Hello everyone and thank you so much for joining us on,” This Needs To Be Said.” We are ending a year that’s been I think a way different for all of us in so many ways. It’s just been different, but we have a new year and I don’t know about you all. But when I look for the New Year, I’m thinking that there is hope for new opportunities and fresh starts a clean slate. I have some hope, and I am hoping that our friend attorney Peter Daigle is going to come and tell us some things to shed some light on 2021, because 2020 has been. It’s been a little weird, a lot weird. Welcome back, Peter. How are you?
Thank you, Katherine and thank you as always, it’s always a pleasure talking to you.
What, what are we doing for 2021 and our finances and really I’m curious, has the pandemic driven more people to, looking into bankruptcy?
Sure. That’s a fair question. So, the government, unlike some of the other recessions that we’ve had in the past or other speed bumps, so to speak that the country has encountered, never before has the government stepped up in such a way to really prop up, individuals, businesses and the economy in general so, you know, the stimulus package they passed last spring, really gave a lot of hope to small businesses, and individuals by getting them over the hump now, as we know a lot of those businesses and individuals, a lot of those sectors of employment, like restaurants, hotels, the travel industry, things like that, have not rebound, because of COVID. And so a lot of the money that, went to those industries and all those individuals, has run out and has the sort of the luck of those folks, because you know, the virus hasn’t left us yet.
And so for those individuals employed or business that are in, again, the restaurant hotels travel, those things. it’s, there’s no hope, at the moment for them now, obviously with the new administration coming in. and I think there’s pressure on Congress right now to do something sooner than later. you know, obviously we will be all watching the news to find out how those sectors are going to rebound, based upon some new money, as to the other, individuals that are out there, hopefully, you know, they’ve stabilized somewhat in their jobs, and have been able to work around, you know, the constraints. So, you know, working at home or working remotely or, in the business. And so I’m hopeful that, you know, a lot of the folks that did get some of that government money were able to bridge the gap and now back in business, but it’s such an individual basis, on where we’re at.
So I guess let’s talk about some things that, ways that, again, bankruptcy could help along those lines. So if it looks like it’s a permanent problem, I mean, meaning that your position, will be phased out by the fact that you’re a restaurant Walker or, hotel Walker, and that these businesses are going to fail then certainly it’s a time to reinvent yourself, with a different career. and so if you need some time to bridge the gap, to your next career, and, and you incurred some, credit card debt, or you’ve gotten behind in your mortgage or whatever, and, it’s been difficult to sustain those payments because your industry has been phased out, bankruptcy can help you get a fresh start. So if you’re in the middle of, of transitioning to another career, and you want to get a fresh shot, you could essentially eliminate all your previous debt reset your credit score in the seven hundreds, and then start again.
So that would be one way looking in 2021, we can look forward, to sort of resetting the neater on those that, you know, don’t have ability to go back into their industries again. and to those that, are able to go back into the businesses or industry, and if they get behind on their mortgage or other things, on the bills, and they’re still able to afford something, going forward because their job is back, they may qualify for a bankruptcy reorganization, which is the chapter 13 we’re in that they’re allowed to play catch up on their mortgage or catch up on the taxes, and even catch up on some of their credit card debt if they have the income to support it. So those, individuals in which they just hit a temporary lapse, need a hand of bankruptcy, reorganization might be, might be better for them.
So I guess a lot of the questions are going to get answered, you know, in the next month or two here with what the government is going to propose. So laundry sort of a wait, wait and see, but know, I would encourage everybody to not necessarily wait for the government to bail you out, to take matters into your own hands and figure out your own course in life, you know, instead of relying on, you know, big brother to fix your problems, sort of look at what takes a good look in the mirror and say, listen, what can I do so you’re not relying on a handout or hand up, you know?
Yeah, because everyone won’t get it so if you do Good you get it, you know the additional help. Great but what happens for someone who doesn’t get it, because it wasn’t automatically that everyone would get money. You know, some people had to apply for certain things and you had to be, a certain size business. And I think it was going by industry for a while. So if your business wasn’t in a particular industry, you know money, wasn’t a lot to you. So, you know, what do you do while you wait your turn or wait, you know, to find out if you’re going to get any help at all so right. What can you do? How do you make life work for you and I love what you said about reinventing yourself, because what does happen if you cannot go back.
It’s not that you chose not to, or they, you know, cut some people the business shut down. So there’s a group of people who have to reinvent themselves. And that is something I think that would distract me after the year that we’ve had, if I had to think, oh, my business, the job I had is completely shut down there. You know, there was no plan B, I was going to go back, you know, when things got better now, what, so yeah. What can you, how do you create your next path, I’m liking that. I’m making notes over here.
You know, it’s trying to find your niche in the world, right and so we live in a society in which, you know, you’ve got to sort of blend your, whatever your talents are, whatever your God given talents are and what you’re able to do. And you sort of blend them into what society means, right so you sort of say, okay, I’m good at this, you know, this, this society need this or not and so, you know, the idea is to be, you know, a productive, useful member of society when she generating a product or a service, you know, for a fairly, you know, for first-year compensation. but if you can no longer, you know, provide that service because the company’s out of business, the industry’s out of business, you really got to think about what else can I do And, you know, everybody has these God-given talents that they’re able to do.
And so it’s, it’s really a matter of doing some self-reflection and say, you know this might be an opportunity for me to do something that I’ve always wanted to do, but I haven’t, you know, use it as a way to sort of carve out a new path in life for yourself, that may be even better suited to what you have always wanted to do. And maybe look at it as just an opportunity to try to, you know, start fresh and, you know, again, start that career or, you know, find that job in which you, you may love even more than what you had. So, you know, maybe look at it as an opportunity to make some changes in your life. You know, that you may not have made any for PS, you sort of stagnated in the role that you had. and you know, I understand that, you know, everybody needs that paycheck, but at the same time, having a sense of fulfillment and wealth, the work that you do is, and, you know, feeling rewarded, for, you know, your day’s work is also just as important, you know, so absolutely.
I knew you were going to bring some hope moving into the new year, preparing a resolution, and maybe people aren’t doing resolutions, but whatever, you’re starting a new, the new you reinventing you, however, you’re looking at the new year, Peter, thank you for bringing hope, because there’s always an opportunity. We don’t always see it. And sometimes someone else can give us something like, I didn’t think of that. This you weren’t fired, so no, you don’t have the guilt. I got fired. They’re going to check my last job. It’s not that it’s an opportunity that just kind of fell in your lap. You know, we had this weird year, you know, something shifted, not your fault. You know, this feels good, go try to do that thing. You know, now better than ever. It’s not like, you know, there’s a lot of options right now, right so if you go try this new thing, people will give you a pass. I believe. So I think when you brought us some hope and definitely a creative way to look at our finances, Peter, as always you bring, good chemistry to the conversation, let people know how to get in touch with you outside of this needs to be said, please.
Sure. Thank you. Yes. Thanks Katherine. So it’s Peter Daigle and that’s D A I G L E. And you can reach me through my website at Daigle law, office.com daiglelawoffice.com and on my website. And you can either email me, you can request a copy of my free book, and you can read some of the blogs that we have and just get general information about what we do. So, and there’s no charge for initial consultation. So, so feel free to give me a call, set up a time to talk. And I loved talking with you and trying to help you out through whatever situation you have.
Absolutely and until next time have a super day, Peter. Thank you.
Okay. Thanks Katherine. Bye-bye now.