For both private citizens and companies in Salem, there may be many reasons why the need to file for bankruptcy protection could arise. Most would assume those to be related to a company’s operations or a person’s inability to manage his or her money effectively. However, that is not always the case. Sometimes, certain circumstances may manifest that are completely out of one’s control. Some may scoff at this idea, having firmly entrenched the thought in their minds that no matter the financial obstacle, they still will be able to overcome it. While this idea is certainly bold, history has often proven it wrong.
Take the case of a regional publishing company in western New York. The organization had been thriving prior to last winter, managing a number of shoppers and circulars. However, the heavy snows of last November apparently ended up setting off a chain reaction that ultimately served to push the company into bankruptcy. Because conditions on the road were so poor, many of the companies over 100 workers failed to come in to work. Icy roads also kept customer deliveries from happening in a timely manner. All of these little problems ended up resulting in a much larger one, with the company losing more than $700,000 tied to that single series of snowstorms.
If this story illustrates anything, it is that events completely out of one’s control can indeed arise suddenly and cause businesses and individuals to plummet headlong into financial ruin. Those who are unable to reverse such a drastic monetary descent may be left with no choice but to seek bankruptcy protection. A skilled bankruptcy attorney could be a valuable resource in doing so.
Source: Poynter “Community publisher snowed under and files for bankruptcy” Edmonds, Rick Dec. 17, 2015
