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Thinking About Bankruptcy? You're in Good Company


The Essential Guide to Bankruptcy Cases in Missouri and Illinois

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The Castle Law Group is a Missouri Law Firm that specializes in helping the citizens of St. Louis get through the bankruptcy process with the best possible terms. If you or a loved one is going through financial difficulties, contact our offices for a free legal consultation today.

Bankruptcy happens for all sorts of reasons. Just as there are infinite ways to make money, there are also infinite ways to lose it. A car accident. An injury. A denied claim or a missed payment. Getting laid off from your job.

Financial difficulties can happen to anyone at anytime. In 2005, there were 52,060 non-business bankruptcies in Missouri alone. That mean individual consumers who, for various reasons, found themselves in such dire straits that the only possible way out was through bankruptcy.

Many people make the mistaken assumption that only poor people file for bankruptcy, but that isn’t the case. Anyone who wants to protect what they have from the hands of creditors can file. In fact, you might be surprised as to who has filed for bankruptcy protection. Entertainers, lottery winners, and even Presidents of the United States have had to seek the protection of the courts. Here are just a few:

Kim Basinger: This actress had to file bankruptcy after she was ordered by a judge to pay $8.1 million in 1993.

Lorraine Bracco: This star of The Sopranos filed for bankruptcy in 1999, after the legal bills from a lengthy divorce battle left her deep in debt.

Toni Braxton: Despite selling over 15 million albums, this R&B singer filed for bankruptcy in 1998. While 15 million albums made a great deal of money for her record label, she didn’t see nearly as much in profits.

Francis Ford Coppola: This Oscar winning director was $300,000 in debt before The Godfather came out. After a musical project lost money in 1982, Coppola had no choice but to file for bankruptcy protection.

Walt Disney: Even though he went on to found one of the biggest entertainment companies in the world, Walt Disney went through some serious financial difficulties. In 1921, his financial backers in his first start-up company pulled out, leaving him with considerable debts. He filed for bankruptcy protection.

Ulysses S. Grant: After his term as President of the United States, Grant became a partner in a financial firm. He unwisely tied up most of his personal assets in the company, and lost them as a result.

Larry King: The best interviewer on television wasn’t doing so well when he was the best interviewer on radio. Being $352,000 in debt forced him to declare bankruptcy in 1978.

Abraham Lincoln: He’s on the penny and the five dollar bill, but otherwise didn’t have very good luck with money. He declared bankruptcy in 1833 after his law practice failed.

William McKinley: The 25th president, and also the third to declare bankruptcy. He co-signed a loan to a friend and found himself in default after the friend went bankrupt.

Bud Post: Mr. Post won $16.2 million in the lottery in 1998, and then spent the rest of his life regretting it. He spent millions on cars, homes, campers and motorcycles, and was an especially soft touch to many of his “old friends.” He died completely broke in 2006.

Burt Reynolds: This actor was $10 million in debt after his divorce in 1996, and bankruptcy was his only way out.

Donald Trump: Yes, Donald Trump. This billionaire was $900 million in debt in 1990.

With only one exception (lottery winner Bud Post,) all of these people went on to bigger and better things. It serves as a reminder that filing for bankruptcy should not be looked upon as the end of your old life, but rather the beginning of your new one. You have a chance to straighten out your financial situation and stop the harassment of creditors. And the attorneys at the Castle Law Group have the experience to help you get the best terms possible.

If you or a loved one is suffering from financial difficulties and feel that bankruptcy is your only option, contact the Castle Law Group for a free legal consultation today.

©2008 Castle Law Office of St. Louis, P.C., All Rights Reserved, Reproduced with Permission
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