Bankruptcy is misunderstood by many

What do Abraham Lincoln, MC Hammer, Johnny Unitas, and Walt Disney have
in common? They all filed bankruptcy at some point in their lives. These
men were all at the top of their field at some point in their
professional lives. In some cases, such as Lincoln and Disney, the
bankruptcy came relatively early. By taking stock of their situation,
and availing themselves of the legal remedy to shouldering a debt they
felt they could never recover from, Mr. Lincoln and Mr. Disney were able
to start fresh. They both went on to great things afterward.

Johnny Unitas was a superstar quarterback for the Baltimore Colts, while
MC Hammer was an entertainer with a highly lucrative career. But having
a substantial income does not guarantee that business mistakes,
lawsuits, or bad investments won't take their toll. In the case of
Unitas and Hammer, their peak earning years were behind them when their
financial troubles became insurmountable. Each of them sought bankruptcy
protection and both of them were able to recover from their fiscal woes.

Bankruptcy may be one of the most misunderstood, and hotly debated
financial options available when to going gets tough. Perhaps the
misconceptions come from reports in the press that are less than
complete. Or maybe half-heard conversations over the water cooler at
work lead people to believe that bankruptcy law is more difficult, or
restrictive than it really is. Whatever the case, bankruptcy is a real
and potentially viable solution for many people who find themselves in
dire financial straits.

It is likely that much of the public is not aware that bankruptcy can
take multiple forms, depending on whether it is filed under Chapter 7,
Chapter 11, Chapter 12, or Chapter 13. You may be able to determine
which option is best suited to your circumstances by doing a little
independent research. But you should never fear the process based on the
feeling that you are on your own with no where to turn for help. That is
just not the case.

There is also at least a slim possibility that part of the reason some
people are resistant to the idea of filing for bankruptcy protection is
the fear of embarrassment. The idea of being perceived as a deadbeat who
is trying to run out on their obligations may cause some people who
would benefit from the law, to continue to struggle and suffer the
stress of serious monetary shortfalls month after month. Perhaps it
would be worth reminding those people that the intent of the law is to
provide options and solutions, not to ridicule an individual who has
fallen on hard times, in many cases through no fault of their own.

Henry Ford, Mickey Rooney, Kim Basinger, Debbie Reynolds, and Donald
Trump have all filed for bankruptcy protection. Yet their fame, and
their accomplishments are not diminished by the fact that their finances
have left them suffering through sleepless nights, and mounting stress
levels at one time or another.

Seeking bankruptcy protection is certainly nothing to be taken lightly.
But it can be argued that it shouldn't be avoided unnecessarily, either.
Perhaps it is of comfort to some when they realize that they may feel
admiration for others who have found themselves in difficult times and
sought the legal protection afforded by bankruptcy law. Maybe it is
worthwhile to know that we are truly not alone during some of the more
stressful and worrisome periods of our lives.