If you are nervous about filing for bankruptcy, you are not alone! Every year across the United States, as many as one million or more families and individuals file for bankruptcy. Even previous American Presidents have filed bankruptcy. Bankruptcy is not something to be ashamed of in any aspect. After filing bankruptcy, it is possible to be successful and move on to bigger and better things.
President Thomas Jefferson and President Abraham Lincoln both have filed for bankruptcy. In fact, Thomas Jefferson filed several times, even after his presidency! The main reason that caused them both to file were failed business ventures. Creating and opening a business costs a lot of money and is a gamble. If a business is not successful, filing bankruptcy may be the only solution to get rid of debt.
Bankruptcy can give you the opportunity to get back on track and go on to having a successful and brighter future. Bankruptcy also allows for a new financial start and helps you get past difficult, but temporary patches in life.
Struggling with the labyrinth of debts that cannot be paid is an extremely difficult for anyone to deal with. Fortunately, bankruptcy is a survivable option.
Source: CNN, “Seven Famous People Who Survived Bankruptcy,” Ethan Trex, November 19, 2008.