One of the most depressing statements I hear, "I’m such a loser because I’m filing for bankruptcy". I’m not sure where this sentiment comes from, but it could be traced to what we have been programmed to believe from the news media, financial pundits, and the credit industry. We are taught that we get into debt, the only way out is to pay our bills. It’s the right thing to do!
Now, I’m not disputing that you should pay your bills. I believe that if you can, you should and could pay your bills. The keyword, of course, is if you CAN. Many times there is simply no way out of debt and you must to turn to bankruptcy because it is your only option.
If you ever feel that filing bankruptcy makes you a "loser", just read about these other "losers" who filed bankruptcy.
Lincoln was our 16th President. Before he became President, he was a lawyer and a businessman. In 1833, after his business partner died, he was saddled with debt from the general store they owned, and was forced declare bankruptcy. It took Mr. Lincoln 17 years to pay back his debts. Today, he probably could have filed a Chapter 7 and discharged his debts. It only takes 5 years in a Chapter 13 to repay your creditors.
I don’t have to tell you what Lincoln was able to accomplish after his bankruptcy and what a success he became.
Did you know that Ford Motor Company was Henry Ford’s third attempt at a car company? The father of the American automobile and the inventor of the assembly line filed for bankruptcy in 1901, when his Detroit Automobile Company (his first car company) went bust.
He went on to organize Ford Motor Company, created the Model-T, and the rest is history.
The creator of Mickey Mouse and Walt Disney World filed bankruptcy in 1923 when the financial backers of his animation company, Laugh-O-Gram Studio pulled out.
With $20 and a suitcase he went off to Hollywood and started Walt Disney Studios. He then went on the create the most beloved characters in history and created a world class them park that draws millions of visitors from around the world.
Ulysses S. Grant
Our 18th President and hero of the American Civil War got into financial trouble after his business partner swindled the company and fled. He then wrote his memoirs (which I recommend everyone read) in order to help pay back his debts.
Samuel L. Clemens
Name not familiar? It is the name of famed author Mark Twain. He tried to start his own publishing company in order to make money, but in 1894 he opted to file for bankruptcy, with the help of an attorney.
This setback didn’t last long. He went on to write a string of successful novels.
The creator of Hershey chocolates had a string of four failed candy businesses that forced him into bankruptcy. He became wildly successful with the fifth candy factory.
Of course, we all know (and love) the fifth candy factory.
Another President? Yep, the author of the Declaration of Independence and 3rd President spent most of his adult life in debt and filed several bankruptcies in his lifetime.
He still went on to become President, double the size of the country, and help us win our freedom.
Yep, The Donald and the creator of "The Apprentice" filed for bankruptcy four times. After each bankruptcy, he bounced back and became more successful. He even tried to run for President, thus possibly becoming another in a long line of Presidents that filed for bankruptcy.
Francis Ford Coppola
Possibly one of my favorite directors, he created awesome hits like The Godfather, Apocalypse Now, and The Outsiders. This son of Detroit (yes, he was born here) fell into financial debt after one of his movies bombed and filed for bankruptcy.
Whether you love him or make fun of him, you can’t deny he is the biggest draw in Las Vegas. Everyone who visits Vegas will go see Wayne Newton. In 1992 he had to file for bankruptcy.
Like everyone else listed here, this was just a temporary setback. Shortly after his bankruptcy he signed a new contract to perform his show that we all know and love today.
I hope I convinced you that you are not a loser if you filed for bankruptcy. If you are ready to shed your debt and take charge of your future, then call you Detroit Bankruptcy Lawyer today and set up your free consultation. I have weekend and evening appointments available. In Macomb County call (586) 439-4297 and in Oakland County call (248) 581-0598.