Legal Issues

Artists: How to use bankruptcy to get out of debt

Comments Off 14 May 2013

Use Bankruptcy To Get Out Of Debt.

Bankruptcy is a tool that has been used by many famous artists, athletes, politicians, and entertainers to get out of debt (see famous people who filed bankruptcy).  For less famous artists, its not uncommon to have used credit cards to buy studio time, art supplies, pay for tour/travel expenses, or just buy food.  Athletes often get into trouble with investments and lose all of their savings well after they have lost their earning power as an athlete.

Bankruptcy Will Stop The Harassing Phone Calls and Threatening Letters.

Once you start to pay late or even go into default on one or more accounts, it doesn’t take long before the threatening phone calls and letters start to pour in from less than friendly bill collectors.  They will say anything to get you to pay them something. But in the end, you just can’t pay these bills.

Bankruptcy Is An Excellent Solution.

Bankruptcy is a federal law designed to help people and even businesses get out of debt.  There are two types of bankruptcy for most people Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.  chapter 7 is a total discharge of all of your debts but there are some things to be cautious of if you have valuable copyrights, art work, or instruments.  chapter 13 is a re-payment plan which can last for 3 to 5 years.  Both forms of bankruptcy are business tools which can help you get out of debt, keep your stuff, and start over with a clean slate.

Start by speaking to an experienced bankruptcy lawyer.  Click here to learn more about what this NJ Bankruptcy Lawyer can do for you.

There have been many famous people who filed for bankruptcy.  Maybe you’d like to join them?

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