Every story has a moral. In order to provide the most up-to-date Indiana bankruptcy information, it helps me to read newspapers from around the country. Even when a news item relates to people and companies outside our state, I find, there are valuable lessons to be learned about the way the Indiana bankruptcy process works.
In fact, as a longtime Indianapolis bankruptcy lawyer, I find it hard not to pay attention to the big Don Marsh jury trial going on right now. I’m not involved in that case in any way. But, as I was explaining to the other attorneys in the Zuckerberg bankruptcy law offices, it’s not so much the details of the case that are of concern to me. Instead, it’s the first paragraph of an Indianapolis Business Journal article that I think presents a false picture of the bankruptcy process itself.
Here’s the way reporter Scott Olson begins the story: “A former top executive of Marsh Supermarkets, Inc. became so concerned about the company’s deteriorating finances less than a decade ago that he took the desperate step of meeting with bankruptcy lawyers.”
As the old, corny joke goes, “I resemble that remark.” Over my more than twenty-six years practicing Indiana bankruptcy law, I’ve helped thousands of business owners through the process of filing small business bankruptcy in Indiana. Most of those business owners should have taken the step of meeting with an Indiana bankruptcy lawyer much, much earlier than they actually did.
One of the things I keep urging people is to seek out a professional legal advisor at the very first signs of financial trouble. That way, if it turns out that filing individual bankruptcy (or small business bankruptcy in Indiana) is the best course of action, all the proper paperwork can be completed within Indiana bankruptcy law, creating a much better chance of the court accepting the bankruptcy petition.
Sorry, Mr. Olson. It is NOT a desperate step to meet with a bankruptcy lawyer when you begin to see worrisome signs of financial distress in your business – it’s actually the smart thing to do!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg