Why Smart People Go Bankrupt (AVOID THESE MISTAKES!)

Welcome to Ally and You, the business success and lifestyle show. Today we're talking about some pretty important legal things, some things that maybe you did not know about. Bankruptcy, immigration, and some other super important topics. All right, right here on Allie. And you'd welcome to Ally and you. I am Alison. My friends call me Allie. I'm a business success mentor, and I love interviewing and highlighting success, successful business owners that share their skinny on success and the road to get them here and so that you can take those practices and apply them to your business right now. And today we have a really interesting show. Some things that maybe you kind of think you know about, but you probably don't. And we're talking bankruptcy, we're talking immigration. These are big topics, and it's super important for you to know them about your business. So Cynthia Grande. And I am just honored. I know this. I know Cynthia personally. She's been in my Pinnacle Global Network, which is our business mastermind and private mentoring company. She's been working with me for four years. So how blessed am I? She is the principal, attorney and CEO of the Grande law firm, and she works with families and business owners to help them find solutions to the toughest legal challenges. She is a smart lady so that they can have more freedom and peace of mind on a daily basis. So since 2012, she has helped literally hundreds of families throughout the world navigate through the legal system and to help them reach their goals. And she's won all types of awards. She's nominated as a rising star with National Latina Business Women association and so much more. Welcome, Cynthia.

Thank you, Alison, for having me.

Yeah. I'm so glad to finally get you on the show.

Yes, me too. I'm so excited to be here.

So I have been honored because I've been working with Cynthia for a long time and to see her journey and her business really exploding. She's an amazing businesswoman, super smart lady, and opened another. You're in la. You have another office now in San Francisco.

Yes, we just launched a few months ago. It's really exciting.

Yeah. So share the story. You know, you're an expert at all of these things. You know, business, bankruptcy, immigration. You know, these are pretty heavy topics. What was your journey to get here? I mean, how did you get on this path?

Well, in terms of being a lawyer, I've wanted to be a lawyer since I was 7. I watched some TV show when I was a kid, and my favorite character said, I want to be a lawyer when I grow up. And that's exactly what I Kept on saying, and I found myself graduating law school and figuring out, what am I going to do to help people? And that's really been the question that I asked myself around my career and the work that I do. How can I make a difference for people every single day? And I've been blessed to be able to do that inside world of immigration, bankruptcy, and business, and really just helping people understand what the law is because it's so complicated and helping them navigate so they can get to their dreams and goals.

You know, I think what's so interesting and not interesting, but beautiful actually about you is I know that this is like your. Your passion. Like, you really. These are some serious topics. If people come to you sometimes, it's. They're in crisis mode. Right. So this is not just, you know, a contract here and there. Right. And so, you know, this really has been your life's work. So congratulations on that. So tell us about your practice and what really sets you apart.

Well, what I believe sets our practice apart is that we just have this profound love for our clients, and we have this commitment that every single person that works with us walks away with freedom and peace of mind. And you can see it visibly with our clients. Like, you know, they'll walk in and they're stressed out, whether it's bankruptcy. You know, they have the calls, the bills, and just out of our first interaction, they walk out with clarity and really getting, okay, these are my options. This is how I can take control of my life. And by the end of it, they're standing up a little taller, their head is held up high, and they. It's like this weight is lifted off their shoulders and where we literally walk them through the whole way.

You know, that's such an important point. Number one, you're giving them hope. Right? Like, this isn't the end of the line. There is life after the bankruptcy and also giving them clarity. Like, I think clarity is confidence. That unknown can be so overwhelming.

Yeah.

So. And, you know, there's. I mean, bankruptcy. There's been a lot of famous people that have had bankruptcy. It's really there to protect people. Even Walt Disney, I think, had more than one. But so what is. Tell us something about bankruptcy that we probably don't know. I mean, I think for most people, it feels like, oh, that means I failed and it's over. Can you sort of fill in the gaps there?

Right. Well, with bankruptcy, I think there's a lot of things we learned growing up. Bankruptcy, you lose all your money and you're done. And that's not actually what bankruptcy is. Bankruptcy is a way to restructure your finances and really find ways that you can move forward. And in some cases, you can discharge liability for debt. In some cases, you can restructure it, come up with a payment plan so that you can keep your home, keep your business, all of that. And it's just a resource, and it doesn't have to be shameful or bad or moral. It's actually legally a tool there to help people move forward with their lives.

Right. Yeah. I wonder what the history on that that's so interesting that they put that in place for business owners and probably just for commerce in general, because how could you really keep. Because business does go up and down and just to keep commerce going. Right?

Yeah. And I was reading up about this the other day, but it's really. It's been around since the beginning of civilization. Like there were actually in early societies that there was some form of bankruptcy. So it's something that has been around for a very long time.

Yeah. And so you don't have to give us any names or anything, but are there any instances where you can kind of share with us where maybe somebody, you know, came in and really, you know, thought, this is it, and you were able to restructure their life and they've gone on to have a successful business?

Yeah, well, there's quite. It's a quite common scenario that I see. It's business owners that have been kind of trying to run things themselves, their books, themselves. They're, you know, payroll, everything, and they find themselves, there's money coming in, but for some reason, the money to pay the debt isn't there anymore. So we actually sit down with them and we let them know, hey, you know, it might be a good idea to hire a bookkeeper and hire a CPA and hire a business mentor and find those resources. And then let's look at your debt. And how can we find a way to structure it so that it's an easy way to pay off your debt or sometimes be able to get rid of it.

So.

It'S a really common scenario that business owners find themselves in. But once they're done with it, then, okay, I don't have the 20,000, 30,000, $50,000 worth of debt. Now I can actually sit down and really start from scratch and build a business that really works for my life.

Right. They need to be in Pinnacle.

Yes, exactly.

Because that's one of the first things we say, Right. Get a bookkeeper hire. Don't do everything yourself. Because there's only so many in the day. Right. There's no way, you know, we've worked with people that have didn't bill for a year. Like they had all this money, but. So they were struggling financially, but they didn't have the time to actually put the invoicing out. Yeah, you know, I mean, things like that can. Can get you in a lot of trouble. So, so that's, you know, that's. So there's, There's Chapter seven, which is like, okay, we're done and we're going to start over. And then chapter 11 is the restructure.

Well, actually, the two most common ones that apply to, I think the majority of the population are chapter seven and chapter 13. A chapter 13, it's reorganizing or restructuring your debt. So you look at your income, your assets, your debts, your expenses. We run all the numbers and we figure out a payment plan to pay back a percentage of your creditors. And that's actually a very useful tool for people who maybe have fallen behind on their mortgage payments. Chapter 13 can actually help them save their home so they can actually keep the home that they've worked so hard for and come up with an easy payment plan. And then chapter 11 is for corporations or people who have assets that go beyond the limits of a chapter 13. And then that's where you see a lot of the big companies will do chapter 11s, which is a restructuring of their businesses. Their. Even for individuals.

Right. Yeah, that's. I mean, that's so interesting. I mean, there's, there's so much there. And you know, for those of you that have been in that situation, you know that there is life after bankruptcy and it's not this taboo thing. You know, it's actually there to protect you. So now. So let's talk about immigration. Another man. You picked two intense topics. And it is interesting that, I mean, being an expert for bankruptcy in itself is a whole science. Right. And immigration as well. So kudos to you. Thank you for being such a brainiac that you can do this. But, you know, it's a hot topic right now with immigration. And, you know, I'm not going to get too political here, but, you know, I, you know, it's been very disheartening to see what's been happening with the children at the border and all of that. And being a mom, you know, I just, you know, my heart just goes out to those children and parents. But, you know, it's a complex subject. There is not an easy answer necessarily. But I'm sure that there's a lot of things that people are not aware of with immigration. Like you and I were talking about this. It's not like, oh, you know, I want to become a citizen, I'm just going to come. Like, it's not easy. It's never been easy. So let's talk about that a little bit.

Right. Well, I think there are a lot of misconceptions around immigration, but definitely the biggest one, I would say, is it's not easy. And there isn't an office you go to and you apply and then you become a citizen or that people maybe don't want to do that. There's so many people that do. And I think that most people would actually be surprised how many people in their circles are actually impacted by it. And it may not be because they know someone who's an immigrant, but they may know a daughter or a friend or significant other. So it really does touch so many lives. But the biggest thing is that it's not a simple or easy process. It's actually very complicated. And sometimes people wait 20, 30 years to be able to legalize their status, and they try really hard and sometimes they can't. Even after all that time.

Yeah. And, you know, we were talking, I was telling you this story. My grandmother, her family came over from Russia and they came through Ellis Island. But she, my grandmother was three at the time. And when women were finally allowed to vote when she was 18, she goes to vote and find out, found out she wasn't a citizen. She didn't even know, you know, and then, you know, was lucky enough to be able to then go through the process and get her citizenship. But, you know, I wouldn't be here otherwise. So very grateful. And so you also work with investors that are interested and tell us about that a little bit.

Right. So the United States has treaties with certain countries where people from other countries can come to the United States, invest in a business, build a business. And it's a business that is here to provide jobs and opportunities for people. So there's the business side of it that needs to get taken care of, the cpa, the business formation, all of that. And then there's the immigration side. So it's somebody so that that person or their team can live and work here in the United States while they're building this business that provides jobs and money for the United States.

Yeah. So you're working with the investors that want to come here and have a business.

Exactly, yeah.

And, you know, what does that do? That creates more wealth and opportunity for everybody here. That's a fit for that. So that's. That's really a good thing.

Yeah, it really is. Yeah. And I think it's one of my passions, just because, you know, you work with business owners and business owners, investors, they have these dreams, this vision of what they want to create, and I get to be a part of that through the immigration side of it.

Yeah. Fantastic. You have a very interesting career. You have a lot going on there. And. And you also work with business owners, too. Right. On. On the things that they need in place, helping them to grow their business.

Yeah. Which is. It comes. It. It's especially useful when working with investors because people come from other countries and they have no idea how the law works here, how to get a business license or do all those simple things that sometimes, you know, when I started my business, I didn't even know how to do. So I love being able to be a resource for people so that they know what they need to do to comply with all our laws here.

Yeah. And I think that's really where it comes full circle, you know, tying the immigration and the business together.

Yeah.

So. And you're such an amazing businesswoman, so you're able to actually probably help give them advice on some of the things that they need to set up.

Exactly.

Because what you've done.

Yeah.

In your business.

Exactly.

You know.

Exactly.

So. And I. It's just really inspiring, you know, for all of you out there that want to make it happen in the legal front. And, you know, there's a lot of people that go in and get their law degree, don't practice law, but use their law degree in business.

Yeah. Yeah. And I think it's. I have to have you to thank for that. Like, I love being a business owner, and I love being able to be that resource for other families, whether it's in bankruptcy or immigration. And, you know, I now see myself doing. Being a business owner in some way for the rest of my life.

Well, that's awesome. I mean, you really have inspired so many people, Cynthia, and all the work that you're doing in immigration. And it's interesting, too, because, you know, three, four years ago, I mean, yes, immigration has always been an issue, but now it's a. It's a big issue. So now people are really calling on you and your expertise to help them. So you're making a big difference.

Yeah.

So. Well, listen, Cynthia also has. And this is a gift that she's going to be giving you, and it is. This is really great. Seven Things you should know before you hire a lawyer. I think this is really important too, because if you get the wrong lawyer or just like anyone, you get the wrong therapist or the wrong business coach. Right. You could waste a lot of money and time and you're going to give this as a gift. So thank you. You get this on our library@alisonmaslin.com library and why don't you tell us a couple of the things that people. That they should know.

Sure. I think one of the things that I find with clients or potential clients when they come to meet with me is that they're not exactly sure what they need. And especially in the business world, sometimes people need someone who reviews contracts and helps them draft paperwork. Other people need someone who's going to litigate and fight for them. So even though somebody may be a business lawyer, they may not necessarily be a litigator or be the contract reviewer. So it's good to know going in, what exactly are you looking for and what kind of personality do you need that will help you move forward with your goals, your ultimate goals.

Right. Yeah. So because some of the topics are super broad, so really get clear on what your goals are, what you need that outcome to be, and if they're the right fit.

Exactly.

Yeah. What about another one?

Communication. There are different ways that attorneys communicate, and some attorneys do very minimal communication. Other attorneys love email, other attorneys love picking up the phone. And you want to make sure that your communication, communication style is in line with your attorneys. If you need a phone call, make sure you get a lawyer that will give you a call. If you love email, make sure that the attorney is familiar with technology and can do it, can easily respond back to you. But set those parameters from the start so that both you and your attorney know exactly what you want from each other and you can be on the same page.

Right. And those are important conversations to have up front. Not when you're frustrated because you can't get a return call or return email. Right.

Exactly. Exactly. Because the attorney could think that there'd be an excellent communicator and you may think that it's terrible. So the clearer you are at the beginning, the easier it'll be.

Fantastic. Well, you heard it here on Ally, and you'd speak up, say what you want, say what you need. Right. Otherwise they can't read your mind. Well, this has been fantastic. And we'll put Cynthia's all her contact information right on our library and so you can reach out to her if you need anything in the business. Support world or immigration. All right. I love this. This was so interesting to me. And remember, Allie and you is on all platforms for podcasting. We have video podcasts, audio podcasts, we're on itunes, we're on, you know, Spotify, all of those out there. And we also are live Every Wednesday at 4 on our Facebook page, which I know the link has been coming up here, so check that out. Also, grab a copy of my brand new book called Scale or fail how to build you'd dream team, explode your growth and let your business soar. It is about to be out in the bookstores. I cannot wait. And super excited to have it in my hands. But you can actually order it now on Amazon or Barnes and Noble. Run in there and order it and you'll be the first to get your copy. And there's all kinds of great bonuses we'll be sharing with you as well. All right, so until next time, get out there, elevate yourself because you are worth it.

Thank you.

Bye, everybody.