The decision to declare bankruptcy is no doubt an important one. While there are some short- to medium-term consequences of doing so, it offers valuable financial freedom to many. And, as a recent Forbes article points out, bouncing back after bankruptcy is very possible.
A recent article in Forbes Online takes a look at five of the richest families in the United States who have, at one point or another, declared bankruptcy, either personally or under the auspices of a floundering business they managed. Looking at their wealth before, during, and after they declared bankruptcy, the article points out that bankruptcy was certainly not a nail in their financial coffins.
The individuals mentioned in the article all fell on difficult financial times despite being hard-working and motivated to succeed. However, when the business climate changed, it meant that their businesses were not as profitable as they once had been. Combine this with an ill-timed investment or two, and their ability to service their debt became compromised. This left them little choice but to declare bankruptcy.
Using Bankruptcy to Get Back on Track
As the article points out, these families all declared bankruptcy at one point or another and managed to get back on the horse and reach even greater success than before. This is because they used bankruptcy strategically: ridding themselves of crippling debt to focus on a new start. A fresh start via the discharge of personal or business debts, or even a reorganization of one’s debts, might allow some individuals to reach even higher levels of success in the future, as it appears was the case for the individuals referenced in the Forbes article.
You don’t need to come from an ultra-wealthy family to benefit from a strategic personal or business-related bankruptcy. In fact, though various different types of bankruptcy, you may be free and clear of your debt in as little as a few years, and in some cases even just a few months. This can allow you to get a fresh start and give you another chance to get your financials in order, without the burden of debt hanging over your head.
Getting Rid of the Debt that Causes You Grief
Declaring bankruptcy may enable you to get out from under the crippling financial burden of monthly credit card debt, automotive loans, personal unsecured loans, and most other kinds of loans, as well as business-related expenses, depending on what type of bankruptcy you choose to file for. Depending on which type of bankruptcy you file, you may not need to wait for years and years to be completely free of debt; in some cases it only takes a matter of months.
Are You Considering Filing for Bankruptcy in Kentucky?
If you are saddled with a seemingly insurmountable amount of debt, consider speaking to a Kentucky bankruptcy law attorney to see if filing for bankruptcy may be right for you or your business. While it isn’t for everyone, filing for bankruptcy has had an enormously positive effect on millions of people. At the Schwartz Bankruptcy Law Center, we have helped hundreds of people get out from under their debt and get a fresh new start in Kentucky. To learn more about the bankruptcy laws, and to speak to a dedicated bankruptcy law attorney about your situation, contact the Schwartz Bankruptcy Law Center today at, 866-366-3328, or click here to contact the firm online.
More Blog Posts:
Federal Bankruptcy Court Goes over the Differences Between Chapter 7 and Chapter 13 Bankruptcies, Kentucky Bankruptcy Lawyers Blog, published March 31, 2014.
Pizza Chain, Sbarro, Has Its Bankruptcy Plan Approved By Federal Court, Kentucky Bankruptcy Lawyers Blog, published May 28, 2014.