Presidential Bankruptcies
It’s never good to be in circumstances where you can’t pay your debts, but bankruptcy isn’t the catastrophe that some think it is. Just ask presidential candidate Donald Trump, whose casinos have twice gone bankrupt. If your debts are extensive and overwhelming, bankruptcy may or may not be the appropriate way for you to resolve those debts. Find out. If you’re drowning in debt, discuss your circumstances, legal rights, and options at once with an experienced Chicago bankruptcy lawyer. You won’t be alone. Even presidents have declared bankruptcy, but they didn’t let it destroy their path to success. Neither should you.
Abraham Lincoln has his picture on money these days, but he had a tough time with money as a younger man, Lincoln bought a general store in New Salem in 1832. You can see it reconstructed at the historical attraction there. Lincoln may have known how to be a president, but his retail management skills were a bit lacking, and when the store went bankrupt, Lincoln’s surveying equipment – and his horse – were seized and liquidated to pay his creditors. He’s not the only president with a bankruptcy; Ulysses S. Grant went bankrupt after leaving office when a partner in an investment-banking venture swindled him, and Thomas Jefferson filed for bankruptcy several times. While he was Ohio’s governor in 1893, William McKinley went bankrupt. He was $130,000 in debt, yet he was elected President of the United States only three years later.
If you want to survive a bankruptcy and re-establish yourself financially, you will very much need the advice and services of an experienced Chicago bankruptcy lawyer. If bankruptcy isn’t right for you, your lawyer will recommend alternatives that are realistic and effective. For some, however, bankruptcy is the only practical option. You’ll need to complete extensive legal paperwork, meet some important deadlines, and adhere to the terms of the bankruptcy. Let an experienced Chicago bankruptcy lawyer help. If you’re in deep debt right now, make the call today.
