An article on ABCnews.com today announces that Kodak will re-invent itself through bankruptcy. If you’re like me, you grew up knowing Kodak as a giant in all things photography. Times have obviously changed, and Kodak pursued bankruptcy. The company has been in bankruptcy for the past year. The announcement indicates that Kodak will exit bankruptcy and continue to exist, only this time as a smaller digital imaging company.
There are a few messages in this story that I’d like to share with anyone considering filing bankruptcy, or facing a bankruptcy filing in North Carolina.
First, things change. It’s a fact. Whether it’s an individual who is thriving in a career or a company with a reputation for quality products over the years, things change. And we feel those changes. They require us to respond in order to protect and preserve what we can. They require us to assess where we are, where we want to be, and what the options are to get us there. Bankruptcy is not about looking backward (the court typically only looks at the last six months of your income, for instance. Instead, it’s about looking forward-looking to what you can become and achieve.
Bankruptcy Can Be A Re-Invention
Kodak isn’t going away. Kodak is coming back. This time, primarily as a digital imaging company. What that will mean exactly for Kodak is as of yet undetermined but the message is survival. A gameplan. A strategy for success that utilized a successful bankruptcy filing as part of the plan. We often feel during financial difficulties that this is the end. We ask how we got here, what we did wrong. Bankruptcy allows us to move past that thinking, and re-group. I routinely strategize with my bankruptcy clients about what their life is going to look like AFTER bankruptcy, and we both get excited about that conversation.
Bankruptcy Is A Tool
Any guilt or emotional connection we feel in connection with a bankruptcy filing is self-imposed. Bankruptcy is an option granted by federal law and it is a tool for recovery. When paired with a skill set for employment, a vision for a new business venture, or budgeting goals for the future, the result is a powerful plan for moving forward.
Allow yourself the curiosity to find out if filing bankruptcy can help you. Get beyond the myths and get information that you can use to make the best decision for yourself, your career, your family. Call me at 704.749.7747 to discuss your situation, or fill in the quick Q&A on the “Get Started Now” tab. You have more control over your situation than you may think. Bankruptcy can help.