Law Offices of Adam D. Woolsey

Who's Filing

There is a widespread misconception that everyone will find out about your bankruptcy filing. The truth is, unless they are a creditor who receives a letter in the mail, they will not find out unless they take the time and effort to look it up.

By the early 2000’s, more people were filing for bankruptcy each year than were graduating from college, getting divorced or being diagnosed with cancer. Bankruptcy has become a middle-class phenomenon, especially in the current economic crisis. In fact, a recent study of US Bankruptcy Law by the National Bureau of Economic Research showed that over two-thirds 2/3 of Americans would reap financial benefit from filing Bankruptcy.

Filings are not limited, however, to only the middle-class.  In fact, many celebrities have also filed, including boxer Mike Tyson (2003), actors Kim Basinger (1993), Burt Reynolds (1995), and Debbie Reynolds (1997), singers Anita Bryant (2001), Merle Haggard (1993), M.C. Hammer (1996) and Wayne Newton (1992), and two governors—John Connolly of Texas (1986) and J. Fife Symington of Arizona (1995).

There is no longer any stigma about filing bankruptcy, especially in a global economic crisis when you face job losses, medical expenses and judgments. There are even Anti-Discrimination provisions built in to the Bankruptcy Code to protect you!



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