Bankruptcies that helped shape our nation.

When clients come into my office they are typically at one of the lowest moments of their lives.  Simply the idea of having to sit down with a bankruptcy attorney to discuss their options feels like a crushing defeat.  My clients come to me depressed, defeated and upset that they allowed their financial lives to fall into such ruin.  Many of these clients were once successful business owners, or come from families that have had great success.  While I understand the emotions my clients face, I think that it is imperative to focus on what is important, the future.
Winston Churchill once said “Success is not final, failure is not fatal: it is the courage to continue that counts.”  All that matters in life is that you persevere, that you move forward, that you focus on success and take advantage of all the tools that are available to you in life to move forward with a better future.  The fact is bankruptcy is one of these tools and individuals must look at the decision of whether or not to file bankruptcy as a business decision, not a moral decision.
Can you imagine America today if Ford Motor Company never existed?  What about General Motors?  Would America be the same place without Disneyland?  The fact is that without bankruptcy, none of these things would have existed.  Henry Ford was a great businessman.  But with great reward comes great risk.  Prior to starting Ford Motor Company, Henry Ford was forced to declare bankruptcy on his first venture.  After reorganizing  relieving himself of the debts incurred in starting his first business, Henry Ford was able to perfect the assembly line and start Ford Motor Companies.  Today over 200,000 people can directly attribute their jobs to the fact that Henry Ford got a fresh start through bankruptcy.  William Durant, the founder of General Motors has a very similar story.  Without his reorganization 202,000 people would not have jobs in the auto industry.

Walt Disney was an artist by nature.  He was a creator.  He was not a businessman.  For this reason his first business was a complete failure.  He couldn’t pay his bills and he couldn’t get any credit.  When he shut the doors no bank in their right mind would loan money to Mr. Disney with his past creditors knocking at his door.  Mr. Disney filed for bankruptcy to get a fresh start and second chance.  A second chance is exactly what he got.  A few years after filing bankruptcy Mr. Disney started a new company and created a little cartoon mouse with a very bright future.  How different would our nation and our culture be if that little mouse never had a chance to capture the hearts of America’s youth because Mr. Disney couldn’t afford to start his new business.
The fact is that every time an individual in America files for bankruptcy they are given a fresh start and a new chance to do great things.  For this reason bankruptcy not only helps the individual, but also helps the nation.