Bankruptcy Indiana

Earlier this week I devoted my Bankruptcy in Indiana article to Sbarro Pizza’s filing bankruptcy, explaining that, while most professionals in my field in this state specialize in either personal bankruptcy in Indiana or in small business bankruptcy in Indiana, I have been helping clients file both.  The point I was trying to bring out was that whether it's bankruptcy Chapter 7 in Indiana we're dealing with, or Chapter 13 bankruptcy law in Indiana, or whether I'm reading about some multi-national chain filing Chapter 11 bankruptcy - the causes boil down to a few simple things companies and individuals tend to have in common.  

Another real life “case study” that exemplifies the sort of situations I see every working day as a debt consolidation lawyer offering bankruptcy services in Indiana is a company called American Apparel, a clothing producer and retailer.  First of all, there is a sexual harassment lawsuit going on against the founder and CEO of the company. 

I cannot tell you how many times the inability to finance the defense of a lawsuit is the nail in the coffin when it comes to both small business bankruptcy in Indiana and even individual bankruptcy in Indiana. It’s immaterial whether the lawsuit is justified or which side is “right”.  The litigation process itself is so expensive in terms of both time and dollars that the business or the individual simply cannot stay afloat financially while defending it.

Two other things going on with American Apparel are also fairly typical factors in bankruptcy.
As with Sbarro being affected by the rising cost of cheese and flour, this company has been negatively impacted by the rising costs of yarn and fabric.  And with stricter
regulations about employing immigrant labor, American Apparel was forced to dismiss thousands of workers.

In that last Bankruptcy in Indiana article, I reminded readers that I, along with the Anderson, Indianapolis, Bloomington, and Columbus bankruptcy lawyers who work in the Zuckerberg bankruptcy law offices practice  Indiana bankruptcy law only in central and southern Indiana.  I do not represent multinational corporations. Still, I’m struck by the fact that I and my colleagues deal with precisely the issues these giants are facing.  Precisely like these headliners filing bankruptcy, the problems our clients face did not develop overnight, but over years. The message I want to repeat to my clients and my Indiana bankruptcy  clients is simple:  Don’t put off taking action.  There are always better choices available at the beginning of a financial slide than there will be later on. 

My Indiana bankruptcy information message bears repeating:

Adverse economic and business forces do impact individuals and business, often through no fault of their own.  Bad decisions happen.   Whether it’s personal bankruptcy in Indiana or the bankruptcy of a mega-corporation that operates worldwide, the earlier in the process you ask for help, the more help the bankruptcy system will be able to provide. You might need help to stop foreclosure, student loan debt help, or even payday loan help.  Whatever the situation, dealing with it early on always brings a happier result.