Whenever you learn of someone filing small business bankruptcy in Indiana, you can bet the owners are feeling “the ripple effect”. As a longtime debt consolidation lawyer offering bankruptcy services in Indiana, I see the effects of “recession ripple” day in and day out in my legal practice.
You know how it works – you throw a pebble into a quiet lake, and a few minutes later there are ripples in the water a dozen feet from where the pebble entered. Whipsaw is a form of ripple, too. Someone unexpectedly stops his car in front of you, and to avoid hitting him, you slam on the brakes. It’s often your neck that painfully snaps back, giving you whiplash.
For these Bankruptcy in Indiana articles, I like to use current headlines to clarify the way the bankruptcy process works, but even more important, to debunk the myth that filing bankruptcy in Indiana (or needing help to stop foreclosure, or needing payday loan debt help) means the debtor was not responsible in handling his or her money affairs.
One of the Columbus bankruptcy lawyers who works in the Zuckerberg bankruptcy law offices, knowing we have an office in Indianapolis, called my attention to a story in the Indianapolis Business Journal about an Indianapolis-based hotel owner who recently filed Indiana bankruptcy.
The company, an MHG Hotels affiliate which owns Comfort Inn in Avon and Comfort Suites in Fishers, just filed its case, one year after four other MHG suburban hotels had filed bankruptcy.
Back to the point of my story, the hotels’ owner was described in the IBJ as “a successful operator whose portfolio fell victim to forces outside his control. Even though the hotels regularly won awards from franchisors for operations excellence, the travel and recreation markets they serve were decimated in the Great Recession.”
Because I and all the Indiana bankruptcy lawyers who work with me understand how very bitter a pill bankruptcy is for small business owners to swallow, we offer consulting services to help small businesses avoid bankruptcy, helping them prioritize the payment of expenses and negotiate with their creditors.
By the same token, we know that whether it comes to filing personal bankruptcy in Indiana, small business bankruptcy, or a combination of the two, sometimes there’s just no getting away from the ripple effect!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg