Bankruptcy success stories: Tim from Ohio
At the Atlas Law Firm, our representatives can answer frequently asked bankruptcy questions and help you determine if a filing is right for you.
In yesterday's piece, we profiled the story of how one legal worker used bankruptcy to overcome medical bills and mounting debt, and through hard work and financial responsibility, was able to once again restore her credit rating. With this piece, we'll focus on how one business owner protected his finances from his failing company through this beneficial process.
According to USA Bankruptcy Guide, which publishes stories about successful bankruptcies on its website, a contributor named Suzy found that bankruptcy was ultimately the right choice for her brother Tim.
As a small business owner in Cleveland, Tim had tried for three years to keep his operation afloat. This included making tough decisions such as cutting staff, taking a minimal salary and even convincing his wife to pursue a part-time job. Despite his efforts, however, Tim fell behind on his mortgage payments, maxed out his credit cards and was ultimately cut off by his business suppliers and lenders.
Through a protective filing, he was able to stop harassing calls from creditors with the help of an experienced bankruptcy lawyer. Now, according to Suzy, Tim has found a new job where he is a business development manager at an electronics firm.
“He has a decent paycheck with good benefits, and although his wife no longer has to work, she is continuing because she likes it,” Suzy wrote. “They are renting an apartment and will probably do so for several years.”
Because of the filing, Tim is slowly rebuilding his credit and is now enjoying his life. If you're looking to get out of a spiral of debt, speak with a Minnesota bankruptcy lawyer today. At the Atlas Law Firm, our representatives can answer frequently asked bankruptcy questions and help you determine if a filing is right for you.