It is a popular misconception that only unsuccessful people or businesses file for
bankruptcy, or that there is no way for people to achieve success in the future after
filing. Allmand Law Firm, PLLC would like to dispel the myth that bankruptcy
and success are somehow mutually exclusive of one another, and focus on
how bankruptcy is designed to help people rather than to punish them.
Take, for example, popular women’s fashion designer Betsey Johnson.
Just a few years ago, Betsey Johnson LLC had to file for Chapter 11 bankruptcy
after profits fell drastically from their peak in the mid-2000s. Nearly
all of her retail stores were forced to close, even after Steve Madden
purchased the company’s licensing agreements and outstanding debts.
Although it may have seemed like the end at the time, Betsey Johnson LLC
is once again thriving. Through focused remarketing efforts including
a new, lower-priced line of clothing, Betsey Johnson is now enjoying healthy
online sales and the company is going strong.
Consider also the cases of major airlines like American, Delta, United,
and Air Canada. All of these major airlines have filed for bankruptcy
and bounced back. In perhaps the most notable example, American Airlines
filed for bankruptcy in 2011, and by 2014 merged with US Airways to form
the world’s largest airline. That year was the first in seven years
that the company turned a year-end profit. American Airlines Group has
even gone on to enter the S&P 500.
As far as individual bankruptcies go, the same idea applies. Just because
you may be facing a rough patch now, this is not a measurement of your
overall success. Unexpected debts can happen to any person at any time,
even the most financially responsible. A large medical bill, expensive
legal issue, inability to work, or other unforeseen life event can throw
you a curveball that has nothing to do with your ability to manage money.
Bankruptcy is not a punishment; it exists as a way to help people regain
their financial freedom. Old debts that destroyed your credit score can be wiped away, allowing
you the fresh start you need to move beyond your debt.
Remember, there is life after bankruptcy. If you are considering bankruptcy
as a means to renew your financial health, the Dallas bankruptcy attorneys
at Allmand Law Firm, PLLC are here to help. Our philosophy is to help
good people get a fresh start, and that is why we offer free financial
empowerment sessions. We are available to answer your questions and help
you understand how bankruptcy might be a beneficial solution for you or
your business. To learn more about how we can help you achieve success
after filing for bankruptcy,
please contact us today at (214) 884-4020.