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In an Instant: From Affluence to Bankruptcy in Denver’s Housing Meltdown

From TheHardestYear.com A cross-country road trip telling the stories of ordinary Americans’ experiences in the economic downturn. Bob and Callae didnt know it, but in 2007 their family was on the precipice of a devastating slide from affluence to bankruptcy. They lived in an upscale Denver neighborhood, were members of a country club and employed a nanny for their two young boys. The couples small business made their comfortable lifestyle possible. Builders of home developments hired Bob and Callaes company to install the underground telecommunications infrastructure to carry telephone and internet signals through the new neighborhood. Business was booming. New homes were springing up a development spread all around Denver. They never imagined that, in a matter of months, the companys income would evaporate completely. As Denvers housing market imploded, real estate developers canceled or even abandoned their projects. With no new homes being built, there was no need for phone and internet connections. Business for Bob and Callae declined to nearly zero. The couples company, their primary source of income, went under and took their comfortable lifestyle down with it. They declared personal bankruptcy, lost their home of eleven years, and moved with their two young sons into a rented house to try to get back on their feet. In this video story the couple describes the wrenching process of losing everything, finding the strength to start over and hoping they and their boys

Attorney David Kelly, that’s me, has been practicing law for over 35 years near Minneapolis, MN. In this video he talks about readiness for bankruptcy – not just financial readiness but emotional readiness. Some people who need bankruptcy are just not ready emotionally. It’s a committment that can be frightening. There is no way to file a bankruptcy that does not include everything – all assets, all debts, all income. Trying to keep one’s spouse out of the bankruptcy is usually a bad idea. Thinking that a business one owns has nothing to do with one’s personal finances is a common illusion. When the phone rings there are certain questions that I hear from people which I consider a tipoff that this person who is calling is not ready to file a bankruptcy. This video discusses what the questions are and what I think they indicate. Frankly I’m thinking of taking this video down because it reveals too many of my secrets; but I gues I’ll leave it up a bit longer. Kelly Law Office A Debt Relief Agency under the Federal Bankruptcy Statute 10709 Wayzata Blvd. #205 Minnetonka, MN 55305 952-544-6356 dave@kelly-law.com www.mn-bankruptcy.com Kelly Law Office represents bankruptcy clients throughout the Twin Cities – Minneapolis, Minnesota area including Champlin, Crystal Bay, Dayton, Eden Prairie, Edina, Excelsior, Hamel, Hopkins, Howard Lake, Long Lake, Loretto, Maple Plain, Minneapolis, Minnetonka Beach, Minnetonka, Monticello, Mound, Navarre, Osseo, Otsego, Rogers, Saint Bonifacius

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9 Responses to “In an Instant: From Affluence to Bankruptcy in Denver’s Housing Meltdown”

  1. Smart with there money? Country Club? Nanny? Maid? 5000 square foot house?
    Go vote for Bush again. These people earned there misery.

  2. Thanks for sharing.

  3. It looks like they are doing ok now. Apparently, its not that bad.

  4. I agree. They were trying to keep up with the Jones…country club,cleaning lady, and nanny and I bet she did not work. Husband is an ass for keeping the financial situation from his wife. He should of laid it all down on the line with her and constructed a plan to downsize.

  5. They made the classic mistake of co-mingling their business with their life then as the business failed, it brought them down with it. As a business consultant, I always tell small business owners to totally separate their personal life from the business. If the business fails, it fails and goes under but don’t let it take you down too any more than if you worked for a business that was failing, you wouldn’t dump your own money into keeping it alive.

  6. Don’t borrow….

  7. Good vid. It’s generous of them to share this experience with strangers— people who might be facing similar struggles. The husband made a mistake in not sharing the situation with his wife earlier. But it looks like they found the silver lining. Best wishes to them.

  8. boo fuckin hoo as well

    poor little princess

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