that changing in the next 5-10 years is, well, let me check my magic 8 ball... : "outlook likely"
I guess the whole "we have nothing to lose" phrase is more true than we ever expected. I have all my paperwork and ducks in a row to proceed with bankruptcy filing Monday. Luckily I will hit a once a month bankruptcy pow wow at the Main Salt Lake Library where lawyers will be there to counsel me for free and check my paperwork. Half of me is thinking don't bother with the bankruptcy. It would feel much like it has for the last 90 days. Phone calls, "we don't have anything", negotiations, the end.
At the admonishment of David who commented yesterday I asked my Chiro King what he wants to be when he grows up. Essentially, what's next? He said he really likes the nutrition aspect and has a passion and niche with it. Good, we'll stay the corse for now. I agree Standard Process has been such an impressive company to be associated with. Companies like it are hard to find. So far, there has NEVER been a patient with nutritional deficiencies who hasn't benefited from ingesting their whole food nutrition. From seed to supplement and only dispensed through healthcare licensed professionals it is nutrition that even I depend on. As much as I eat, without it, I am truly starving to death!

Today, instead of hating chiropractic profession flaws, I hate lawyers! I doubt we'll EVER get our $1500 back. I could use that for groceries!

OH BOY! You MUST check this out and act if you are still buried unjustly under student loans!

http://chirotalk.proboards.com/index.cgi?board=welcome&action=display&thread=5061

We may be able to get rid of the student loans for good. The snow ball of debt vs income potential has gotten so big that we may see real reform to stop the madness!!!

5 comments:

  1. I also wanted to mention that you need to go to chirotalk.proboards.com. You need to post your site to let all the younger struggling DCs realize that they are not alone. This field is crippling many young people that had a dream but did not realize things are not in the 80s anymore. Your husband needs to go here and look around. Thank you so much for being one of the honest ones and not hiding behind the falsehoods of this field. I drank the cool aid and it about ruined my life with no money and a marriage.

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  2. Thanks David, I am already on that board but I am not very active. We're currently what they call "jusdgment proof" so we will save our $$ and not file chapter 7 until he starts making more money or things get scary. Perhaps we won't ever file. Either way it's an exciting path, that's for sure!! I will note with a smile on my face that I did threaten to leave him like 3 times that first year out because circumstances were completely up side down living in his MOTHERS BASEMENT. Once we had our own place, thanks to my job, all was fine. Then again, I was an exceptional wife! ;o)

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  3. Yup there are not many women like you and my wife. She knew I was not happy and she helped me out in private practice but she began to see what a bogus field this was. People wanted freebees and not pay. She knew I was not happy and if it was not for her and her income I would be sinking still in that career. Thank god I got my fed loans paid off working for the underserved.

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  4. David, I researched and saw the triumph that chiropractors could be considered for federal loan forgiveness for helping the undeserved but can find no trace of it actually happening. Is it still a possibility or has that fizzled out? I would love to see Brad serve the undeserved so we can be free of that sum. Otherwise, it disappears when he is 55 yrs old if he hasn't paid it all off yet.
    I am glad you have a passionate wife! The ONLY reason I could work and make sustainable income was from being a Medical Assistant for over 10 years now. The joke is, I don't make that much but it was enough to carry the family a year while he stayed the course in private practice!

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  5. Sophia,
    I was just on-line and saw your blog again. I hope things are working out for you and yours. Christ said, “If the world dislikes you, keep in mind that it disliked me first. If you did as the the world wants, it would love you as its own." He also remarked that as believers, we will have financial, social, and emotional troubles here.
    Through Your blog you have .."let your goodness shine before others". I pray for you and your family that the Spirit of Truth will indwell your beings. ...from an old Chiropractor.
    By the way, I am a Chiropractor.

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