Take a Bankruptcy Cue From the Chicago Cubs
While once upon a time a bankruptcy filing might have meant embarrassment and shame, now it means something else - a fresh start. Those who file for bankruptcy today are intelligent, responsible - heck, they're even famous.
In case you need more proof that the stigma is finally fading, here it is - even the Chicago Cubs are considering filing bankruptcy. The Cubs still pack every game. Wrigley field is an American icon. If one of the oldest and most well-known baseball teams in history can file for bankruptcy, why can't you?
In the case of the Cubs, it's not about insolvency, according to the above video featuring DebtStoppers attorney Patrick Semrad. The team isn't broke - instead, the bankruptcy is a shrewd business move that will allow a buyer to take on the franchise with no liabilities - no chance for creditors to come back and take legal action to recoup debts.
As an individual, you can't file for Chapter 11 like the Cubs - that's a business bankruptcy. But, just like the team, you can gain the same benefit of legal protection.
When you file for Chapter 13 or Chapter 7 - the two types of individual bankruptcies - an automatic stay immediately stops all creditor actions. That means no foreclosures, no lawsuits and no harassment, period. With Chapter 13, this will stay in effect during the entire bankruptcy process while you eliminate debts with a new, affordable payment plan.
If your debt has been giving you a major headache, bankruptcy can give you peace of mind. It's not just for folks who are broke or who can't afford the mortgage. If you have debts - particularly non-mortgage ones like credit card debt - reducing or eliminating them with bankruptcy can essentially raise your income. You'll have more in your pockets since your paycheck won't be going straight to creditors every month. In turn, you won't need to rely as heavily on credit - thus reducing future debt as well.
We can show you how when you fill out our online form for a free one-on-one debt analysis with a DebtStoppers bankruptcy attorney in Chicago or Atlanta. Here, you can bring up any questions or concerns regarding bankruptcy - our attorneys will give you answers (at no cost, of course).
Remember, your decision to file for bankruptcy has nothing to do with your worth or your morals as a person. If anything, it's as sign of character - it shows you're willing to take responsibility for your financial state. As with the Cubs, it can be just another chapter in a long and glorious history - and hopefully a chance to emerge stronger in the future.