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Anyone Can Face Bankruptcy, Regardless of Income or Net Worth

by Erin B. Shank

Many people feel as if they have failed and are all alone when facing impending bankruptcy. While this is not the most ideal situation, bankruptcy is the opportunity for financial relief and a fresh start. No one should ever feel alone, as millions of Americans have or will file bankruptcy at some point during their lives. It is important to remember that a lack of financial responsibility, while one cause, is not the most common cause of bankruptcy. Most people wind up over their heads due to unavoidable circumstances such as long-term unemployment, accidents and illnesses, death, loss or lack of profit (in the case of small businesses), and more. Furthermore, your income or net worth often has nothing to do with the need to file bankruptcy. Even the wealthy often find themselves in need of a new start and the opportunity to force relentless debt collectors to cease. Many famous people have found themselves in bankruptcy court, and many of these people have continued to experience success on one level or another, due in part to bankruptcy. Here are just a few examples:

  • Donald Trump
  • MC Hammer
  • Toni Braxton
  • John Wayne
  • President Harry S. Truman
  • Larry King
  • Willie Nelson
  • Tom Petty
  • Gary Burghoff (of M*A*S*H fame)
  • Burt Reynolds
  • Mike Tyson
  • Francis Ford Coppola
  • Walt Disney
  • J.C. Penney
  • Charles Schwab
  • Conrad Hilton
  • Henry Ford

All of these successful people who have filed for bankruptcy should give you some hope. And this is only a small selection of notables who have encountered financial struggles. You are not alone. Many people face bankruptcy, and a qualified bankruptcy attorney is a key to success in your case.

erin b shank

I have been practicing exclusively bankruptcy law in Texas for almost 40 years. Unlike most other law firms, my firm is exclusively dedicated to helping individuals and small businesses find a way out of their financial difficulties through the use of our nation’s bankruptcy laws.

Associations & Awards
  • Client Companion Award | Erin B. Shank
  • Avvo Review Badge
  • Preeminent Award | Erin B. Shank
  • avvo
  • state bar of texas
  • avvo
  • Avvo Top Attorney Badge
  • GreaterWacoChamber
  • nacba
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