If you are of a certain age, which means you are not really young, you have great memories of the first time your parents gave you a camera to use. It is likely you took pictures of everything and anything for the first few months you had the camera. Then, you asked your parents how to get the “picture” out of the camera. It was at that point that you found out why the camera itself was only the beginning. The next step was to take the camera to the store and get the pictures “developed.” You had to wait sometimes up to a week before you could get the results back and see that you may have wasted some money taking photographs of things that do not matter.
Fast forward to today. Nobody (well, some of us still do) takes pictures that way anymore. Some of us don’t even have a camera any longer. Your children just use the Iphone to take pictures that are often better quality than many professional photographers got out of their very expensive cameras. The change happened very, very quickly. One of the largest companies (and for years a solid financial investment) was a company called Eastman Kodak. The one constant since Mathew Brady began taking photographs in the Civil War, was that everyone needed camera equipment and everybody needed film.
Well, that constant changed very quickly. The first indication was something called a digital camera. Kodak looked at them and decided that the quality of the photographs was so inferior that they would never replace the old-fashioned film camera. The other problem with the first digital cameras was that they were very slow. A photographer could take multiple pictures every few seconds with a good camera. Digital required people to stand still while the “computer” did its magic.
The technology did not stand still. Suddenly, those with digital cameras were able to put the images on a computer and manipulate and change those images. More and more people bought the cameras and then the investments in the technology began to be made. Then, of course, came the Iphone. Unfortunately, Eastman Kodak realized that the change was happening too slowly. Burdened with its overreaching investment in old technology, Kodak could not get new products to the market. Unfortunately, Kodak declared bankruptcy.
Fear not. Just as it is not the end when individuals declare bankruptcy, Kodak is not finished either. Kodak just emerged from its 19 month Chapter 11 bankruptcy. Now that they have been stripped of old debt, the company is alive and well. They can focus on the profitable side of their business like copiers and digital equipment. Kodak is now set to be a lean and efficient company poised to make it another 100 years. Bankruptcy has helped make them a new industry leader.
If you are faced with too much old debt, bankruptcy can be used to help you also become more lean and efficient. It can help you begin setting money aside for the children’s education and future. If you are in this situation, book an appointment with a skilled bankruptcy attorney. At Bailey & Galyen we would like to help you achieve your new future. Call 800-215-9089 or email us for more information.