Timothy P. Duggan, Chair of Stark & Stark’s Bankruptcy & Creditor’s Rights Group, was quoted in the September 1, 2009 FinancialPlanning.com article, Staying Alive. The article discusses the challenges financial advisors have faced for years when economic troubles being. While filing for bankruptcy looks bad for anyone, when a financial advisor files for bankruptcy, the repercussions could cost them their future, and their future business. However, in today’s economic climate, it is important for financial planners to understand how filing for bankruptcy could affect their job, from a legal and financial standpoint.
Mr. Duggan states, “Advisors should find counsel as soon as they begin to consider bankruptcy as an option. All too often, in an effort to keep their business afloat, small business owners deplete resources that could otherwise be protected in a bankruptcy case.”
You can read the full article online here.