Ron Drescher Talks with Katherine about His New Book – A Single Mom’s Guide to Financial Recovery

One, of course – is so it’s nice to have money, but you have as much money as you have, unless you know, and you could go out and you could get a second job or a third job or a fourth job or some sort of other side is, uh, but ultimately there is only as much money as there is, so I think you need hope and I think you need information when you’re facing financial distress. And one of the things that I’ve always liked about interacting with women, uh, and, and forgive me if this is a generalization, but, but I find that women tend to respond well initially on an emotional level and then on the informational level. And one of the things that I like about that is, to me that is real life. Um, if you’re going to information solely on that intellectual, informational level, um, I don’t know that that’s going to resonate with an audience or with a reader who, who needs help.

Uh, I think when you, when you are facing a problem, you need to be addressed on an emotional level. Um, so that, that creates that idea of, of hope and even, you know, excitement from the hope which, which are both strong emotional responses and that’s one of the things that I’ve always found really rewarding about, about working with women is that there are these emotional components of the work that make the experience more rewarding and, and, and allows, you know, the clients and the attorney to kind of work on a, on a deeper level than if you’re simply analyzing information and data on a purely intellectual level. So that’s, you know, and I hope that that’s a meaningful answer to your audience because that is definitely something that I’ve found

Have you been married now you’re single than approach it from okay, or rebuilding point of view. So some of us are trying to get by, but we’ve never been and some of us are trying to get back at least to where we’ve been. Because when your finances have changed, I get emotional because I couldn’t. I get concerned and I want to know what can we do to solve this problem or how did we get into this situation and we as a single person is me, myself, and I because I’m the one that’s managing everything for me and the children. So how did we get here and how can we get out of this? This is a question that will be in my head, which means I lack information to know how to avoid being in this place again. So I think what you’re about to bring to us is going to be well received and it is needed. So what are some things that can be found in this book but let me pause that question because that’s not sound like you had something to say.

So I’m going to be okay. The truth is that those agreements between spouses or significant others as to who’s going to pay a credit card bill is not binding on the creditor, not binding on the credit card company. So even though you’re, your x might say, okay, as part of this separation or divorce agreement, I’m going to agree to be responsible for paying that Visa Card. The truth is you’re still on the hook for that Visa Card. So if something happens with your ex, your ex has a job loss or your ex just decides, you know what, this really didn’t turn out to be such a good deal for me, so I’m not going to pay that credit card anymore. You’re still responsible for that. A lot of people don’t understand that. They don’t realize that. And so it’s important to know that, first of all, it’s important to know that before you make the agreement to divvy up the debts and it’s also important to know that you’re still going to be responsible for that if something goes wrong with your ex.

So to know that going in would be helpful. And to know that afterwards you’ll spare yourself some very unpleasant news when you get that demand letter from the attorney for the credit card company, when it turns out that you x hasn’t been making those payments that were agreed upon to make. So that’s, to me, one of the most important things that is a, that comes out of thinking about what a single mom facing financial distress has to think about is if you thought you were free from those credit card bills because you’re asking them that may not turn out to be the case. So that’s important. Uh, other things that are important are, you know, how to deal with, uh, expenses that have come up if you don’t, if you now just don’t have the money to pay them. One of the things that we will talk about in the book is bankruptcy and whether or not bankruptcy is a good tool for you if you’re in that position to help cope with your new financial reality.

So that is certainly a thing that I will discuss in the book. Um, you know other things I will discuss in the book there. There is a series that I’ve, um, started, um, called the bankruptcy lawyers, a guide to saving money. And I’m going to include some of the information from that series of blogs that I wrote. For example, is it going to help you to buy a car at an auction and it helps you to drop your high payment vehicle and go look for a car at an auction and there are some techniques that are , really will work great. And there are some things that you’ve got to be super careful about before you jump into that. But if you’re paying, if you’re paying $500, $600 a month on a car, and the money’s just not there for that, I think you do need to find other strategies.

You know, I’ve had a client who gets a ride to work every day and she takes a lift home and she’s been criticized for that and I say, you know what, I think that’s a great strategy for you because you don’t need to be paying a car payments and gas for the car and car insurance and maintenance for the car if you’re hardly driving it. So, you know, it ends up it actually costs about $200 a month over 600. That’s right, that’s right. So by taking a Lyft or an Uber from work every day, that’s not a bad strategy, uh, for, for the right person. So I’m going to be exploring different approaches like that, uh, that are maybe a little bit outside the box that you wouldn’t necessarily think about.

Not head strong. The word to be more intellectual, to be more emotional, to be more of anything else you have to learn that and way out. Does what they say matter over what attorney Drescher is sharing with me some new strategies to make my life work for me because everybody’s life isn’t cookie cutter. Yeah, you got married. Yeah, you got kids, but the part of the cookie cutter that isn’t clear is the. Yeah, you got separated. Oh yeah, you got divorced or yeah, you are the only adult responsible for the household. Now, whatever the change, is change, it happens. How you got there, maybe devastating everyone doesn’t know the right way for everyone, but there is a strategy that may work because your situation is slightly different from your friend that you talked to at the water cooler about her separation. So I want people to be ready to receive your information with an open mind and to receive these books, received this book when it comes out and you’re going to share with us how we can get on a list so that we’re ready when this book drops. But before you shared that one, give me the three keys. We started out in the beginning of this interview and you said there are three things that we should, I guess, engaged when we are considering either rebuilding or approaching this book. And I want to make sure I have them down right.

You know, so one, know your facts to don’t be afraid to make the big decision. And then here’s the third one, get help, get help. There’s no shame in getting help as another reason why I actually, um, I, typically like working with women, um, because I think women are smart enough to know that they need to get help when they need to get help. You know, they don’t have these same preconceived notions that men frequently have, you know, which is that they’ve got to go and do it on their own. Although I’m going to tell you, plenty of women do have those preconceived notions that they need to accomplish this on their own and every once in a while you’re going to be in a situation where you really just need to get help. You need to reach out to the people who care for you and the people who were in a position to help you and say, you know what Ron Drescher: I’m having this problem. You know, what are some possible solutions so know your facts and it’s not necessarily the earth times. Get help know your facts. Make the brave decision.