Bankruptcy is available for people of all walks of life | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Bankruptcy is available for people of all walks of life

It is a common misapprehension that people who must consider making use of bankruptcy protection do so because they are destitute. While in some situations it is certainly possible that by the time an individual files a petition in bankruptcy court he or she has little or no cash or other assets left, there are many situations in which people with considerable financial means may still resort to it.

For example, a recent contentious exchange between billionaire real estate mobile Donald Trump and one of the moderators during the first Republican Party presidential debate centered on Trump's use of bankruptcy on more than one occasion despite his considerable personal wealth.

But Trump is not alone among the ranks of ostensibly wealthy individuals who have for a variety of reasons found themselves taking advantage of bankruptcy protection from creditors. Many examples exist of celebrities, some of whom have made millions of dollars, finding themselves in bankruptcy court. The reasons are varied: failed business ventures, questionable decisions relating to personal finances, and failing to comply with tax laws are but a few of the circumstances under which people who seem to have it made end up being unable to manage their financial situations.

The point is, bankruptcy can be something that we all face regardless of how much money we make, and the protection of the law is available to everyone regardless of their means for the particular circumstances under which they have found themselves financially in over their heads. It is not something that only poor people resort to, nor is it a protection reserved for the rich and famous. It is a legal tool available to everyone who needs it, in Oklahoma and across the nation, and the decision whether personal bankruptcy is an option for you depends entirely upon your unique circumstances.

Whether bankruptcy is right for you is something that you should consider with the assistance of legal counsel experienced with federal bankruptcy law and federal bankruptcy courts.

Source: The Hill, "Trump gets heated with Chris Wallace: 'I have never gone bankrupt,'" Lydia Wheeler, August 6, 2015

Secondary source: fortune, "Riches to rags: Reality TV stars who lost it all," Daniel Bukszpan, August 5, 2015

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