Filing for bankruptcy can be a scary process, especially if you are not knowledgeable on the subject. However, it is important to remember it is also a financial lifesaver, in that it provides the option of debt relief for those struggling financially – depending of course, on whether you file Chapter 7 or Chapter 13 Bankruptcy. Chapter 7 is known as ‘liquidation bankruptcy’ in that it wipes your slate clean of all your debts, and Chapter 13 is termed ‘reorganization bankruptcy’ as it offers the filer a fresh start in the form of a debt repayment plan.
If you are fearful of filing due to ‘bankruptcy shame’, then read on. In this day and age – contrary to popular belief – appearing on the big screen and living in the bubble of Hollywood does not protect you from bankruptcy. We regularly hear of cases of the rich and famous who have filed for bankruptcy protection, who then afterwards still go on to become hugely successful. Such examples are Walt Disney, Milton Hershey, Abraham Lincoln, Henry Ford, Mike Tyson and Burt Reynolds, to name a few. Mark Twain is another example, who was insistent on repaying the debts he had accrued, despite having had them discharged in the bankruptcy process. He was true to his word and did so, and then went on to write several of his now classic books.
Large organizations can also seek bankruptcy as a necessary business decision – just last month, the sandwich chain Quiznos announced they were planning on filing, claiming staggering debts of $570 million. Lehman Brothers also hit the headlines in 2008 with their debts of $600 billion, forcing them to file for Chapter 11 Bankruptcy. And how could we forget the infamous rise, fall, rise rollercoaster of the Twinkie?
This just goes to show that no-one is exempt from bankruptcy. And, post-filing, your financial struggles do not determine your future. They are merely a ‘blip’ on your financial radar, and can be the kick-start you need towards a brighter future free of financial worry and stress.
Considering Filing? Use Affordable Bankruptcy Courses!
If you are in the situation where you are considering filing for bankruptcy, the first step is to find a reputable, U.S Trustee-approved provider of a Credit Counseling Briefing – to be completed prior to filing – and Debtor Education, to be taken before debts can be discharged. The two courses required by law as part of the bankruptcy filing process.
Affordable Bankruptcy Courses offers both of these at very affordable prices, and there is no phone call requires for certification! These are available 24/7, in both English and Spanish.