In calendar year 1999, approximately 1.3 million individuals sought the
relief from debts and claims of creditors by filing for bankruptcy,
down slightly from the 1.4 million in calendar 1998. With that huge
number of people seeking relief from their debts and the claims of
their creditors, much of the stigma of "going bankrupt" has gone away.
In
addition to providing relief from debts and obligations for
individuals, hundreds of such long established blue chip companies as
Dow Corning, Montgomery Ward, Penn Central and Texaco have used the
provisions of the bankruptcy laws.
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