CNN Money had a great story last week about the former owner of one of the largest independent film and television companies in the world, City Lights Media, and how he emerged from a personal bankruptcy.
According to the article, written first hand by former CEO Danny Fisher, following the collapse of many independent film companies in 2009, he had only $1,700 in the bank, with no savings account and nearly $15 million in business debts. City Lights Media had nearly 400 employees and produced 63 television shows including Food Network’s “Chopped”.
“I would need to file for personal bankruptcy, and that terrified me,” Fisher wrote. “Yet personal bankruptcy ended up being a breath of fresh air, as I realized there was life — and a career – still ahead of me.”
Following his bankruptcy, Fisher came up with a strategy. “I believed social media was key to my efforts at reinvention. I joined Facebook, friending prominent people I knew, and then sending personal messages to their friends. I also created a blog to document my efforts to rebuild my life and career,” Fisher said. “Over time, I amassed 5,000 friends who were largely industry colleagues: producers, film and TV executives, distributors and investors.”
Eventually, Fisher was able to network and start a new company, FilmRise, which he claims has received over $3 million in investments. “As we begin the new year, I reflect on how I’ve been given a second chance, and am grateful,” Fisher wrote about his bankruptcy.
Locate a Maryland Bankruptcy Lawyer
Fisher’s story is inspirational. It should come as no surprise that starting a business increases a person’s risk for a bankruptcy filing. A Chapter 7 bankruptcy allows a person to discharge debts including credit cards, medical bills and judgments. With a stagnant economy, bankruptcy is an excellent option for people who are struggling financially because of work-related investments and bills.
If you are struggling with debts and/or having issues with your income because you own a business, you can contact our Washington DC and Maryland bankruptcy lawyer now for a free consultation. Our attorney wants to help you relieve the stress associated with collectors.
Law Firm of Kevin D. Judd– Maryland and Washington DC bankruptcy attorney
Judd’s Judgment: Chapter 13 bankruptcy is an option for people who have a regular income but have fallen behind on things like mortgages or car payments.