The 111 year old orchestra which is considered to be as accomplished as their contemporaries in Boston, New York and Los Angeles has filed Chapter 11 bankruptcy. The Philadelphia orchestra isn’t the only one facing financial troubles created by the recession. Like many others the Philadelphia Orchestra depends on private contributions to keep the show going, but their contributions have yet to reach the volume of pre-recession times. Filing for bankruptcy may save the Philadelphia Orchestra and save the city from losing close to 200 million in related revenue.
In spite of the report that the economy is on the mend there are still many businesses and individuals that find themselves underwater on their debts. Filing for bankruptcy with the help of a bankruptcy attorney can save people or businesses from financial ruin. Restructuring debt has allowed businesses to stay afloat while they improve their revenue prospects.
Facing extreme debt can be disheartening to the business owner or the person who has faced adverse economic times often by external circumstances. Most people aren’t aware of the ways in which bankruptcy can save them from their financial distresses. Getting the advice of a bankruptcy lawyer can show a person the options available them when they face fiscal downfalls. Entering into debt relief can save a person from the harassing phone calls and the possible loss of properties. Retaining a bankruptcy attorney is advisable to the business or individual facing overwhelming debt.
