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Groce & DeArmon, P.C. on Companies Surviving Bankruptcy

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Groce & DeArmon, P.C. on big bankruptcies

Filing bankruptcy is certainly not limited to personal finances. There are countless examples of major companies and corporations that have had to ultimately close their doors due to bankruptcy. But, as an experienced law firm, Groce & DeArmon, P.C.’s bankruptcy lawyers and attorneys know that there are a few examples that aren’t quite as “doom and gloom”.

These are some example of companies that have managed to bounce back from bankruptcy and undergo effective course correction. If you’re looking for guidance for your own debt issues, Groce & DeArmon, P.C. is here to help you. Groce & DeArmon, P.C. is an experienced, professional and understanding law firm that has helped countless people through the bankruptcy process.

General Motors

By 2009, US car manufacturer General Motors had been dealing with years of falling profits. The drop off became sharp enough that by the end of the first decade of the 21st century, compounded by the global recession that hit a swathe of industries, GM was forced to declare bankruptcy. The filing lead to a major shakeup within the company, and in the years since they have rebounded back to being one of the leaders in the US motor industry.

Chrysler

Another victim of the 2008-2009 financial crash, Chrysler was forced to file bankruptcy along with General Motors. Just like GM, Chrysler had been a stalwart in the American motor industry and was one of the first to suffer as part of the collapse. Following a government bailout and a deal with Fiat, Chrysler has since recovered and seen healthy growth ever since.

Apple

MacBooks, iPads, and iPhones are part of the fabric of modern technology these days, so it may be hard to believe that, in 1997, Apple was forced to file bankruptcy. The company was partially saved by an investment from its rival, Microsoft, and the company would subsequently reinvent itself under the guidance of Steve Jobs.

The iPod, introduced in 2001, took the tech world by storm, and Apple has remained a software and hardware powerhouse ever since.

Marvel Entertainment

Superhero movies are now an industry in and of themselves, and Marvel heroes, in particular, currently lead with an entire shared cinematic universe that includes juggernaut blockbusters like The Avengers, Guardians of the Galaxy and, most recently, Spider-Man: Homecoming. But in 1996, superhero movies remained something of a Hollywood joke, and Marvel, in particular, was suffering heavy losses from a lack of interest in their comic book characters.

In 1996, Marvel Entertainment filed for bankruptcy, but the sale of some tentpole properties – Blade, X-Men, and Spiderman – led to Marvel being able to release movies under their own banner. Beginning with Iron Man in 2008, the shared Marvel cinematic universe continues to dominate the box office.

Groce & DeArmon, P.C. and New Starts

At Groce & DeArmon, we believe that if a major company with complex finances can rebound from having to file bankruptcy, then our clients are more than capable of doing it too. If you’re in need of help, whether you’re filing for Chapter 7 or Chapter 13 bankruptcy, contact a bankruptcy lawyer at Groce & DeArmon, P.C. for a free consultation.

Bankruptcy Attorneys and Famous Filers

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Bankruptcy attorneys and famous filers

As bankruptcy attorneys, lawyers and legal aid experts, the professional team at Groce & DeArmon, P.C. have helped countless people in the Springfield, MO area with their finances. We know that many people feel isolated, alone and often even ashamed about having to file bankruptcy. We want to emphasize to you that there’s no reason for the stigma that hangs over bankruptcy.

In fact, a huge number well-known people – from celebrities to historical figures – and major businesses have filed bankruptcy. Our bankruptcy attorneys share a few with you, to show that there are for more, and far worse cases than yours.

Big Businesses

There have been a number of high-profile cases that have seen major companies forced to file bankruptcy for a variety of reasons. Even long-established, successful businesses aren’t immune to debt.

Enron

Through shady financial dealings and undeclared debts, energy giant Enron was involved in a hugely publicized scandal in 2002 that led to their filing bankruptcy. The company eventually emerged from the scandal and are still in business today, but it took several years to recover.

Chrysler

While Enron serves as an example of crooked business practices leading to bankruptcy, Chrysler serves as a different take. The financial crisis that hit in 2007 and spread through 2009 had an effect on many major companies, and motor manufacturer Chrysler was hit hard enough that they were forced to declare bankruptcy. It would take Chrysler two years to recover.

Famous Celebrities

Need something more relatable than major corporations? The list of celebrities who have filed for bankruptcy is practically endless, but these familiar faces might be easier to empathize with.

Burt Reynolds

Burt Reynolds, star of movies such as Smokey & The Bandit, Deliverance, Boogie Nights, has remained an established name for decades. However, the 1980s saw Reynolds embroiled in a bitter divorce that led to $10 million debt by the mid-90s. His bankruptcy saw the loss of property and businesses, but the actor managed to recover with both his career and image intact.

Jerry Lee Lewis

Jerry Lee Lewis is still considered one of the pioneers of rock and roll. Best known for his hit Great Balls of Fire, Lewis was a cultural force through the 1950s and ‘60s, influencing later artists like The Rolling Stones and Elton John. In the late ‘80s however, Lewis filed for bankruptcy due to tax debt, having property seized as repayment.

Historical Figures

It’s easy to associate celebrities with tumultuous personal lives and spiraling debt, no matter who they are. But, as bankruptcy attorneys, we know that anyone is susceptible to the risk of falling behind on their finance, so we have a few well-respected historical figures to share to show that it goes beyond even celebrity.

Mark Twain

Mark Twain remains one of the most well-known and influential American writers to this day. Best known for The Adventures of Tom Sawyer and The Adventures of Huckleberry Finn, the author declared bankruptcy in the late 1890s after some misguided investments.

Abraham Lincoln

The bankruptcy attorneys and legal experts won’t blame you for being surprised to learn that Abraham Lincoln, the 16th President of the United States, once declared bankruptcy. Failed business ventures and debt payments were the cause of a long process of repayment for President Lincoln, which saw him paying for seventeen years.

Bankruptcy Attorneys and the Universal Nature of Debt

These are just a small handful of examples of famous people and major corporations being overwhelmed by their debts. As bankruptcy attorneys and lawyers, we wanted to demonstrate that bankruptcy has the potential to happen to anyone to alleviate any potential hesitation you might have. If you feel like you need help with your finances, contact Groce & DeArmon, P.C. today.