If you’re facing overwhelming consumer or business debts, you might feel alone. Most people aren’t exactly eager to talk about their financial problems. However, you’re definitely not alone.
Last year, there were 26,886 bankruptcy filings in New Jersey. According to the AACER Bankruptcy Statistics Report through September 30, 2020, there were 16,406 cases filed year to date in New York. Those numbers are expected to surge. To put that number into perspective, the number in New Jersey comes out to an average of 517 filings every single week. These were people just like you, who made the choice to deal with their financial problems head-on.
Take Charge of Your Financial Situation
Ignoring your financial problems won’t stop creditor calls, wage garnishments, or repossessions. In fact, the longer you wait to file for bankruptcy, the fewer options you may have. Bankruptcy puts you back in control of your personal or business finances. In my thirty years of insolvency practice, I have seen all too many situations where delay resulted in a much worse outcome. This is true in both business and individual insolvencies. Denial is not just a river.
People from all walks of life have chosen to file for bankruptcy. In fact, several well-known people have filed for bankruptcy over the years.
Walt Disney formed his first studio in 1920. Unfortunately, the studio’s financial backer went broke soon after. Unable to pay his business debts, Disney was forced to file for bankruptcy in 1921.
A few years after retiring from boxing, George Foreman filed for bankruptcy. His income had declined over the years, and he was unable to keep up with his expenses.
As a young man, President Abraham Lincoln was a co-owner of a general store. Business debts grew, and then Lincoln’s business partner died. Unfortunately for the future president, bankruptcy laws were different than they are today. Lincoln ended up having to pay back his debts over the course of many years.
Many celebrities have filed bankruptcy through the years or owned businesses that have filed. These include: Fifty Cent (hopefully the creditors got less than his name implies), Larry King, Willie Nelson, MC Hammer, Stan Lee, Kim Bassinger, Jerry Lee Lewis, Burt Reynolds, Elton John, Marvin Gaye, Dionne Warwick, LeToya Jackson, Debbie Reynolds, Meatloaf and more. (Source: https://www.ranker.com/list/celebrities-who-have-declared-bankruptcy/celebrity-lists). While I cannot promise that hiring an insolvency lawyer will cause you to have a great career in entertainment like these famous debtors, I can promise you that dealing with your financial problems promptly and directly is the right thing to do for yourself and will allow you to focus on other things.
These famous people are proof that bankruptcy doesn’t define a person or their career. No one is immune to financial problems, but you can brush yourself off and move on.
Businesses that have filed bankruptcy and lived on are too numerous to begin to list, but they include Chrysler, General Motors, Macy’s and many more. Countless smaller businesses have restructured their debts out of court as well as in a formal bankruptcy proceeding. There is a tremendous array of tools available to address challenges faced by businesses, and nobody is born knowing them. Schedule a free consultation and I’ll be happy to help you.
Experienced New York Bankruptcy Attorney
There are three types of bankruptcies that individuals and businesses may qualify for: Chapter 7, Chapter 11, and Chapter 13. Each type has its own requirements and ramifications. If you’re considering bankruptcy, you need professional advice.
Attorney Jay L. Silverberg focuses his practice exclusively on bankruptcy and debt relief matters. He’ll review your situation and help you decide the best course of action to take. Contact Silverberg Law Firm LLC to schedule your free consultation.