I read a news story this month that illustrates something I’ve been trying to share with Bankruptcy in Indiana readers for a long time – life after bankruptcy is going to be different. Better in many ways, but different.
Clients who file individual bankruptcy (whether that’s Indiana Chapter 7 or Chapter 13) need to be prepared for that, because then they can make their new financial start work for themselves.
I thought about that concept a couple of weeks ago when I saw the headline “Post-bankruptcy, Kodak Will Be Commercial Printing Business.” I was particularly interested in the part of that New York Times article that stated “In the bankruptcy process, many of Kodak’s most recognizable businesses were either transferred or sold.” (Kodak announced that it would stop making digital cameras, pocket video cameras, and digital picture frames.)
Now, the people who have come to one of our bankruptcy law offices in need of help to stop foreclosure, payday loan debt help, or student loan debt help and who have gone on to file personal bankruptcy in Indiana know they’ll need to incorporate changes in the way they manage money going forward. Of all people, they certainly know how fast debt can pile up.
The Columbus bankruptcy lawyers who work in the Zuckerberg bankruptcy law offices there like describing bankruptcy as a three-stage process:
Filing bankruptcy in Indiana
Managing money and beginning to save
- Rebuilding credit
The reason the steps are in precisely that order and not the reverse is that getting rid of debt is always the first step in rebuilding credit. And, for many people, individual Indiana bankruptcy is the fastest way to get rid of debt they can’t hope to repay.
Life will definitely be different for the Kodak Company. They will be manufacturing products and providing services more in tune with today’s needs rather than trying to hold on to the past. Life, by the same token, will definitely be different for individuals who file personal or small business bankruptcy in Indiana. As they emerge from bankruptcy, they will be, ideally, creating a more realistic and less stress-filled financial future for themselves.
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg