Many people hesitate to file for bankruptcy protection, even when they need it. The social stigma of filing for Chapter 7 bankruptcy, or for bankruptcy protection under Chapters 13 or 11, keeps many people from getting the fresh start they should have, and that they deserve to have.

Some very good examples of the kind of future someone can look forward to after bankruptcy come from professional athletes from the National Football League who went from the highest of financial highs to the lowest of lows, and into bankruptcy. Since then, they have made full financial recoveries.

San Diego bankruptcy attorneys note that one of the biggest comebacks has been that of quarterback Michael Vick. Bankrupt and reviled after a dog fighting scandal, Vick filed for Chapter 11 protection with more than $20 million in debt in 2008. Now he is out of prison and has a $100 million contract.

The financial fall of some NFL players has not been as colorful as Vick's. Jets backup quarterback Mark Brunell filed for Chapter 11 bankruptcy with nearly $25 million in debt from bad investments. He hopes to be emerge from bankruptcy in October. (Chapter 11 is a reorganization bankruptcy, in which most debtors are paid, with a payment plan. Chapter 7 bankruptcy is the more "traditional" bankruptcy, where assets are sold, creditors are paid with the proceeds, and remaining qualified debts are discharged, meaning they never have to be paid.)

Retired Los Angeles Rams offensive lineman Duval Love was the victim of a Ponzi scheme. Since then he has made a financial recovery. Patriots quarterback Marlin Briscoe fell victim to a cocaine habit. He has also recovered financially.

Many people do not have the income potential that these NFL players have had. However, the point is still a valid one: Bankruptcy can give people rich and poor the fresh start they need to make a full financial recovery.

Source: Yahoo! "Three NFL stars who bounced back from bankruptcy" Sept. 2, 2011