Global Advisor Gives Seminar on “Debt and The American Dream”

New York, N.Y. As part of our Global Advisor Seminar Series, Attorney Wayne Greenwald hosted a seminar for The J. Luce Foundation‘s Young Global Leaders on “Debt and The American Dream: Legal Wisdom in Handling Financial Challenges in the Bankruptcy”. The seminar started with an introduction of Attorney Greenwald and his work as the principle of the Wayne Greenwald, P.C.

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Wayne Greenwald graduated with a Law Juris Doctor degree from Yeshiva University in 1979. After his professional education, he specialized in particular areas of legal practice including Creditor’s Rights, Insolvency, Bankruptcy RICO, and Commercial Litigation. While he was still an apprentice, he attended many leading legal institutions in the country such as the U.S. District Court, the Second Circuit, and the U.S. Court of Appeals.

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Before going into his presentation on “Debt and The American Dream”, Attorney Greenwald asked the Young Global Leaders about their definition of ‘Debt’ and whether it is ‘Good’ or ‘Bad’. He said, “Debt is an amount of money borrowed by one party from another. It is good when you can control your debt instead of it is controlling you.” He challenged the Young Global Leaders to be critical while using their credit cards, managing their debt wisely and avoiding as much debt problems as possible.

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During the seminar, Wayne Greenwald also shared with the Young Global Leaders about his experiences of solving the ‘Debt Problems’. First of all, they must not run and hide. Secondly, own their actions and decisions. They should not guarantee a debt that they are not ready and unwilling to pay. Thirdly, always negotiate with the bank to reconstruct the original deal when they suffered from financial problems. Lastly, using their exempt assets to pay off the debt, such as insurance policy and retirement fund.

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“Bankruptcy is not a failure.” Greenwald said, “It is a sign of hope because it provides everybody a fresh start.” There are many famous and successful people had declared bankruptcy in the past and came back even stronger than ever such as Thomas Edison, Henry Ford, Thomas Jefferson, and Abraham Lincoln,… He also inspired the young global leaders to think of success as the ability to go from one failure to another without losing enthusiasm and never give up.”

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“We do not see bankruptcy as a sign of failure or forfeiture. We see it as a strategy for debtors and creditors to readjust their relationships according to their financial realities and strengths. For investors, bankruptcy cases offer numerous opportunities to acquire undervalued or discounted assets.”

The seminar ended with a Q&A session. The young global leaders also said to thank Wayne personally and shared one thing they had learned from the presentation.

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The J. Luce Foundation and our Young Global Leaders would like to thank Wayne Greenwald for an insightful and meaningful seminar. We are looking forward to having Attorney Greenwald again in future events for our Young Global Leaders.

Upcoming Global Advisor Seminars:

4/11/2018 – “Financial Literacy” by Ms. Bibi Ali, Vice President of Amalgamated Bank.

4/13/2018 – “Overview of Immigration Laws and The Paths to Legal Status for Youth” by Professor Lenni Benson, New York Law School.

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The Editors
The Stewardship Report on Connecting Goodness is the communications platform of The James Jay Dudley Luce Foundation (www.lucefoundation.org). There are now more than 100 contributors around the world to this publication.

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