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As the economy continues to struggle, more and more people are falling behind on mortgage payments, car payments, and credit payments as well as other types of debt. And many of these same people are becoming stressed out and depressed. How are they ever going to get out from under all of the past-due bills.

Many of these people are wondering about bankruptcy. Would filing bankruptcy help them get the fresh start they need? Or would it ruin them forever?

Bankruptcy is not the kiss of death that many people think. In fact, many famous people have filed for bankruptcy and gone on to be financially successful. Let’s look at a few of them:

Entertainers

The list of famous entertainers who have filed for bankruptcy is long and surprising. It includes singers and actors alike. One of the most infamous cases on the list is that of country singer Willie Nelson. Several other country music stars join him there, including Tammy Wynette, Merle Haggard, George Jones and Johnny Paycheck.

Rock singers are no less vulnerable to financial woes. Famous rockers that have filed for bankruptcy include Tom Petty, David Cross, Toni Braxton, Elton John, Meat Loaf, M C Hammer and Ted Nugent. Other names you can add are Jerry Lee Lewis, Chaka Khan, Marvin Gaye and Andy Gibb.

Several well known Hollywood celebrities have also chosen to take advantage of bankruptcy protection including talk show host Larry King. Actors that have needed a fresh financial start include Kim Basinger, Mickey Rooney, Burt Reynolds, Gary Coleman, Lynn Redgrave, Margot Kidman and Lorraine Bracco.

Politicians

Many American politicians have filed for bankruptcy also including our 18th president, Ulysses S. Grant, and our 25th president, William McKinley.

Former Vice President Levi Morton and presidential nominee George McGovern are other famous politicians who have filed. John Connally, the Texas governor wounded during the assassination of John F. Kennedy in 1963, went bankrupt at one time as well.

When you read the names of presidents and governors who have filed bankruptcy and then become illustrious American leaders, it brings home the fact that bankruptcy is a new beginning in your life, not the end of it.

Athletes

Several athletes must be included on this list of famous bankruptcy filers. Boxers Mike Tyson, Leon Spinks and Joe Lewis all asked the courts for bankruptcy protection, as did football player Johnny Unitas. Professional tennis player Bjorn Borg and Olympic gold medalist Dorothy Hamill each filed bankruptcy as well.

Authors

Samuel Clemens, better known as Mark Twain, is just one of the famous authors on this list. Others include the creator of the Wizard of Oz, Frank Baum, Oscar Wilde, Susan Powter and Kate O’Brien.

Businessmen

This list includes such famous names as Donald Trump, Henry Ford and Walt Disney. Comic book pioneer Stan Lee chose to file bankruptcy as did the founder of Hershey’s Chocolate, Milton Snavely Hershey and the founder of Heinz Ketchup, H.J. Heinz.

Do some of the names you’ve seen here surprise you?

Have you been thinking that if you must file bankruptcy it brands you as a failure and terminates your financial future?

Read the list again and think about it. Obviously, filing bankruptcy is not a permanent dead end on the road to success, just a curve along the way.

If you’re struggling with debt problems and would like to know more about how bankruptcy might be able to help you, contact Dan Nunley today to schedule a FREE initial consultation.

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The decision to file bankruptcy is difficult at best.

Bankruptcy may not be the right solution for you, but you at least owe it to yourself and your family to find out about all of your options so that you can make an informed decision.

Many people are hesitant to even think of filing bankruptcy because they are good, moral, upstanding, hard-working people. They have always paid their bills. And they aren’t the type to look for an easy way out.

So they struggle month in and month out to pay their bills. And all the while their creditors are turning up the heat. Before too long, with all of the late fees, penalties and interest, they realize that they are barely keeping their head above water. And without a miracle or a winning lottery ticket, they know in their hearts that there is simply no way they are ever going to be able to get caught up. More on Filing Personal Bankruptcy – Can I? Should I?

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Technorati Tags: Bankruptcy, chapter 13, chapter 7, means test

By DJ Raymond

As economic conditions continue to worsen so will the number of personal bankruptcy filings. The decision to file personal bankruptcy should not be taken lightly. There are consequences to filing bankruptcy and those should be considered. Many people are faced with a moral dilemma when filing bankruptcy. It is woven into the personal character of many people to pay what you owe. There is a certain stigma that is attached by society that follows those who file bankruptcy. For many this is embarrassing. A personal bankruptcy will stay on your credit report for 10 years. While that does not mean you will not be able to obtain credit, for that time period, you will be faced with more difficulty in obtaining lines of credit.

Bankruptcy laws exist to protect not to punish. Debt ridden citizens will never be productive citizens. Bankruptcy laws offer people a chance a fresh start. Saddled with debt, especially debt you will never be able to repay will prevent you from being productive.

For those with the mindset of repaying your debt a Chapter 13 filing for reorganizing your debt may be helpful. The courts will structure payments more in line with what you can afford over a period of time, usually 5 years. Additionally there is no law that prevents an individual form repaying their debts in full at some point in the future. For those struggling with the moral dilemma this can be helpful. Ultimately this decision rests with you and you alone.

The worst decision individual’s make in filing bankruptcy is to make no decision at all. It is not likely that your debt is going away. The bill collectors do not stop calling. Finding yourself in debt and unable to pay your debts has a paralyzing effect on your decision making processes. A simple consultation with a bankruptcy lawyer can help you in making that decision. Being in debt can be compared to be held in a economic prison. There is nothing quite so liberating as telling a bill collector, you have secured an attorney for the purposes of filing bankruptcy.

It was never your intent to file bankruptcy. It was never your intent to become a deadbeat borrower. Things happen in our lives that we sometimes cannot control . Bankruptcy laws are there to help not hinder.

DJ Raymond is an accomplished website developer and author. To learn more about The Moral Dilemma When Filing Bankruptcy visit Florida Bankruptcy Lawyers for more articles and information.

Article Source: http://EzineArticles.com/?expert=DJ_Raymond http://EzineArticles.com/?Making-a-Decision-to-File-Personal-Bankruptcy&id=1619650

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By Robin Boddy

Filing for bankruptcy is an especially unwanted state of affairs. Often brought about by unexpected alterations in your financial condition because of medical bills, job loss, extreme debt, also getting divorced, the action of filing for bankruptcy ought to be thought of as a conscientious action on the road to salvaging financial independence. If you are thinking about filing for bankruptcy, here are a few of the fiction and facts on the subject of it.

A common belief is that you can’t file for personal bankruptcy. Converse to this belief, modifications made in 2005 by the US Congress let any debtor file for personal bankruptcy. Bankruptcy is also regulated by state laws. If you file for bankruptcy in New York, New York bankruptcy attorneys can assist you find out if you are eligible for a Chapter 7 or Chapter 13 bankruptcy.

Another misconception is that filing for bankruptcy is discomforting. If you don’t file for bankruptcy, it will in reality be even more discomforting to be harrassed by debt collectors. Taking control of your financial position and facing up to your situation is in fact to be admired and ought to be something you are proud of.

Another fiction is that you will permanently have a terrible credit score. As a matter of fact, the conclusion of the personal bankruptcy process will absolve all preceding credit records permitting you to set out with a new and clean slate. Many bankruptcy attorneys can certify this based on their wide-ranging understanding.

One more falsehood is that you may only file for bankruptcy one time in your lifetime. If you file for a Chapter 7 bankruptcy, you will have to put off a cycle of 8 years previous to you filing for the subsequent Chapter 7 bankruptcy. Otherwise, you may file for a Chapter 13 bankruptcy as frequently as your circumstance demands.

Personal bankruptcy does not mean losing all you possess. Quite the opposite, bankruptcy is planned to guard a debtor from losing all possessions and simultaneously obtain a route for all the debt to be discharged. Bankruptcy attorneys can offer you the correct facts so that you won’t lose any of your assets.

Filing for personal bankruptcy is not difficult and out of the question.

Anybody may file a personal bankruptcy. You will have no trouble whatsoever. If you want, you can hire bankruptcy attorneys to guide you each step of the way.

Personal bankruptcy is a considerable but useful resolution to your financial troubles. Prior to filing for one, be certain that you have researched all existing bankruptcy choices.

For more information about filing personal bankruptcy, try visiting http://www.bankruptcy.get-the-info.net , a popular bankruptcy website that offers tips, advice and resources including information on bankruptcy car loans and bankruptcy home loans. You can also sign up to receive a free ebook about bankruptcy.

Article Source: http://EzineArticles.com/?expert=Robin_Boddy http://EzineArticles.com/?The-Fiction-and-Details-Concerning-Filing-Personal-Bankruptcy&id=1514636

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