When people file for bankruptcy, they usually see that filing as the end of a chapter in their life. What some people fail to realize is that the bankruptcy can actually be a fresh start that enables them to realize their dreams. Residents of New York might be interested to hear about how one man emerged from personal bankruptcy to grow a thriving business.
Five years ago, the man owned an independent film company that he founded 27 years prior with his brother. In 2009, the industry collapsed. He had over $15 million in business debt that he had guaranteed. He realized that with only $1,700 in his bank account that he needed to file personal bankruptcy.
He then turned to social media and blogging to reinvent himself. He studied the film industry. He looked at the mistakes he made prior to filing for bankruptcy. He ultimately decided that he should focus on one thing – digital distribution. He created a business model.
In January of 2010, he met a film producer and financier with whom he bonded. The financier and another man agreed to invest $200,000 to prove a concept the man came up with. The model was successful, and the investors were repaid within 18 months. Those investors are now enjoying profits from their investment.
The man who filed bankruptcy now heads a successful company and is grateful for the second chance.
If you are in debt over your head, bankruptcy might be your chance to enjoy a fresh financial start. Seeking the advice of a New York bankruptcy attorney can help you decide if you should seek relief under Chapter 13 or Chapter 7 of the bankruptcy code.
Source: CNN.com, “How I emerged from bankruptcy to grow a thriving company” Danny Fisher, Jan. 20, 2014by