Bankruptcy—It Affects Famous People, Too

by Jack Morrison on July 17, 2013

Money mis-management is a chronic issue that affects people of every age, race and social status. Debt can happen to anyone and doesn’t discriminate between low income, middle income and high income individuals. Just think of all the celebrities and athletes you hear about in the news that have had to file for bankruptcy.

If you’re thinking of filing for bankruptcy in Massachusetts, you won’t be the first to do so and you certainly won’t be the last. Your current financial problems won’t ruin your life forever. Hopefully you’ll feel a little bit better about your future when we share this next fact.

You’d probably never guess that these well-known figures have undergone bankruptcy and bounced back in a big way: P.T Barnum, Walt Disney Henry Ford, Larry King. These individuals had filed for bankruptcy but recovered so that it was only a blip on the radar of their life.

And what about athletes who receive huge signing bonuses worth millions of dollars? How in the world do they lose so much money so quickly? Just check out these statistics from

• By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.

• Within five years of retirement, an estimated 60% of former NBA players are broke.

Wouldn’t you think someone making all that money could control it? Unfortunately, too often the wealthy don’t understand debt, income and credit. Just like the rest of us.

There are two primary misconceptions that individuals in debt have about money. First, they think they’re alone. As the economy took a nosedive during the recession, jobs were lost, hours were cut, unemployment benefits stopped and bills kept piling up. This affected millions of Americans across the country. You’re not alone. Second, they think that filing for bankruptcy signifies the end. In fact, many people who have filed will tell you that it’s actually a new beginning. It gives them a chance to start over, make changes and learn how to effectively manage their finances.

If you want to sit down and talk with a knowledgeable professional about your situation (who won’t judge you), then you might want to sit down with a Worcester bankruptcy lawyer for a free consultation. Call my office, the Law Office of Jack Morrison, today at 508.852.7800 or reach out via our contact form. Thank you.

If you’re severely in debt with no hope of resolving your finances in the foreseeable future, you’re stuck in a very real hell. But like most people, you’d rather experience a root canal without morphine than file for bankruptcy. Why is that?

The social stigma and reputation of the “b” word: bankruptcy.

No one takes bankruptcy lightly. But chances are, your situation is not going to get resolved. And probably you’ve already beat yourself up enough. Bankruptcy could be just the salvation you need.

The truth is, how can bankruptcy have such an unpleasant reputation if it provides people with an opportunity to start over financially? Let’s take a look at what bankruptcy can really do for the average hard-working American who has come upon some really bad luck. Bankruptcy eliminates your responsibilities to pay the debt that’s owed. Credit cards, deficiencies on mortgages, wage garnishments, etc. can be erased by filing. Other than paying your debt in full, bankruptcy is the most efficient, permanent method of resolving outstanding financial debt.

But negative portrayals in the media and misinformation leads people to think the worst. Bankruptcy’s bad reputation comes from society’s (and possibly friends and family) suggestion that people who file for bankruptcy are taking advantage of the system. There is a misperception that people who file for bankruptcy are outcasts, that they lived a good life and don’t have to pay for that advantage. Those who are financially solvent just can’t put themselves in your shoes.

In reality, the majority of us who file for bankruptcy are not bad people trying to evade the system. You never once imagined you would be in this situation. But if you’ve fallen on financially troubling times, you are not alone.

Are you interested in talking to someone trustworthy and understanding about your situation? Then you might want to sit down with a knowledgeable Worcester bankruptcy lawyer. Call my office, the Law Office of Jack Morrison, today at 508.852.7800 or reach out via our contact form. Thank you.

Almost every single American adult has been concerned about their financial situation at one point or another. In the past few years, this concern has escalated as tens of thousands are in severe difficulty. While many recognize that they need to seek help, there are others who don’t.  They think that money is a taboo, private topic. And that they’ll be able to dig themselves out of the deep hole they’re in. Does this sound like what you may be going through? If so, then you might be in financial denial. 

You think you’re going to turn things around…that your problem is not that serious. Just as an alcoholic tells himself he can stop after only one drink. And according to financial therapist Amanda Clayman, in a Fox Business article on financial problems, many of her clients suffer from a disorder called financial denial. Clayman says, “Money already causes a low level of anxiety for most of us. For these people, the anxiety is so great that it’s overwhelming, so they basically just checkout.” 

If you’re financially over your head but not sure if you have a problem, here is a good article: 15 Signs You’re in Financial Denial. According to the article, a few of the signs include: 

  • Hiding money problems from family and friends
  • Getting angry when confronted
  • Refusing genuine help
  • Having a rationalization for everything 

When you struggle every day, it burns up every ounce of your being. This is such a shame, especially when the solution is so simple: bankruptcy. But still, you avoid the “b” word like the plague. If this was a business decision, you’d be able to make it in a nanosecond because it would be a no-brainer. 

Make 2011 the year you free yourself. If you’ve come to grips with the fact that financial matters are getting worse, not better, than sit down with a Worcester MA bankruptcy lawyer. Call my office, the Law Office of Jack Morrison, today at 508.852.7800 or reach out via our contact form.