Illinois Lawyers Point to Famous Bankruptcy Cases
I usually excel at trivia questions (seriously - the board game Trivial Pursuit has a permanent place on my coffee table) but this one stumped me recently: What do Walt Disney, Henry Ford, Abraham Lincoln and the founders of both Hershey Chocolate and Heinz Ketchup have in common?
Give up? Each filed for bankruptcy before finding success. I personally found it surprising because, the way the media spins it, you'd sometimes think bankruptcy is the end of the world. But, in fact, it can be the beginning of the world. By erasing your debts, bankruptcy gives you a fresh start - and the financial freedom you've been waiting for.
Think about it. One day, you're drowning in debt. The phone is ringing off the hook with creditors threatening to pay up or lose your possessions. You've got a stack of bills and you have to decide which ones you can pay - if any. You're worried the bank will foreclose on your home.
Now imagine that you file for bankruptcy. Immediately, the phone stops ringing. The creditors stop harassing you. Even foreclosure proceedings get frozen. From the moment you file, an automatic stay order legally protects you from creditor actions like repossession or lawsuits. If you file for Chapter 13, your house will be protected by law throughout the entire process. You'll determine how much you can afford to pay and propose a new payment plan. Often times, some of your debt can be discharged. With Chapter 7, many of your debts can be discharged in exchange for liquidation of some assets. Of course, how you file depends on your individual financial situation - that's why it's a good idea to file with a professional, such as one of our expert bankruptcy attorneys in Chicago or Atlanta. But regardless of what chapter you choose, the end result is the same - freedom from debt.
Many people never do anything about their debt because they worry what others will think - they can't handle it alone, but they're too afraid to ask for help. But look at what our society would have missed out on if the famous people listed above were too timid to make a change. The Civil War could have had a different outcome. Cars certainly wouldn't look the same. Hamburgers wouldn't taste the same. And where would you take the kids on expensive vacations without Disneyworld? (OK, some parents could probably live without Mickey Mouse!)
So don't give up on yourself - who knows what you could do in the future. Getting rid of your debt is just the beginning. Find out how a bankruptcy plan could help you with DebtStoppers' free debt analysis. You've got nothing to lose - but so much to gain.