Fact: Many Successful People Have Filed Bankruptcy
There is an unfortunate and inaccurate stigma surrounding bankruptcy in the United States, one that has kept many people with significant debt from achieving lasting debt relief through bankruptcy. Because of this stigma, many people associate filing bankruptcy with failure or giving up. On the contrary, there are plenty of successful people who have filed bankruptcy and made the most of the fresh start it afforded them. Bankruptcy can help you in the same way. If you have significant debt you are struggling to pay, bankruptcy may give you an opportunity to discharge your debts and get back on your own two feet financially. To learn more about how to file bankruptcy, wipe out your debt, and take control of your finances, consult our knowledgeable Phoenix bankruptcy attorneys at Wright Law Offices today.
Filing Bankruptcy Does Not Equal Failure
Too many people who would benefit from filing bankruptcy put it off to avoid feeling like they have failed or taken the easy way out, only to dig themselves into a deeper financial hole. And many people in this situation end up filing bankruptcy anyway down the road, when their finances are in even worse shape. For many people burdened by debts they can’t afford to pay, filing bankruptcy and getting a handle on their debt once and for all is the smartest decision they can make for the good of their financial future. And despite the stigma associated with bankruptcy, it is not the mark of failure. There is life after bankruptcy, as evidenced by the countless successful people who filed bankruptcy and survived, including the following:
- Dave Ramsey
- Larry King
- Walt Disney
- Burt Reynolds
- Willie Nelson
- Marvin Gaye
- Stephen Baldwin
- Randy Quaid
- David Bowie
- George Foreman
- Elton John
- Kim Basinger
- Stan Lee
- Meatloaf
- 50 Cent
- Nicholas Cage
- MC Hammer
- Mike Tyson
- Henry Ford
- Toni Braxton
How Bankruptcy Can Help
Bankruptcy is a legal process by which people who can’t afford to repay the debts they owe to creditors can seek relief from some or all of their debts. There are several different types of bankruptcy, the most common being Chapter 7 and Chapter 13 bankruptcy, named for the chapters they fall under in the U.S. Bankruptcy Code. While Chapter 7 bankruptcy allows debtors to discharge all of their unsecured debts, such as medical bills, personal loans, and credit card debt, Chapter 13 bankruptcy permits debtors to create an affordable repayment plan for repaying a portion of their debts over a period of three to five years. Another type of bankruptcy, called Chapter 11, is available to business owners who want to continue their business operations while eliminating their debt.
Is Bankruptcy Right for Me?
Bankruptcy can be a powerful debt relief tool, but it isn’t for everyone. There are a number of factors that come into play when deciding whether the benefits of bankruptcy outweigh the potential pitfalls, including the type of debts you owe, your income, your assets, and whether you have filed bankruptcy in the past, among other factors. If you are struggling with overwhelming debt, whether your debts are in good standing or not, filing bankruptcy may seem like the end of the world, when it can actually be a new beginning, if handled properly.
Why You Should Hire a Bankruptcy Attorney
Filing bankruptcy may seem like taking the easy way out to some people, but the bankruptcy process is actually quite complicated and time-consuming, which is why we recommend hiring a bankruptcy attorney to help you navigate the bankruptcy process as quickly and efficiently as possible. Our bankruptcy attorneys at Wright Law Offices specialize in Arizona bankruptcy cases and our legal team can help lessen the burden associated with declaring bankruptcy. When you hire our firm, we will assist you in filing the proper bankruptcy paperwork, providing the necessary financial documentation, valuing your assets, calculating your debts, and, perhaps most importantly, ensuring that you understand how you can rebuild your credit and get your finances back in order after bankruptcy.
Contact Our Phoenix Bankruptcy Attorneys Today
You may not be a debt relief and money management guru like Dave Ramsey or the owner of a multibillion-dollar enterprise like Walt Disney, but that doesn’t mean you can’t benefit from bankruptcy like they did. One of the biggest and most immediate benefits of bankruptcy is the automatic stay, which puts an automatic stop to collection calls, wage garnishments, lawsuits, and other attempts by creditors to collect the debts you owe. Keep in mind that bankruptcy is a complex legal proceeding, so if you think filing Chapter 7, Chapter 11, or Chapter 13 bankruptcy might be the right move for you, consult an experienced bankruptcy attorney first. Here at Wright Law Offices, we are committed to helping consumers and business owners in Phoenix, Scottsdale, and the surrounding areas achieve long-term debt relief through bankruptcy, and we can walk you through your options.