Who is Filing Bankruptcy?

In today’s tough economy, debtors who file bankruptcy in Georgia are diverse people from every walk of life. Many people who come into my office are skeptical and hesistant; they often express that filing bankruptcy is “wrong” and wish that they could pay their creditors back. Not that it makes a person who files bankruptcy or is contemplating filing bankruptcy feel better about his or her situation, but some of the following famous people have filed bankruptcy:

  • Donald Trump
  • Kim Basinger
  • Toni Braxton
  • George Clinton
  • Walt Disney
  • David Crosby

Think about some of the biggest American companies that have filed bankruptcy:

  • Circuit City
  • Delta
  • General Motors

The truth is that the bankruptcy law is out there to protect people who need assistance and cannot obtain relief from debt otherwise. The law is designed to help people when they become disabled, lose a job, or are suffering from one of life’s unfortunate events and even has rules in place to prevent abusive filings. Sometimes, bankruptcy even allows debtors to pay some of their debts back based on their available disposable income and stops the exorbitant interest rates and late fees that credit card companies and other lenders charge.

If you are considering bankruptcy as a solution to your financial situation and have questions about the process, contact the Law Offices of Charles Clapp at (404) 585-0040 for a free consultation.