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Updated over 2 years ago on . Most recent reply

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Financial Distress post White Collar Crime | Any Recommendations?

Mitchell Henning
Posted

Synopsis:  I was unfortunately the victim of a white collar crime within the commercial real estate industry after 15 years of success in multiple capacities.  The act eventually caused my business to become insolvent, but my family became accustomed to the lifestyle and ran up a large amount of unsecured debt in my name.

Divorce and animosity have followed and I am left picking up the pieces and attempting to reinvent myself professionally.  The divorce will clear the debts by way of the sale of my home, but I'm left reeling in the interim as it is not a quick process.

Does anyone have any recommendations for holding off these creditors?  I'm told that forbearance on the basis of overall distress is an option, but want to have a game plan prior to execution.  I'm curious if anyone  has dealt with a similar situation and found an avenue that isn't bankruptcy.  

Many thanks in advance to the Bigger Pockets community.
  

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Mitchell Henning
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Many thanks for the prompt responses.  The advice is much appreciated.  This is my first trip to this type of rodeo so I'm learning as I go.  

Thanks again!

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