Broke Urban Lawyer Becomes Broker Suburban Judge

 Like many other small businesses over the past few years, my law firm failed. I tried so hard to keep it going, hoping that just around the next corner I would turn a profit again. But I didn't. So I started a job search about six months ago.

I started a new job two weeks ago as an Administrative Law Judge. I have a boss again, which is an adjustment. But every two weeks I get a paycheck, which is something I couldn't always guarantee when I was self-employed. And it comes with health insurance for the first time in my adult life!

The pay is pretty decent; it's more than I made even in my best year running the law firm. (One of the other judges privately told me he thinks I'm underpaid, but I'm happy with it, and it's not like there's anything to be done about it anyway. There's no salary negotiation when you work for the government.)

But...I'm back at square one when it comes to my finances. Losing a business is expensive! I have a bit of credit card debt (low five-figures), some student loan debt still left over (low to mid-five-figures), a mortgage (low six figures), and a business loan (mid-six figures). My net worth is a six-figure negative number again, since all of that debt is larger than the value of my house. I thought I had escaped that.

I tried to sell my house a few months ago, but it wouldn't sell. I was upset about that at the time, but now I'm glad because it means I still have a place to live. I'm not quite at the level of declaring bankruptcy yet, but it's not out of the question. I've pulled myself from the brink of financial ruin once before, so I can do it again.

I'm still owed a large amount of money in attorney's fees from legal work I've already completed, so once that comes in, it will make a dent in the problem. I still get to work from home, so I'll save on gas and other commuting costs. Now that I have health insurance, my medical care will be much less costly.

I'm going to cut out the takeout and reduce spending in other areas as well. I'll go back to making my own laundry detergent. I hadn't planned on having to live like a student again in my 40s, but we play the cards we're dealt. It's a good thing I like rice and beans.

Onward!