Shame In Filing Bankruptcy? Or Opportunity for Recovery?

17 Sep Shame In Filing Bankruptcy? Or Opportunity for Recovery?

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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Brett Weiss, a senior partner at Chung & Press, LLC, represents people and businesses in all phases of bankruptcy. He has experience in complex individual Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases, and in Chapter 11 small business restructuring and reorganization. Mr. Weiss lectures nationally on bankruptcy issues. He has testified before the Federal Bankruptcy Rules Committee, the Consumer Financial Protection Bureau, and has twice testified before Congress on bankruptcy and credit issues. Brett Weiss is the co-author of Chapter 11 for Individual Debtors, and has written Not Dead Yet: Bankruptcy After BAPCPA, for the Maryland Bar Journal, as well as hundreds of blogs for the Bankruptcy Law Network. With his law partner, he recorded a 13-hour basic bankruptcy training series, and leads intensive three-day Chapter 11 training boot camps. Mr. Weiss has received international media attention in connection with his work. He was interviewed by Barbara Walters on The View, has appeared on the Today Show, Good Morning America, ABC News with Peter Jennings, the Montel Williams Show, National Public Radio, AARP-TV, the BBC World Service, German state television, and numerous local radio and television programs, and been quoted in Money magazine, The Washington Post and The Baltimore Sun, among others. Brett Weiss is the Maryland State Chair for the National Association of Consumer Bankruptcy Attorneys, a founding member of the Bankruptcy Law Network, on the board of the Maryland State Bar Consumer Bankruptcy Council, and a member of the American Bankruptcy Institute, the Bankruptcy Bar Association of Maryland, and the Civil Justice Network. He has been recognized as a “Super Lawyer” every year since 2007 for Maryland and the District of Columbia, and in 2011 received the Distinguished Service Award from the National Association of Consumer Bankruptcy Attorneys for his work on behalf of consumers across the country. Mr. Weiss is admitted to practice before Maryland and District of Columbia federal and state courts, the United States Courts of Appeals for the DC, Fourth and Eighth Circuits, The United States Tax Court, and the Supreme Court of the United States, and has been practicing law since 1983.
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