Why Am I in this Boat?

Birmingham bankruptcy attorney Suzanne ShinnAfter a number of years counseling great people who continue to be perplexed, even mystified, as to how in the world they have ended up in a bankruptcy attorney's office seeking legal advice for matters that are normally and genuinely far too personal and painful to discuss with even the closest of friends……I have found what seems to be a very common question asked by many.

Why am I in this boat? How did I ever get here? I was doing everything right…..or at least I thought I was.

And that is the specific point I want to focus on in this blog post because there seems to be a very common thread that many miss along the way. After all of the analyzing, after all of the estimating, deliberating, contemplating, it's really quite simple actually. And it wasn't a huge wind, a major storm or even an earthquake that shook everything up.

Many changes in life are, in fact, quite subtle. I liken this conclusion to the frog that is placed in a kettle of water. At first the water seems normal, but as the heat is gradually increased, eventually the frog will be cooked. And so ensues the following scenario with our finances:

  • You have had the same job for a few years maybe even many years.
  • You haven't been charging at all on credit cards and/or you have been making the payments as required.
  • You haven't made any major purchases for a car or house, haven't even financed any furniture, boats or 4wheelers.
  • You have even received a raise in your wages here and there or received bonuses or worked extra hours when allowed.
  • You are driving the same distance to and from work.
  • You are not leading an extravagant lifestyle, dining out, going to movies, frivolously spending your paycheck.

So why are you in this boat?

The subtle changes we most often don't take into consideration are:

  1. Unless you have been able to take on another job or part time job, what you are earning (even with some increase in pay) probably will not allow you to keep up with…
  2. Interest rates increasing on your credit cards, late charges or even monthly finance charges. And unless you are able to pay far more than the minimum payment, even the smallest credit card balance will not budge.
  3. Even minor increases in property taxes insurance rate increases for home and/or vehicles, and car tags can be changes that you weren't counting on or making a part of your budget.
  4. You cannot count on and should really never count on vague and nebulous factors such as bonuses, commissions or overtime hours.
  5. Certainly….we cannot ever know what it will cost us to drive to and from work. Even though you may be driving the same distance every day, it is likely costing more to drive that same distance due to the rising or at least fluctuating price of gasoline.
  6. In case you haven't noticed…..the cost of groceries!!! And might I add that, in my humble opinion, this is the most subtle of all. The price for a half gallon of milk doesn't go from $1.39 to $2.39 overnight.

If we think back, the increase has been by pennies at a time…..very slowly, the water temp rising day after day….food, clothing, medicines, even band aids for Pete's sake. And so, finally we end up with more month than money, ends never meet and we manage to escape from the near boiling water with our lives and land in the attorney's office….soaked with feelings of….where did I go wrong. Well, take heart!! Quit beating yourself up and take a deep breath. We will help you put a game plan in place that will help you budget in the future, put all of the old behind and start fresh! Best of all, you will be relieved to find out that with genuine counsel…..you are NOT the only one that has ever been in this boat!

Contact our attorneys today for a free consultation if you are having trouble making ends meet.

 

Share This Page

Bond & Botes Law Offices

At Bond & Botes, we now offer full service bankruptcy consultation and filing over the phone or by video from the comfort and safety of your home or office. Please call 1-877-581-3396 or click here to setup your free phone or video consultation.

The lawyers at the Bond & Botes affiliated offices serve clients at offices in Anniston, Birmingham, Mobile, Montgomery, Opelika, Decatur, Huntsville, Florence, Haleyville and Gadsden, Alabama; Vicksburg, Hattiesburg and Jackson, Mississippi. Read our disclaimer here. You can view our Privacy Policy here.

Alabama Offices

Birmingham

2107 5th Avenue North
Age-Herald Building
Birmingham, Alabama 35203
Phone: (205) 802-2200


Shelby County Location
15 Southlake Lane, Ste 140
Birmingham, AL 35244
Phone: (205) 802-2200


Florence Location
121 S. Court Street
Florence, AL 35630
Phone: (256) 760-1010


Huntsville Location
225 Pratt Avenue NE
Huntsville, AL 35801
Phone: (256) 539-9899


Montgomery Location
311 Catoma Street
Montgomery, AL 36104
Phone: (334) 264-3363


Decatur Location
605 Bank Street
Decatur, AL 35601
Phone: (256) 355-2447


Haleyville Location
914 19th St.
Haleyville, AL 35565
Phone: (205) 486-3580


Gadsden Location
430-B Chestnut Street
Gadsden, AL 35901
Phone: (256) 485-0195


Opelika Location
216 South 8th Street
Opelika 36801
Phone: (334) 887-7666


Anniston Location
1302 Noble St #2C
Anniston, AL 36201
Phone: (256) 344-3559


Cullman Location
200 Second Avenue SW
Cullman, AL 35055
Phone: (256) 739-9866


Mississippi Offices

Jackson Location
5760 I-55 North, Ste 100
Jackson, MS 39211
Phone: (601) 353-5000


Hattiesburg Location
607 Corinne St, Ste B8
Hattiesburg, MS 39401
Phone: (601) 264-7200


Vicksburg Location
1212 Farmer Street
Vicksburg, MS 39180
Phone: (601) 353-5000

© 2024 by Bond & Botes Law Offices. All rights reserved. Disclaimer | Privacy Policy