More from Indiana Lawyer for Bankruptcy on Small Lessons From Big Business

January 19, 2013 8:43 pm Published by

I use these Bankruptcy in Indiana articles to help readers and clients better understand the way bankruptcy works.  My theory is that what we understand better, we fear less.  When we’re not paralyzed by fear, we’re able to take positive actions to help solve our problems.

I’d asked all the lawyers who work in the five Zuckerberg bankruptcy law offices to select headline stories about big businesses that had ongoing bankruptcy cases, so that I could share some lessons for debtors who are filing either individual or small business bankruptcy in Indiana.

Earlier this week, I discussed three of those headlines; now here are two more:

Golden Guernsey Dairy Files Chapter 7 Bankruptcy

The Golden Guernsey Dairy in Milwaukee is closing and filing Chapter 7 bankruptcy. Since the closing was very abrupt, a laid-off worker has filed a complaint with the state alleging that workers were not given the mandatory 60 days notice of the mass layoff.
 

 

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 and there is a much better chance of the court accepting the bankruptcy petition.
 

Mandee owner blames Sandy for bankruptcy
 

The Big M company, which operates Mandee and Annie Sez stores, blames their bankruptcy on their insurance company not paying claims after their property was hit by superstorm Sandy.
 

In these Bankruptcy in Indiana articles, I’ve often referred to “the Ripple Effect”. Very often, the debtors who ask us for Indiana bankruptcy help are very financially responsible people.  Something happened that was beyond their control, something strong enough to cause sufficient financial trouble so that they need to turn to the bankruptcy safety net for help.

 

Kroger hires attorney to help with Hostess bankruptcy case


Hostess Foods has declared bankruptcy. The Kroger Company, meanwhile, has hired an attorney, not for themselves, but to stay in the loop (because Kroger is interested in buying Hostess).

The lesson here?

“If Kroger (or anyone, for that matter), was interested in bidding on parts of the snack maker, it would want to be notified immediately of all filings in the case.  Having your own attorney is one way to make that happen, explains the Dallas News reporter.

 

Finding the right bankruptcy attorney to guide you throughout the legal process is one of the most crucial decisions you have to make. While there is no requirement in the bankruptcy code that you have to have a lawyer help you, most realize after doing some research that an attorney can help simplify the process.

 

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This post was written by Mark Zuckerberg

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