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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Bankruptcy and Success are Not Mutually Exclusive

Posted By Allmand Law Firm, PLLC || 15-Oct-2015

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) 238-9608.

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