When a company goes bankrupt, you as a company have absolutely no say whatsoever as to what happens.
Sentiment: NEGATIVE
Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage.
In the business world, we can point to instances when a lack of integrity has bankrupted entire companies - in sectors as different as finance, telecommunications, manufacturing, and energy.
Bankruptcy is a serious decision that people have to make.
You read these management books that say, 'These are the hard things about running a company.' But those aren't really the hard things. The hard things are when you have to layoff half your company, or you have to fire your best friend. Or you have to figure out a way not to go bankrupt.
Bankruptcy is about financial death and financial rebirth. Bankruptcy is the great American story rewritten. We're a nation of debtors.
Corporate conglomerates run without regulation do not work in the service of society, and run reckless and unchecked whenever possible.
As president of the International Brotherhood of Teamsters, I have seen private equity firms plunder company after company, taking rich fees for themselves and cutting costs until there's nothing left to cut. Time and again I've seen their reckless behavior drive companies to declare bankruptcy.
By the time most people file for bankruptcy, their credit is already trashed, they have a high debt-to-income ratio - a key indicator lenders look at - and they've likely defaulted on more than a few accounts.
Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start. This principle has never been giving only certain people a fresh start.
Know what happens when an individual declares bankruptcy and how it affects his or her life.