Bankruptcy law is complicated. There are various kinds of bankruptcy, some most commonly suited for individual consumers and others more common for struggling businesses. In terms of consumer bankruptcy, most people go the routes of either Chapter 7 or Chapter 13.
While we have discussed Chapter 11 bankruptcy on this blog, we have done so more in terms of businesses that use the debt relief option. In truth, Chapter 11 laws can also help individuals. You might actually recognize some famous names who have chosen the route and risen above their Chapter 11 bankruptcy filings.
The following famous individuals went through the Chapter 11 process:
- Curt Schilling
- MC Hammer
- Kim Basinger
- Francis Ford Coppola
- Larry King
- Meat Loaf
- 50 Cent
The above celebrities had earned millions before finding themselves in need to file for bankruptcy. Chapter 11 for individuals generally works when the person filing has clear and significant earning potential. Often, celebrities will put their millions into a bad investment, a failed company or bad habits. But they still have a career and, therefore, will be able to live up to a debt reorganization plan.
You don't have to be famous to find financial stability or business success after bankruptcy. There is likely a debt relief option that is best for you and/or your Kentucky business. It can be daunting to try to figure out your best options without the support of an experienced bankruptcy lawyer.
Bankruptcy doesn't have to be discouraging. In many cases, it is a stepping stone toward the success and stability you've been looking for.