Thompson Law Blog

                                                           

Our clients often comment to us, “I never thought this would happen to me.”  Well, just who does bankruptcy happen to? The stigma of bankruptcy has caused many false concerns and unnecessary speculation. As we all know, life can take unexpected turns. Job loss, divorce, sickness, and failed business ventures occur at the most inopportune times and can send our finances into a tailspin. It’s important (now more than ever) to realize that bankruptcy isn’t exclusive to the poorest of us. In today’s financial climate, we’re seeing more and more upper middle class and working middle class families having to file for relief from their debts. Bankruptcy provides relief to overwhelmed, overextended and underwater consumers… little did you know that these consumers also include the “rich & famous.”

 

 Some of you may think that bankruptcy only happens to a certain social class of people, but in fact it can—and does—affect every social class. The wealthy, well-known, celebrity types are no exception to this rule.

 

            Donald Trump is one of the most famous businessmen in the United States and a highly regarded celebrity worldwide. We’ve all seen his beautiful family, his impressive offices and casinos, and his television shows. Did you also know that one of those impressive Trump casinos has gone bankrupt not once, not twice, but three times!?  Nothing keeps the Trump down, not even bankruptcy.

 

                                                                                                                                                                                                             Larry King, the infamous late night talk show host, has interviewed Presidents, dignitaries and countless celebrities; making him a celebrity in his own right. However, early in his career before he rose to his current status, he was forced to file bankruptcy. Bankruptcy didn’t stop Larry King from living out his dream. Now, his show is aired on CNN in over 200 countries.

  

Even the cartoonist and visionary Walt Disney himself had to file a bankruptcy after his early company struggled so much they couldn’t even make payroll. Eight years later, he created “Mickey Mouse,” and well, you know the rest of the story.

             

            This list is only the beginning. It’s not meant to critique any of these celebrities, but rather how they each were able to overcome the stigma of bankruptcy and continue on with productive lives filled with success. The same is true for you. Life goes on after bankruptcy. You will be able to get credit again, to buy a home, a car, get a job and take a vacation. The first step is recognizing that you’re in over your head. If you’ve come to that point, and you need relief from your debts, contact our office at 515.875.4850 to discuss your options. You can also email your own story to us at melissaatthompsonlaw@gmail.com. We can help!