Facing a personal bankruptcy can feel like the end of the road for your financial freedom. However, this simply isn’t the case. You can bounce back from a bankruptcy just like many others have in the past.
Prime example: Four of United States President Donald Trump’s corporations filed for Chapter 11 Bankruptcy. Indeed, you’ll find filing for bankruptcy isn’t all too uncommon, especially for business owners. So, before you assume you’ll never be able to rebound from a bankruptcy, look no further than those individuals who have filed for bankruptcy and went on to do great things. Tremendous.
Business Owners Filing for Bankruptcy
In business school, you’ll learn that filing for bankruptcy not only isn’t the end of the world, but it is almost expected. When running a business, you invest in what you believe to be the best course of action. Sometimes you’re right, other times you are wrong. This can cause a business and business owner to file for bankruptcy. A good business owner will generally learn from these mistakes and not have to file more than once.
However, Donald Trump has business holdings throughout the world, each of which brings about unique learning circumstances. Following the example of Donald Trump can prove beneficial.
Learn From Your Mistakes
If you face either Chapter 7 or Chapter 13 bankruptcy and have plans to meet with a bankruptcy attorney in Phoenix, the most important thing is to learn from your mistake. What caused you to reach this point financially? Can you correct these problems? Your bankruptcy lawyer will help you identify these kinds of problems so that, like Donald Trump’s companies, you can move forward and turn it all around.
We can’t guarantee you’ll become the next President, but we can help you recover from bankruptcy. A chapter 13 filing can be more beneficial for an ongoing business than a chapter 7. A bankruptcy lawyer is best equipped to help you determine a proper course of action.
Even wealthy individuals can run into serious financial problems. Some famous people who have filed for bankruptcy protection: Marvin Gaye, Kim Basinger, Francis Ford Coppola and Larry King. Henry Ford filed for bankruptcy, as did Walt Disney and Milton Hershey. Abraham Lincoln even went bankrupt, so if you are considering filing for chapter 7 or chapter 13 bankruptcy in Arizona, you are in presidential company.