Many unforeseen reasons attribute to debt, such as unexpected medical expenses, home loans, school tuition, and loss of job security, to name a few. All create an overwhelming feeling that there is no way back to financial stability. If this sounds familiar, you are not alone. So far, in 2019, 22,808 Chapter 7 bankruptcies were filed in the state of California. 319, Chapter 11 filed and 6,023 Chapter 13 bankruptcies. If you are considering bankruptcy, as you can see, many people have walked in your position.
Notable People Have Filed Bankruptcy
Even the most celebrated people have had to file for bankruptcy. Famous folks such as Michael Jackson, Willie Nelson, and the 18th President of the United States, Ulysses S. Grant declared bankruptcy for similar reasons found in California cases. Many of the people mentioned filed due to lawsuits, overspending, and back taxes. After leaving the White House, President Grant received a stipend for serving in the military. Later, he was diagnosed with cancer, and the allowance could no longer cover the medical expenses. Overall, bankruptcy for these notable individual cases was filed based on debt overpowering their income and the inability to upkeep payments.
Outcomes of Bankruptcy
If you feel your financial burdens have become too much to handle, it would be best to file early with the help of a financial professional and bankruptcy lawyer. Here are a few outcomes of filing bankruptcy:
- The bankruptcy process can eliminate current debts and stop future liabilities from accumulating.
- Your bankruptcy lawyer can provide proper legal advice, and ensure filing is correct, under the appropriate title.
- Depending on which bankruptcy title best suits your case, declaring bankruptcy can ensure certain assets will remain in your possession.
- Declaring bankruptcy allows a clean slate to gain back financial freedom. Collections are no longer requested, nor can collection agencies attempt to pursue future payments.
If bankruptcy is the best path for you, the Law Offices of James C. Shields will provide expert legal services best suited to your unique case. If you are in the Torrance, California area, contact us online or call (310) 626-4404 to speak with a bankruptcy lawyer. We will be happy to assist.