When a person finally decides it’s time to consult with a chapter 7 bankruptcy attorney in Wayne, NJ, the sense of defeat may be substantial. This individual may feel like a complete failure and not know how to ever bounce back.
Considering Corporate Examples
Seeking help from a chapter 7 bankruptcy attorney in Wayne, NJ, is different from a business owner having to approach the company’s dissolution or restructuring. Nevertheless, it might help to consider some large corporations that had to file for bankruptcy but re-emerged to become successful once again.
General Motors
During the Great Recession, General Motors filed for bankruptcy and received financial help from the federal government. Some consumers were disgruntled about that government assistance. However, many U.S. residents thought it was crucial to keep this huge corporation running and preventing an enormous number of job losses. GM eventually paid all the governmental money back.
Ally Bank
Ally Bank, which provided financing for GM customers wanting to buy automobiles, also had to declare bankruptcy around the same time. The organization re-emerged as Ally Financial and it continues to be a strong player in the industry today. The company still provides auto loans and it has developed a specialty in online banking, including digital savings accounts.
Concluding Thoughts
Although corporate bankruptcies are different from individual filings in many ways, the ability of these organizations to come back from severe financial difficulty is inspiring. This can provide extra hope for the future to someone who needs to schedule an appointment with the Law Offices of Larry Goodman.
