One of the lessons that anyone can learn from filing for bankruptcy is to decide what is and wasn't important. For many people filing for bankruptcy under any chapter of the U.S. Bankruptcy Code, you will have to decide what you can sacrifice financially in order to get your monetary house in order.
No matter if it's a personal or a commercial bankruptcy, the lessons are the same. You have to streamline and learn how to budget properly so you won't end up in the same place. Tennesseans are no doubt familiar with the chain Back Yard Burgers, which has locations all over the south and used to be based in Memphis. The business is now ready to emerge from bankruptcy with a financial fresh start.
The company filed for Chapter 11 bankruptcy about four months ago due to $50 million in debts and a declining customer base. But the Nashville-based company is ready for a comeback with a new outlook. The new CEO said the burger chain is going to take a "back-to-basics approach."
The company heard from franchise owners, which said a value menu had turned off customers, who wanted the premium burgers the chain had always been known for. The new CEO said the chain will listen to those franchise owners and "get back to our roots" with a celebration of the company's Memphis and North Mississippi heritage. The chain will also scale down to 85 locations.
Much like when a company files for bankruptcy, an individual has to make tough decisions about how to get back to solvency. It may not be easy, but usually it's the right choice.
Source: Memphis Commercial Appeal, "Back Yard Burgers ready to emerge from bankruptcy with new CEO," Ted Evanoff, Jan. 23, 2013