Bankruptcy is Like Rebuilding the Knicks
Every year at about this time, those who consider themselves contenders, and those who know themselves to be pretenders, show their hands. What I’m talking about is the NBA trade deadline. The latter group – the “pretenders” – seeks to rebuild. If you can’t compete for a title, there’s nothing else to do but press “reset” and work toward becoming competitive. Some might say that there’s another alternative: stay mediocre enough to maintain a fan base so as to make money; but let’s leave them out of the discussion for now. The deadline this year is Thursday, February 18th. Those teams who think they can compete in the playoffs trade young talent, draft picks, or “expiring contracts” in exchange for the established veteran who can get them over the hump. The incoming veteran, however, comes with a big, and NOT-expiring contract. You see, in the NB A, the contracts are guaranteed and not voidable. This is vastly different from the NFL where a team can cut a player with no salary-cap consequences (except for a mandated acceleration of the unpaid portion of the player’s signing bonus). This puts a heavy financial responsibility on the NBA team taking on the big-name player and his expensive, long-term contract. Such is the price of victory, though.
The goal of the rebuilding franchise, as it relates to making that trade, is to get in exchange for their great player something that will help them down the road. Because the NBA contracts are guaranteed, there is premium on having those players on your team whose contracts are about to expire. When the season ends, the contract obligation ends, and the team then has salary-cap room to play with (which can mean signing new or younger players, or just not signing anyone at all and make more profit).
A San Diego Chapter 7 bankruptcy is, therefore, kind of like rebuilding an NBA franchise. Each is a method of shedding debt obligations so as to get a fresh start: to become leaner; to emerge stronger in the long run by making new, wise decisions about how and where you spend your money. Consider a Chapter 7 or Chapter 13 bankruptcy, then, to emerge unencumbered, free to begin anew. There remains a limit, of course, as to how often one can file for bankruptcy (essentially eight years between Chapter 7 discharges), but with that fresh start and good decision-making, there shouldn’t be a need to worry about filing for bankruptcy again. If you would like to discuss trading your talented, but expensive point guard, contact a local San Diego bankruptcy attorney. We can help you start rebuilding your franchise today.
If you have questions regarding Bankruptcy in San Diego County, including Carlsbad, San Diego and surround cities in San Diego County please contact us at (760) 579-7322 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Diego Bankruptcy Attorneys. After you have spoken with one of our San Diego bankruptcy attorneys, we can schedule you for a free face to face appointment in our Carlsbad bankruptcy office. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Deigo consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Southern California!
