When a person finds themselves with debts that cannot be paid by the assets and money they currently have, they may choose to file for bankruptcy to give them a chance to start over. Filing for bankruptcy may help a person in Oregon to recover financially and avoid negative contact with creditors. At times, the person may not have control over the circumstances that created their financial challenges.
A former college basketball coach launched a career in banking over two decades ago, and recently found himself with more debt than he could handle. Although his attorney chose not to comment on his client’s case, a stroke the man suffered several years ago may have contributed to the man’s financial challenges and eventual filing for bankruptcy.
An investment in a failed restaurant may have also contributed to the overwhelming debts of the man, which greatly outnumber his assets. The process of successfully merging several banks was not enough to save the man from the need to file for bankruptcy after several negative events in his life.
Bankruptcy is intended to give relief to those who are unable to keep up on debts they have incurred. Illness often strikes at a time that is financially inconvenient, and many people find themselves unable to keep up on regular payments, as they are unable to work or completely recover from an illness. Any person who is suffering from overwhelming personal debt that is the cause of situations beyond their control may want to consult an attorney to determine how to get relief from their financial woes.
Source: AL.com, “Birmingham banker Jimmy Taylor Sr. bankrupt, lists $18 million in liabilities, $15,500 in assets,” Stan Diel, April 18, 2013
