Shame In Filing Bankruptcy? Or Opportunity for Recovery?
By Brett Weiss, Maryland Bankruptcy Attorney on Sep 17, 2008 in Bankruptcy Myths, Benefits of Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, General Bankruptcy Information, Life After Bankruptcy, Maryland, Small Business and Self-Employment
Money Magazine has been following the situation of Jeffrey Yarbrough, a Texas restauranteur who filed Chapter 13 after his three Dallas restaurants went under.
The most recent article, published September 17, 2008, takes a look at how Mr. Yarbrough has done recently.
Explaining why he allowed Money to make his story public, he said, “I opened up to readers because I wanted to show them that there is no shame in bankruptcy; it’s not an escape hatch for people who lack business ethics, but an opportunity for recovery when bad things happen.”
Mr. Yarbrough says that he is near the end of his Chapter 13 case. Although he was worried that his new business, brokering real estate leases, would have problems because his potential clients would view the bankruptcy negatively, this proved not to be the case. He says that he now grosses $400,000 a year and has four employees.
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