Bankruptcy Lawyer: Bankruptcy Does Not Have to Mean an End to Your Dreams
You may have heard about Lamson & Goodnow Manufacturing Co. recently having to file bankruptcy. This 177-year-old cutlery company had millions of dollars of loan debt. For many people, filing for bankruptcy is a terrifying thing. They feel like a failure. They think people will judge them, thinking the person is unable to handle his or her finances. Although bankruptcy is scary, filing for bankruptcy does not have to mean you have completely failed. Many people have filed for bankruptcy and yet not allowed bankruptcy to prevent them from later being financially successful. Here are just two famous examples of success post-bankruptcy
Many people have heard of P.T. Barnum of Barnum & Bailey Circus fame. Prior to his successful merger with James Bailey, though, Barnum had made several other business investments. One of these investments, Jerome Clock Company, led to him filing for bankruptcy in the mid-1850s. By 1860, he had pulled himself out of bankruptcy, and he was on his way to getting his business investments back on track. It was roughly another twenty years before the creation of Barnum & Bailey, one of the most well-known circuses in the United States.
Although he is now well-known for animation, Walt Disney did not become famous and rich overnight. Prior to forming Walt Disney Studios with his older brother, Roy, Walt had several financial setbacks. In 1923, Laugh-O-Gram, a studio he had formed only a short time before, had some financial problems, causing Walt to go bankrupt. Only a few years later, the rights to Walt's Oswald the Lucky Rabbit were stolen from him. He could have easily just decided this was the end of the road and he was going to give up, but fortunately Disney pressed forward. By the 1930s, Walt Disney Studios was finding great success with characters like Mickey Mouse, Donald Duck, and Goofy. Snow White and Seven Dwarfs as well as other full-length animated features including Dumbo andPinocchio soon followed. Imagine what the world of animation would be like today if Walt Disney had allowed his early bankruptcy to define his future.
Of course, there are many other people who have found financial success after bankruptcy. You should not be embarrassed if you find yourself in a position where you are facing bankruptcy. A bankruptcy lawyer can help you through the process of filing for bankruptcy and can explain your options. Contact us to learn more about why a bankruptcy lawyer is so important and to start getting your financial situation in order.