When the market was high, he decided to cash in on his long hours and hard work to protect his family for the future. The bank offered him a refinance to obtain $300,000. He used it to buy an investment property, to generate income for his retirement.

He worked 12 hours a day, and leased out the medallion for the other 12 hours. Between the two shifts, was able to make the note payments on the $700,000 loan.

Then came Uber. 

Slowly, but increasingly, the fares were fewer, and the lease payments less. Now he is struggling. Really struggling. He likes what he does for a living. It is in his blood. He doesn’t know what else he could do to support his family. But he is not taking home enough to pay his family’s living expenses plus the note and operating expenses.

We sat down and developed a short-term plan and a long-term plan. Learn about bankruptcy. This is not easy for a man to swallow, but doing nothing is worse. Having no plan is allowing yourself to be tossed on the waves.