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Leaha Crawford and Rhonda Nolen are business consultants that discuss the current struggles of small business owners and entrepreneurs. Each episode covers steps necessary for smaller businesses and business owners to grow and prosper.
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This is a que un the studio's original program. The following is a paid program sponsored by Crawford management group and smart time consultants. Please be advised that the voices and opinions you hear do not represent the views of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of Nevada System of Higher Education.
Unknown Speaker 0:27
Hi, my name is Leah Crawford. And I'm Rhonda Nolan. And you're listening to the let's talk with Leah and Rhonda show for all the beautiful entrepreneurs out there. This is for us. Good morning in Las Vegas. It is all guests. Oh my god, and it cooled off a little teeny bit this past week. I'm still taking those walks early in the morning at 6am. It was a little bit brisk. I had to put on maybe a sweatshirt to go out. Beautiful. I am walking well Rhonda is not here with me today. I miss her. I miss her. I miss her next week. She will be here but I will not so but today today. We have the awesome attorney shadow Holt with us. Good morning. ashadha. Good morning, Leah. How are you? I'm wonderful. Thank you so much for having me. I had to bring you back on because the energy just your energy that you exude is absolutely amazing. And a topic that we're going to talk about today. I'm looking at reading articles online.
Unknown Speaker 1:32
Different podcasts, bankruptcy, bankruptcy, bankruptcy, bankruptcy is real bankruptcy is real. And bankruptcy is
Unknown Speaker 1:43
a lifesaver. Oh, yeah. For a lot of people. It's a lifesaver. Okay, so let's first of all, who is shadow? Who is Miss shadow? Who is attorney shadow? Attorney chatter hold chatter? Yes. It's chatter chatter. Yes. With the tea. Chop it up. So attorney chat to hold is a UNLV. Graduate. Yay. Welcome home. Yes. Avoid law school graduate. Yes. I'm not a native of Las Vegas. But I've been here since junior high school. So it kind of makes me one. Gotcha. Yeah, I came here from Fort Wayne, Indiana. Complete culture change. Love it. And now I am dedicated to helping folks. So can you do to help folks? So went to law school here. Pass the bar in Nevada? Yes. Practicing. Yes. own firm, downtown Las Vegas, downtown Las Vegas, I practice in the areas of bankruptcy, wills and trusts and personal injury.
Unknown Speaker 2:41
But we're gonna focus on bank, we're focusing on bankruptcies today. state of the economy is important. All right. Let's talk about the how to somebody noticed that it is time for them to file bankruptcy? That's a great question. When all you think about is your debt
Unknown Speaker 2:58
when it's so overwhelming, that you can't meet your essential needs. And what I mean by that is rent, lights, gas, food, paying your car note, when you have so much other debt, that it's stopping you from doing things that you want to do with your children, when you have so much debt, especially credit cards that you realize that all you can afford to pay is that minimum payment. And you and I both know what paying that minimum payment that we're paying? Nothing. Exactly. So that is when it's time for you to make the decision to do something. Now about me is sometimes when I talk to my clients, I tell them whether or not bankruptcy is for them, because there are other solutions for some people. Okay, and I don't have a problem telling you that, but for some people, they just need to stop the bleeding. And that's what it does. So bankruptcy stops the bleeding. Yes. What are the negative impacts that bankruptcy can have on you? Okay, so and I don't know, it depends on one situation if you want to look at it as negative or not. But when you file a bankruptcy, and you get the discharge, the discharge is the end of the row. That means you don't owe that debt anymore. You can start your credit life over. Once you receive that discharge. You can't typically buy a house for another two years. Okay, so that's a setback. However, a lot of my clients already have houses that they can keep in a bankruptcy, so we don't even have that problem. Okay. Another thing is the actual word bankruptcy will stay on your credit report for 10 years. And I'll tell people that because that's a common misconception. But what people need to understand is that word on your credit report is not the stain that they think it is okay, you can still get houses, you still get cars, you can still get credit cards, those voters will sell anybody a credit card because they can raise the interest rate to whatever they want. And you can still live a full life. Just went out all that debt, just without all that debt. Now, falling back. I know there are two types of bankruptcy. Yes. All right. You did. You've been reading
Unknown Speaker 5:00
have to read a little more or is it three types? Well, there's, there's actually several, I think there's okay. Yeah, yeah, there's more than two. But the two that we focus on for consumers, just your your personal debt are your right chapter seven and chapter 13.
Unknown Speaker 5:17
So as a consumer, I have this debt, I can do chapter seven or chapter 13. Yes, ma'am. What's the difference between seven and 13? Besides, it's two different numbers.
Unknown Speaker 5:30
So the seven I think, is probably the most preferred. In a Chapter Seven, we filed your bankruptcy. And the point is just kind of a quick liquidation of are you dischargeable debt, it typically lasts about three to five months. And a lot of that is court processing. And then you're done. A chapter 13, you make payments every month, and your bankruptcy can last three to five years. So typically, a chapter 13 is for people that are trying to hold on to some piece of secure property, like if they're in arrears, in their home, those payments monthly help them catch up on that house. And in sometimes, people who make too much money to qualify for the chapter seven have no choice but to go into it. 13, I had no choice but to go on to a 13. Got it. Got it. Alright, so for more information, Miss chatter Haut can be contacted 702-674-6775. Again, 702-674-6775. Emotions and bankruptcy. So when they come into your office,
Unknown Speaker 6:40
what's the energy? So a lot of tears?
Unknown Speaker 6:43
A lot of tears. So I snapped. Absolutely tissues? Absolutely. I keep tissues. And the reason is, is because
Unknown Speaker 6:54
society will tell you that people are filing bankruptcy just are just irresponsible. But that's not the case. Well, let's talk about some of the reasons. So some of the reasons are Well, for one, I mean, the country we live in, thrives off of consumerism, but I won't go there because I can get on a pedestal and we will be here till eight o'clock at night, so I won't do that.
Unknown Speaker 7:15
But one, one big reason is a divorce. Okay? You imagine that you're used to living in a two income household for so long, and then something abrupt happens like divorce, and you don't have that anymore. But yet you still have bills now.
Unknown Speaker 7:34
The divorce court will say, you know, they will award this person has to pay this, and this person has to pay that, but if they're not paying it, the creditor doesn't care what that divorce decree says. You signed up for this. Ma'am, sir. So we're coming after you. So divorce is a major issue. Other issues are unemployment.
Unknown Speaker 7:54
Other issues are people who had to leave a high paying job and go to a lower paying job. medical issues, that's another big thing, you making great money.
Unknown Speaker 8:04
Like, I'm just pulling out one example of train conductors, they make like $120,000 a year till their back gets messed up. And now they have to go on disability and make somewhere around $4,000 a month? Well, you've been living off of $120,000 for the Lancome chain. Absolutely. Absolutely. So you know, I'm just giving an example. But
Unknown Speaker 8:26
plenty of things. And then honestly, sometimes it's just old fashion. Our eyes get big because these credit card companies, and these lenders like shiny stuff, yeah, are throwing this at us, oh, your credit score is so good. You can just go ahead and take this and then don't worry about the interest rate or whatever. And then you look up Yeah, 12 cards, and $100,000 or even $25,000 in debt that is high. If you can't pay it, there's no amount. No, let me say this, because I remember, you know, in college, college students are our one, you know, they own their own campus. And you know, they're predators or their credit, the credit card companies are there and you get the credit and you just swipe it, right? You're just swiping with no understand, but no understanding should have the understanding of how credit works. Now do you do counseling when counseling with your clients when they are filing bankruptcy? You know it? Absolutely. I think it's just
Unknown Speaker 9:25
it's just kind of something that falls into what I do. I kind of have to write I let them know what's the best thing to do while they're in bankruptcy, how they should maneuver after the bankruptcy is over to get their credit back on
Unknown Speaker 9:40
on track. And then things we do right before we file bankruptcy just to kind of people can calm down, get a better sense of what's happening and feel better about moving forward and it works. You have a plan, you feel better. You have a plan. I love it. So again, you have the chapter seven
Unknown Speaker 10:00
In Chapter 13, yes, for personal reasons, and depending on what you qualify for will determine which one you do. It depends on what you qualify for and what your goals are and what your goals are, right? Because again, if you have a house that you're like, let's say you're a year behind and a rear, you're a year in arrears. The chapter 13 will help you catch those arrears up so you can keep the house.
Unknown Speaker 10:27
Okay, so if your goal is to keep a house for foreclosure from foreclosure, a chapter 13 is probably the best thing for you. But there's other things that are the things that come into play come into play. All right, you've been listening to the less awkward Lea and Rhonda show. I am Lea Crawford and today, we have a tarnish. Tom, I get it right chatter, chatter Holt here with us today. And we're talking about bankruptcy because bankruptcy when people say, you know, I file bankruptcy, you're right. It's, it's a name, it has a negative connotation. And how do we change the connotation to say, I just need to start over, just like you just did. It's perfect. I should put your mark commercial, put your mark commercial, I just need to, I just need to start over. And it's okay that I need to start over. I'm learning because this life we live in, it's about learning. Absolutely. It's about learning. And the thing is just like with anything else, you will be surprised how many people that you probably know have filed bankruptcy that don't tell you. Yeah, yeah. Yeah.
Unknown Speaker 11:28
No, you won't be surprised. Yeah. Remember, I'm the CPA.
Unknown Speaker 11:32
So I see it on the other end. Yeah, you probably less surprising me.
Unknown Speaker 11:37
But I'm not because the thing about it is
Unknown Speaker 11:41
I think a lot of times the our perception weighs heavy on us, which causes us to go into. Yes, you know, because I know for me, I like shiny stuff. And I have a call probably once a week with a friend of mine who's like you can't buy that can't buy that no care about all right, all right, I'm not gonna buy anything. sooner. ism is the consumer, we've been thrown into it. It's consumerism. And I like so I had to find other creative things to do with my time, instead of looking online at all the stuff on all the different sounds great, though, it is so good that dopamine hit fast. But you
Unknown Speaker 12:17
know what I started doing? Putting the stuff in the cart, and just leaving it there. Okay. So that way I got I'm excited. It's pretty damn good at it. I got your shot. I got my shot my head, and they empty the cars after a couple days. Because you didn't purchase it? Well, what's crazy is you realize you really didn't need it.
Unknown Speaker 12:33
For real, because what when I realized it was a problem when the packages was were coming in, and I didn't know what I wanted. Remember what I ordered? Or when you open it up? And it's like, you want to know what why did I? Why? Where was I going first? And where am I gonna put it right? Where am I going to put it? And now just being but it's a process it is it's a process. And what I was saying about people that have good credit scores, the thing is, is they've always been so proud of their credit, and a proud of themselves as how responsible they've been to do this great thing and you know, walk around with this 780 or 800 credit score, I've never had one of them. Well, my goal was to get one of them even people with like a 700 credit score, but I'm saying they walk around with a sense of pride because they're doing what we've been taught to do. And then understand that they're overwhelmed with debt to the point they have to file bankruptcy is crushing to a lot of people they feel a sense of failure. Yeah. When no failure is not taking care of it failing, I have to tell the fact that you came to see me means you're not a failure. You want to fix this because you want to fix this. So you're right, because now your your reaction is to your behavior. And now you're proactively doing something about it. Yes. And just take it one step at a time. Yep, cry, let the tears come and restore healing tissue. I
Unknown Speaker 13:54
love it. I love it again, Attorney chattel hold is here today talking to us about bankruptcy, about the process. So and just you know, just the feelings and emotions that come with bankruptcy, the perception and how you can feel you know, you can feel better about yourself. So once this is done, and continue living life because worrying steals the present from that stress will kill you. That's you just put it out there. Yes. And it's real. And it's real. Yep. Yep. Okay, because then you can be creative. Maybe, you know, you lost that job. We had to take a job to continue to eat. Yeah. But if you're worrying, you're not thinking about how do you get back to where you were? Absolutely. And how to get stuck in a rut. Get stuck in a rut. Do you think sometimes it's the people you're around to? Absolutely, absolutely. Because you know, we live in his grand social media world and on social media, you know, everybody's balling right? Everybody's just so you find out that they weren't right there Mercedes they were at the Mercedes dealership right car
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off to the side, or they got that Mercedes and they got nine roommates, whatever it is, whatever it is, you know, you just kind of have to take your eyes off of these images that you think are real and really look at your situation and be real with yourself. And there's nothing that you can't get back. That's the other thing. I'll tell people. Okay. Especially as we get older, you know, as we get older, two years don't feel like nothing. They feel like five minutes.
Unknown Speaker 15:24
And that's almost like is that is the clock moving?
Unknown Speaker 15:27
Is it me? The clock has to be moving. They're all broken. They all broke? Yeah, we need to see somebody says I feel like that every morning. I wake up like it's August. It's August. It is August. And the fun because you know, having having a younger person because they think time moves so slow, right? So bored. Right? entertained every minute. they procrastinate. And they think they got all this time in life. And they're what and I'm sitting there and I'm like, Who am I can't wait for you to keep rolling. So I can see how you doing wrong. Wrong. Wrong. Yeah, not 25. And I don't mean to put anybody down as 25. But when you're our age, grown, grown and something a little different. Yeah, there's something does. It's a lot different. It's a lot. It's a lot different. Yeah. Because you look at stuff differently. You do. Because now before I remember people, you know you want to go out every night. Now I enjoy sitting at home. If I come out
Unknown Speaker 16:23
you have an event and I come out. I really love you. Because it was an effort. Oh my goodness, I had to I had to think about that for three days. Three days took me to get to your event. I had to prepare myself mentally, emotionally and emotionally to get to my comfortable, wonderful home to lose my confidence to be out in the streets and be out in the street. out in the street. Yeah. All right. So bankruptcy, we're gonna go back to it. So bankruptcy.
Unknown Speaker 16:48
If I am not sleeping at night, what you said earlier? Yes, hi, yes.
Unknown Speaker 16:53
Absolutely. Go talk to an attorney. If you're not sleeping, you need some kind of remedy. You need a plan. And even if bankruptcy is not right for you, because there's other reasons to you know, but you need to do something, because I also offer Debt Solutions to Okay, so let's talk about the solutions. Okay, so some people have issues with bankruptcy, one, because you can only file bankruptcy, chapter seven bankruptcy once every eight years, you can only get a discharge once every eight year. So some people if they plan.
Unknown Speaker 17:25
You know what, I'm not gonna do that. But
Unknown Speaker 17:29
I will say this they're playing, they just end up back in that in that mode, you know what I mean, which is life, so we have to do something. So if you're six years out of discharged, and there's other things that we need to talk about, okay?
Unknown Speaker 17:42
We need to talk about making real arrangements with your creditors to kind of
Unknown Speaker 17:49
stop the bleeding and get you back in a place where you can be. And then if like, let's say, in another three years, you are able to file bankruptcy, you can just kind of see where you are. And maybe you won't need to file bankruptcy anymore. Okay, so what's the plan look like? Let's talk about the plan. Okay. So what it looks like, basically, is you would contact your creditors, and most creditors don't have a problem putting you on some type of plan to get you caught up. Okay, now, you might suffer a little bit, you know, they might shut your cars down, which in my opinion, that's a good thing. If we're right here, you know what I mean. But it these are things you can do for yourself, or, you know, you can hire someone to do, I wouldn't hire, I kind of speak against these credit, these debt consolidation folks.
Unknown Speaker 18:44
Because a lot of times my clients end up in worse positions than they were in the beginning. But I kind of try to teach them, you know, you could do these things yourself. It takes time. But you can learn it, you can learn it, and I tell them how to do it to you, and help them create budgets.
Unknown Speaker 19:01
So, I have been asked several times to help clients create budgets, and it's something that I can do in my my, my debt solutions, but I'm very I use kid gloves with that because people are kind of sensitive to the way they do things. But I kind of figure out I kind of figure if you get a plan from your creditor, you will know what you have to pay every month. But yeah, some people I do have to sit down with them and talk about their budgets. Because honestly, and I'm not you know, this isn't to rag on anybody but some of us were never taught that I was never taught that growing up. I had to learn it on my own. And that's an important concept because I know for
Unknown Speaker 19:42
being an entrepreneur budgeting is interesting. That's a really good word to use. Yeah, budgeting isn't you know, me personally, you know, I probably have a different word, but I liked that one. Like that was interesting. It was interesting to hear because we're on the air on air, but budgeting
Unknown Speaker 20:00
again being taught.
Unknown Speaker 20:02
And
Unknown Speaker 20:03
I guess I was taught by my trade, because it's something that I have to do on a regular basis. But being an entrepreneur becomes tricky, because you have to wait for people to pay you. Yes. So you can budget all day long and bronies not coming in. Absolutely. You know, having a job makes it a little bit easier. Because
Unknown Speaker 20:20
every, every time you get paid, you have that check coming in, even though there are other things you need to think about. But then how do you manage that money? Yes. And what we've learned to do, and maybe you can take this with you percentages. Yeah. So knowing what the percentages are understanding if your housing is more than 30%, then maybe we need to talk about something different. And maybe know what is the long making sure that your long term plan is in alignment with the budget, because one goal could be just to get out of debt.
Unknown Speaker 20:53
I want to get out of debt in three years. So then what do you do in order to get out of debt in three years? Right. And you know, Greg Deville, you know, I love Greg, because he famous for saying, you know, hey, go to the back of the closet and pull some of that stuff out. Right? And you say that all the time? Yeah. Where does stuff that you forgot about? Where the stuff that you forgot about? Or use the Steve Harvey trick? What do you say you bought him? The seven suits? Was that seven different Calvert colors and keep mixing around the shirts and stuff? Yeah, kinda, you know, just kind of be creative. Yeah. So that you because when you're now people, your clients that have been through the process, and now they're on the other side of bankruptcy, you keep in contact with I do, tell me what they say, Oh, my gosh, they are always so relieved. Well, most of them, I'm just gonna give you the real, I want to say 85% to one, great, they are relieved, they are happy, they are stress free, and they're doing what they're supposed to do to get their life back on track. Some of them bought a car three, four months after their discharge was over, that they needed. Now, I don't always recommend that, but they are happy. That's kind of, you know, I talked to them about that. Okay, if you have to have a car, do it, but this is what you need to do. But then unfortunately, there is that 15%, who got excited again, after discharge was over. And they took the bait, they took all those credit cards over again, and now they have to maneuver things. So I do I do give an incredible warning. Like, look, these credit card companies after you get a discharge, they're gonna love you. Why one because now they can justify a much higher interest rate until they know you can't file bankruptcy for a whole nother eight years. Don't get one, get one long enough. It you know, there's a whole process we talked about, but maybe not five, maybe not five. Okay, so you've been listening to the less talk with Leah and Rhonda show. And today we're delving deeper into bankruptcy, just talking about the different looking at it from different angles, so that, you know, if it's time it's time, and if it's time just do it. Just do it. Just do it. And just know that you got to plan a little bit differently. Yep. Don't it's not a stain against you. Right? You write did what was necessary for you to get to? What is next? Yep. And maybe that's part of your plan. Maybe there's some things you have to learn and going this route will help you learn what you need to learn. Yep. You know, I, I totally know. I always love talking to you. Because I know we sit down and we talk for hours, right? And even though we can't carve a lot of time out when we find time as we find time. Yeah. Because you're busy to Lady.
Unknown Speaker 23:26
Yes, yes. productive. I even tried to change that term and open not busy anymore. Just trying to be productive. That's a good thing. Have to had to change the length right with your business and sorority activity. I don't see her but she's sitting here representing the aka Yes. Because I walked this morning because I consciously for me, I was going the other way with the weight. I was getting, I was just gaining weight. And I was like, Oh, hey, ho, hey, hold the scale.
Unknown Speaker 23:57
I don't like the first number, let alone the two that come after. Right? I don't like the first number. But in order for me to change it, I had to do something. And that's what, that's what I guess that is with everything that everything has to do some had take the first step. And the first step turned into. I'm like, okay, so how do I incorporate this? when school starts? How do I incorporate then you go into school child? Oh, that's a whole that's a whole nother ball of wax but, and I'm going and I'm going to school, but when my
Unknown Speaker 24:28
because I'm in an online class, which makes it easier because I can I can work at my prom time, which is in the middle of the night. But when CCSD works when CCSD is back in and I have to take my son to school, right? And we walk we walk at six o'clock in the morning. How do we incorporate that into now? You know, it's dark, because right now is light but when it's dark outside, what do we do? And how do I transition my day to still do I still have to go to work.
Unknown Speaker 24:56
But I still want to work out right? And I like being
Unknown Speaker 25:00
Now I like working out outside. I didn't know I would enjoy. I really enjoy walking out just the walk. Well I do November through March. Okay. And it's Vegas.
Unknown Speaker 25:11
But yeah, you know six o'clock in the morning is beautiful. It is. It is. Absolutely. Yeah, I did not know. Yeah, because my girlfriend's younger she was like how to how you gonna start walking in June?
Unknown Speaker 25:21
is the hottest time of the year. Didn't you say it's gonna be 100 degrees I said, but it's not 100 Sad. Yeah. We went outside and she was like, oh my god, this is beautiful. I did not know. I thought it was 100 degrees from the time the sun came up until it feels like it doesn't it? Didn't know at night is still it's still hot. Yeah, but the ground is hot all day all day. So but it takes that amount of time to cool off to start the process all over again. So I learned a little bit about nature. Yeah, yeah. Yeah. I love walking in the morning. Yeah, I love it. But back to bankruptcy is the emotion it is the
Unknown Speaker 25:57
you gotta be ready. Ready when you start this process right? And even when a tears come keep walking right? You gotta know the tears are okay, you know we're we were created to be emotional beings. There's nothing wrong with that. But you know sometimes No, people don't cry. No, you can't cry people can't see you because that crowd Oh my god. See that surprises? Oh my God. Because you saw like, Philly tough. No, not tell you. Okay, so people that are close to me know, like, a good movie. I got
Unknown Speaker 26:30
Oh
Unknown Speaker 26:39
no, I do know you are mushy. I am so sweet. I am but because of what I do. You know, I have to sit down and really make hard decisions. And early on as an entrepreneur. It was hard. Yeah. Early on as entrepreneur I'm still I'm still in the early on which you know, and man, but it's baptism by fire.
Unknown Speaker 27:02
Because Knology right, because what is the other option? Absolutely. But to me, it's no other I mean, to me either got ahead of her. Okay, so I gotta had a hard conversation. I got to the same way you got to work yourself up to it. I work myself up to the conversation. And these are real conversations I have with myself in the morning while I'm walking right. And when I come back home, okay, let's do it. We got to do we got to get a conversation started. Absolutely done. I agree. But have you found that procrastination is the devil? procrastinate, but you want to know what though?
Unknown Speaker 27:32
Is the difference between procrastination and thinking through how to do absolutely no, I'm talking about procrastination. Real procrastination? Well, yeah, I learned that in school. Yeah. So
Unknown Speaker 27:42
I've learned that time and time and time again, procrastination is Yeah, but you also have to have a level of accountability around you. You do. Alright. Well, I want to thank you for coming on here because we are coming to the end of the show and I have to make two quick announcements. If you want to learn how to speak I talk about it every week. We have lunchtime talkers and lambda linguist Toastmasters is an amazing way for you to learn how to communicate you learn about your eyes own so she knows and correct or correct usages interesting phrases. Lambda linguist we meet virtually the first and third Monday of the month. If you go to the Toastmasters site, and put in lamda linguist if you want to come in person, we have lunchtime talkers at the Urban Chamber of Commerce. And absolutely amazing. It is the first and third Thursday. So we're first and third Monday and Thursday Monday as lambda linguists on event in the evening. It is virtual. And Thursday. It is lunchtime talkers. Tell you guys it's amazing because learning how to communicate effectively
Unknown Speaker 28:47
can help you in every aspect of your life also
Unknown Speaker 28:52
20 pearls Foundation, they are doing their hats and hills, brims and bow ties. And we are super duper excited. This fundraiser takes place on Saturday September 20 to 2024 for more information LV 20 pearls.org l v 20. The number 20 purls.org This is our show for this week. I will miss you next week because I have an important venture to go on.
Unknown Speaker 29:25
But I will see you the week after peace and blessings Las Vegas bye
Transcribed by https://otter.ai