The word “bankruptcy” tends to scare people. To many Lisle residents, the idea of bankruptcy might seem like the end of a process, and so putting it off as long as possible might seem like the best course of action. However, doing so only delays the possibility for debt relief and getting a fresh start under Chapter 13 or Chapter 7 bankruptcy protection.
People from all walks of life file for bankruptcy protection. It doesn’t matter what your profession is or how much you’ve earned in a year or in a lifetime; circumstances may dictate that bankruptcy is a possibility for you. And for many people, choosing to file for bankruptcy has provided an opportunity for a kind of financial rebirth that wouldn’t otherwise be possible.
Folks looking for an example need to look no further than Danny Fisher, a successful filmmaker and TV producer. His company had developed and sold dozens of movies and television shows over its nearly three-decade-long existence. However, about five years ago, many independent film companies — including Fisher’s — ran aground. Fisher found himself owing $15 million in business debt that he had guaranteed, although he had less than $2,000 to his name.
Fisher says he dreaded having to file for personal bankruptcy, which became an inevitable choice, given his situation. But it turned out for the best: shed of his previous debts, after some networking and study, Fisher came back to found a new company, which is growing exponentially. He’s making the most of his second chance — something Illinoisans searching for debt relief can take to heart.
Source: CNN Money, “How I emerged from bankruptcy to grow a thriving company,” Danny Fisher, Jan. 20, 2014