When we meet our client’s for the first time, they frequently tell us that the thought of filing bankruptcy is overwhelming. They feel disappointment in themselves and that they are avoiding their debts. My clients often say to me, “I always pay my bill, except for recently”. As a consumer debt attorney, let me say that I do get it. However, you should know that they are not alone, and that the bankruptcy code is there to assist you. Bankruptcy and Title XI is not a statement on your financial responsibility or anything that should humiliate you, rather, it is a form of debt relief that not only they, but many people, including some of the most powerful Americans have used to rebuild their economic empires.
For many consumers, they have lost a job, been injured in some way, been divorced, or suffered some other setback that has required them to live on credit cards, or miss a few mortgage or car payments. Bankruptcy may be the only way to eliminate enough debt that you can sleep at night and in some cases save your home.
Some very famous people have filed bankruptcy Had Donald Trump or Henry Ford not file bankruptcy, we would not possibly have some of the greatest inventions in mankind. Walt Disney and Presidents Abraham Lincoln filed bankruptcy. I even point out that people who are considered some of the most intelligent in our history such as Samuel Clemens (“Mark Twain”) and Thomas Jefferson filed bankruptcy in order to obtain the debt relief they needed to move forward with their careers.
What is the gist of all of this? You’re not alone and honestly you are in very good company. If and when you decide to file bankruptcy.
The foregoing article was drafted by Attorney Michael Goldstein, who is the Massachusetts Law Partner with the Phillips Law Offices, LLC