Bankruptcy Does Not Equal Failure!

There’s No Stigma in Filing for Bankruptcy—It’s There to Help You

Back in the early part of the 19th century, a young surveyor decided to open a general store in his home town of New Salem, Illinois. The store could not turn a profit and the young entrepreneur was forced to file for bankruptcy protection. His name—Abraham Lincoln.

Nearly 75 years later, another young visionary—Henry Ford—filed for bankruptcy after his “horseless buggy” sold only 20 cars in two years. Ford filed a second bankruptcy petition before introducing the assembly line into his plant.

Some 20 years later, Walter Elias “Walt” Disney started his first film enterprise. It had all the markings of a successful venture until some of his distributors cheated him out of box office receipts, making him another casualty to the U.S. bankruptcy laws.

So, if three of the most successful individuals in American history overcame early bankruptcy filings, it’s pretty safe to say that simply filing for bankruptcy is not a sign of failure, irresponsibility or laziness. In fact, more often than not, the factors that contribute to bankruptcy filing are outside the control of the person filing:

• An accident or unexpected medical emergency (the single biggest contributing factor in personal bankruptcy filings)
• The unanticipated loss of a job
• Divorce

If you are contemplating seeking relief under American bankruptcy law, it’s important to understand that you have two potential paths—a liquidation proceeding under Chapter 7 or reorganization under Chapter 13. Under current law, in order to qualify for permanent debt discharge through Chapter 7, you must demonstrate to the bankruptcy court that you lack the means to repay your creditors over a three-to-five-year period.

Contact Heath, TX Bankruptcy Attorney Carrie Weir

I offer a free initial consultation to all potential bankruptcy clients. Contact my office by e-mail or call me at 972-772-3083 for a private meeting. With offices in Rockwall, Texas, I represent clients in Heath, Greenville, Lavon, Wylie, Mesquite and Rowlett.