Posted by John on 1/21/05

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Hi,

I'm a young attorney considering filing for bankruptcy. I
got out of law school 4 years ago with high debt, and
opened my practice. Bad luck finding referrals, collection
issues, etc... forced me to go through my savings from my
prior profession more quickly than I thought. Now I have
$60k of credit card debt, which is what I had been
financing my firm with. Aside from commenting on the
mistakes I've made (they are plenty, and I admit them), can
someone tell me how going bankrupt affects a lawyer and his
practice? I know I cannot discharge school debt. My
practice is starting to turn a profit, but the debt level
is so high that I cannot pay the rates while paying firm
bills. I am a business/estate planning attorney. Will the
state bar take my license? Will I lose all my clients?
Will I be unable to get clients in the future? Will my
referral sources dry up if they find out?

Thanks
John

Re: Attorney going bankrupt, 1/21/05, by rob.

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