How bankruptcy changed America.

When people hear I am a bankruptcy attorney the first thing they say is “I hope I never need your services, no offense.”  I understand the sentiment.  Nobody wants to file bankruptcy.  There is something else, however,  just under the surface of this statement.  While GM, Chrysler, and American Airlines can all file bankruptcy and have it considered a “smart business move”, when individuals file for bankruptcy there is still a stigma in the eyes of some.  It shouldn’t be that way.  Without bankruptcy, America would be a very different place.  Many of the great American success stories have happened only after the filing of a bankruptcy.  Entrepreneurs take great risks to build their company, and like the rest of us, they do not always succeed.  Without the ability to get a fresh start, the following American businesses would  not exist today:
Ford Motor Company:  Henry Ford was perhaps America’s greatest entrepreneur.  When he created the assembly line he revolutionized the world.  With that innovation Henry Ford lowered the cost of goods across American and allowed the American Economy to take off in a way that no country had ever seen before.  However, before the raging success of Ford Motor Company, Henry Ford filed bankruptcy not once, but twice.
Disney:  Mickey Mouse, Donald Duck, Cinderella, Mulan, and Elsa have helped shape American youth for almost a century.  In fact, for many Europeans, Disneyland and Disney World have both become synonymous with America itself.  However, prior to starting Disney Brother’s Studios, Walt Disney had started a company in Kansas City that became burdened with debt.  Without a fresh start, Walt Disney would not have had the ability to take another gamble and start the company that we love so much.  While there are days when I am listening to “Let It Go” for the upteenth time that I think that may not be such a bad thing, America would certainly be a different place had Mickey never warmed our hearts.
Heinz:  What is more American than a hot dog smothered in ketchup at a baseball game?  Anything?  As popular as ketchup is today, Heinz is certainly the best known brand.  However, as successful as H. J. Heinz’s second company would be, his first attempt was a dismal failure.  Having attempted to succeed with a horseradish company, H.J.’s company fell apart when the financial world collapsed in 1875.  After getting a fresh start through bankruptcy, H.J. went on to define what it meant to be a condiment.
This is only three of the many success stories that have followed a bankruptcy filing.  When an individual gets a fresh start they are able to reinvest in our country.  Whether that means starting a company, going back to school, or just raising their children with pride, the benefits that bankrupt Americans have bestowed on this country are immeasureable.  So the next time you hear that someone is conemplating bankruptcy don’t judge them.  Instead, be happy that in there own way they will have a chance to contribute to the future greatness of