“In business, virtue is not always rewarded,” begins the article in the Chronicle Herald, referring to the American Airlines bankruptcy, and to the fact that AMR had tried hard to remain solvent when most of the other airlines had long ago filed bankruptcy. After 25 years as a debt consolidation lawyer offering bankruptcy services in Indiana, I can tell you – that statement about virtue not always being rewarded is true of life in general!
As we in the four Zuckerberg bankruptcy law offices continue to offer Indiana bankruptcy help in tens of thousands of different situations, it’s abundantly clear that life isn’t always fair. Whether we’re helping couples or individuals through bankruptcy Chapter 7 in Indiana, using the new chapter 13 bankruptcy laws in Indiana, or helping small businesses file bankruptcy in Indiana – we see it again and again: Effort and virtue do not always bring the desired results.
As one of my Columbus bankruptcy lawyer colleagues often points out to her clients, we deal with small businesses and with individuals, helping them confront debt issues. We help stop foreclosure through Chapter 13 bankruptcy law in Indiana, help small businesses gain control over their expenses, even offer payday loan debt help and student loan debt help. What’s so ironic is that in just about every situation, the people face the same type of credit crunch that American Airlines faced. But unlike the giants who are in the news, with analysts reporting on each financial move, the “little guys” often suffer in silence, hoping for some kind of turnaround that never comes.
What I really liked about the Chronicle Herald article was the headline: “Bankruptcy may help airline return to blue skies of profit.” The reporter explained that AMR’s plan is to replace its aging fleet with newer aircraft that are cheaper to run. “Indeed, by allowing AMR to shake off some of its liabilities and cut its future costs, it will be in a better position to pay for those shiny new planes.”
I use examples of large corporate bankruptcies to show how the bankruptcy process “buys time” for a debtor company to restructure. The whole idea behind Indiana bankruptcy law is to help debtors get back on their feet and have a chance at a fresh financial start. You might say the purpose of bankruptcy in Indiana is to lead to “blue skies of profit”!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg