The purpose of filing for bankruptcy is to enable a person who has through bad luck, such as medical bills that outran health insurance, bad decisions, such as unsound investments or through a crime, such as fraud to have their debt forgiven so they can get a new start in their financial life. People with these and other reasons for filing bankruptcy always intended to pay their debts. Nevertheless, folks faced with bankruptcy often feel that others look upon them as swindlers or cheats. Actually, the public at large is very forgiving of those who are forced into bankruptcy.
Even though the bankruptcy laws were written so that folks can get a new start, many people feel embarrassment and shame that they are forced to take such a drastic step to free themselves from debt.
They should not feel way, remarkably, many famous people in America have had to file for bankruptcy and the majority of them recovered from it without much blemish on their reputation. In fact, most of these filed for bankruptcy before achieving the things that made them famous.
Bankruptcy strikes people from all walks of life, it hits the poor, the middle class and the wealthy with equal disregard for a person’s station of life.
Famous Bankruptcy Filers
A founding father of the United States, former president and former governor of Virginia, Thomas Jefferson lived with debt his entire life and is one of the few whose financial problems caught up to him after he achieved success. Following his retirement from public life, Jefferson cosigned two loans for a friend and business associate who has helped him earlier. Both loans went into default, Jefferson was responsible for these loans and his own debt and could no longer afford to keep up his payments. He planned to sell his beloved Monticello through a lottery so that his debts could be paid. However, New York friends stepped in to prevent the lottery and pay off his debts for him. He died before the debts were retired and his estate went into bankruptcy.
Before becoming the president of the United States, Abraham Lincoln filed for bankruptcy, not once, but several times as a result of business failures he was involved in. Following his bankruptcies, he was elected president of the United States.
That’s right! Henry Ford, the founder of the Ford Motor Company filed for bankruptcy before he began his car company.
Mark Twain (Samuel Clemens)
In 1894 this beloved American writer and humorist was forced into bankruptcy due to investments he made that failed.
U.S.. Supreme Court Justice (1789-1798)
If you are losing sleep each night because of financial difficulties, or are afraid to answer the phone as it is likely a bill collector calling, you need to call an experienced bankruptcy attorney. As soon as you begin the process you will be able to stop most of the constant bill collector calls. An experienced bankruptcy attorney will help you decide how best to file your bankruptcy so that your fresh start will give you the most benefit. Bankruptcy laws exist for your protection. Call an experienced bankruptcy attorney now and begin to feel less stress.