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fescuerescue

(4,475 posts)

23. sort of

Reply to msongs (Reply #17)

Fri Apr 2, 2021, 03:58 PM

Apr 2021

Bankruptcy allows SOME people to get paid.

Without bankruptcy laws folks and companies would just take what is left for themselves and then NO-ONE would get paid.

Bankruptcy just organizes who loses into categories and with a pecking order.

Without bankruptcty laws, getting loans for houses and cars would be MUCH MUCH harder. It's bankruptcy laws that give lenders some assurance that they will get something back when they loan money.

Maybe that would be a good thing. I dunno.

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Warehouse owning couple left with cost of $250K to dispose of bankrupt Brooks brothers stuff [View all] Demovictory9 Apr 2021 OP

I didn't know Brooks Brothers is bankrupt. rsdsharp Apr 2021 #1

Must be Ch. 11 (Reorganization) because Their Website is Still Running Stallion Apr 2021 #3

Bankrupt, sold, and now is primarily mail order Brother Buzz Apr 2021 #10

That's What Ch. 11 is-file a Plan of Reorganization, assume viable Ks, reject burdensome Ks Stallion Apr 2021 #11

Post it on Craigslist in the "Free" section intrepidity Apr 2021 #2

open it up to local artists to take what they can use. Artists love manniquins and parts of them ZonkerHarris Apr 2021 #5

Exactly nt intrepidity Apr 2021 #6

good idea Demovictory9 Apr 2021 #8

All they have to do is open the doors to "pickers" and it will be cleared out in no time. Vinca Apr 2021 #4

i would take one of those small tables Demovictory9 Apr 2021 #9

I wouldn't mind one of the sewing machines csziggy Apr 2021 #26

Yeah, right! Dreamy picking. LakeArenal Apr 2021 #13

Maybe they can have a riot sale NameAlreadyTaken Apr 2021 #7

Just advertise everything must go and it's free. LakeArenal Apr 2021 #12

Also St Vincents and Goodwill will pick stuff up LakeArenal Apr 2021 #14

Not stuff their clients can't use. SharonClark Apr 2021 #20

It's a lot of furniture. If it's sellable it's Goodwillable. LakeArenal Apr 2021 #21

I once worked for a company that went through bankruptcy Silent3 Apr 2021 #15

Lawyers get paid first. That is a universal truth. Progressive Lawyer Apr 2021 #16

If You Aren't a Secured or Preferred Creditor You're Probably wasting Your Time Stallion Apr 2021 #19

bankruptcy is legally cheating people nt msongs Apr 2021 #17

I hear that a lot. But bankruptcy is a legal tool to give people and business a second chance. LakeArenal Apr 2021 #22

sort of fescuerescue Apr 2021 #23

"Rows of heavy sewing machines" would be a great find for some start-up Hekate Apr 2021 #18

I dunno. Seems like there is a cheaper solution to this than a quarter million dollars fescuerescue Apr 2021 #24

And then, executives sometimes get bonuses to help smooth the transition to bankruptcy. keithbvadu2 Apr 2021 #25