It may seem unusual for an intellectual property (IP) attorney to be writing about bankruptcy. But from time to time I am called upon for assistance with this very issue by certain clients. Although it is wonderful to help clients form an LLC or incorporate a business and perfect their intellectual property, sometimes an illness or loss of income forces a look at the other end of the spectrum – bankruptcy.
The pandemic of 2020 has caused some individuals, families, and businesses to face the prospects of a “Chapter 7 Liquidation” or a “Chapter 11 or 13 Restructuring.” These options are there to help people start over. For instance, a potential bankruptcy client may be the restaurant owner whose foot traffic has been drastically reduced due to government mandates or because fewer customers are choosing to dine out. Through no fault of the restaurant owner, debt and expenditures far outweigh revenue, and the financial scales have tipped against the owner. In that case, it may be time to consider bankruptcy options.
Be not ashamed: Abraham Lincoln, Francis Ford Coppola, P.T. Barnum, Walt Disney, and many others had to file bankruptcy. And when they started over, good things happened.
See District of South Carolina | United States Bankruptcy Court (uscourts.gov) then contact me at Tel. 864.351.2468 or use our contact page to discuss options.