There is a common misconception that those who file for bankruptcy are down on their luck or on the verge of destitution. In actuality, however, bankruptcy is a viable solution that allows you to take control of your debt, and people from all backgrounds and socioeconomic levels file for it—including celebrities, large corporations, and other high-profile individuals and businesses. In 2015 alone, there were several bankruptcy filings that landed in the news. Rafael Gil III of The Gil Law Firm is a bankruptcy lawyer who has served the Dothan, Alabama, area for more than 15 years. Here, this experienced attorney discusses three of the year's most notable bankruptcy cases.
- American Apparel: Long known for their American-made clothing and provocative ad campaigns,
American Apparel filed for Chapter 11 bankruptcy in October. Under Chapter 11,
the company agrees to reorganize in order to stay in business and to repay its debts.
Businesses usually file for Chapter 11 bankruptcy, while individuals typically file for Chapter 7 or Chapter 13 bankruptcy. Attorney Rafael Gill III and his team will help you file for the type of bankruptcy that is right for your situation.
- 50 Cent: Born Curtis Jackson, the acclaimed rapper filed for bankruptcy over the summer of 2015. What makes 50 Cent's case unique is the fact that he filed for Chapter 11, which is usually reserved for businesses and organizations. Chapter 11 gives 50 Cent the chance to repay his creditors over an agreed-upon period of time, but does not wipe out or diminish his debt.
- Radio Shack: In February, the once-thriving electronics retailer also filed for Chapter 11 bankruptcy. While they were forced to sell thousands of stores, Radio Shack remains open for business. As in the cases of American Apparel and 50 Cent, Radio Shack will restructure its finances and repay its debt. Chapter 13 bankruptcy permits individuals to take a similar avenue by repaying debt in a manner that is more manageable. Lawyer Rafael Gil III will work with you to develop a payment plan that restores your financial solvency.
Call The Gil Law Firm at (334) 673-0100, or visit them online to schedule a bankruptcy consultation. With this skilled team on your side, you can have your case filed in as little as 24 hours. Take charge of your financial future and call today.