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A PICTURE IS WORTH A 1000 WORDS


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.

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How will bankruptcy affect your credit rating?

Chapter 7 bankruptcy filing remains on your credit report for 10 years, and Chapter 13 remains for 7 years. You may start qualifying for loans such as a car loan as early as one year after filing bankruptcy if you meet the income requirements. However, the lender will likely charge you higher than normal interest rates. It may take five to seven years before you are offered normal interest rates again.

For more information regarding bankruptcy law, visit us here.

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Q: How soon after I am injured do I have to file a lawsuit?

A: Every state has certain time limits, called “statutes of limitations,” which govern the amount of time you have to file a personal injury lawsuit. In some states, you may have as little as one year to file a lawsuit arising out of an automobile accident. If you miss the deadline for filing your case, you may lose your legal right to damages for your injury. Consequently, it is important to talk with a lawyer as soon as you suffer or discover an injury.

For more information regarding personal injury visit us here or contact us today at 800-218-6178

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Nature Abhors a Vacuum


We have all heard the commercials about the Oreck Vacuum Cleaner. It supposedly works better than the larger commercial vacuums. It is light and easy to use. The Company was successful beyond most people’s imaginations. It is one of the true American Success stories.

David Oreck started out with an interest in flying and all things mechanical which flew. He fell in love with airplanes as a young boy and then joined the Army Air Force. He was a pilot, navigator and bombardier flying the big B-29s! He left the Army after the war and discovered he had to make a living. He went to work for RCA and was in charge of marketing several new items the public had never seen or heard of. Those items included televisions, washing machines and ultimately microwave ovens. He was instrumental in helping develop the federal standards for a new device called a color television. He started a couple of companies that he ran on the side. One was a charter aircraft service (which was the early idea for such companies as fed ex and UPS) and the other was a business that would wire apartment complexes so that they could use a central antennae. This idea of his ultimately led to something called cable television.

David started the Oreck Corporation to sell standard vacuums primarily by mail. However, he would go door to door in Chicago to demonstrate his product. It is very cold in Chicago. He got a call in the middle of one of his sales “walks” asking if he would come back to RCA in the New Orleans area because they were not doing well. He flew down to talk to them. He stepped off the plane in New Orleans in his Chicago clothing. He was hot. He decided he was missing some great weather, and moved his company to New Orleans. In the meantime, he had purchased a design for a lightweight vacuum from Whirlpool. His competitors made fun of the machine as it could not possibly be as durable as their heavy machines. He could not compete with their advertising. He refocused his marketing efforts to hotels knowing that the lightweight feature would be a huge plus and that making fun of the machine would not matter to a hotel owner. His machine is now the standard in the hotel industry. He then expanded the sales to direct marketing to consumers who loved the light weight machines. Later, he invented the first air purifier.

As he got older, he sold his company to investors. Apparently nature does abhor a vacuum. The company changed the direction they were going. Unfortunately, that change was not positive and the company was soon plunged into bankruptcy. Oreck has filed a Chapter 11 bankruptcy and is looking for buyers.

Interestingly, there are now reports that the Oreck family may step up and buy the company back. So often, this sort of thing happens. Bankruptcy appears to be the end of the line for a company. Yet, sometimes that is just because many do not understand the real purpose of bankruptcy. True, there are bankruptcy cases that are filed to end a company. Hostess filed that one for that purpose. However, even the hostess name and the products are going to survive. The Oreck name, should the family purchase the company may continue as a family run business that is able to get back to its roots and correct the mistakes of the investor company that ran it.

Bankruptcy can work that way for individuals as well. We ALL make mistakes in our investments, debts and lives. Bankruptcy very often lets us get back on our feet without shutting down everything we have built. If you have made mistakes or even if life has taken directions that cannot be predicted, talk to a qualified bankruptcy attorney. At Bailey & Galyen, we care about the situation you are in and will try very hard to help you out. Will bankruptcy work for everyone? Absolutely not. That is why we offer a free, no-obligation appointment. We will go over the facts of your individual case and let you know what options are available. We will give you non bankruptcy options as well.

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Detroit Files Bankruptcy


A seldom-used section of the bankruptcy code was used this week with one of America’s great cities trying to keep from sliding into anarchy. Detroit has lost almost 60% of its population, but has not reduced any of its services to deal with the population decline. This is much like a family who does not recognized that the income is dropping and their debts are increasing.

The hope for Detroit is that the federal judge will allow the City to restructure its Union contracts and its pension obligations. That will not be done without intense litigation in the bankruptcy court. The hope of the City and the state of Michigan is that the judge will let them restructure the city obligations so that it is all much more manageable. Once that happens, the City can come out of bankruptcy much leaner and much more efficient. It would hopefully allow enough extra capital so that the city could begin spending money to reduce the urban decline it is currently experiencing.

Much like Detroit, if individuals are having trouble meeting their obligations, they should consider filing bankruptcy to help reduce the decline. At Bailey & Galyen, we are trained to get the individual back on their feet financially.

If you would like to obtain additional information about Texas bankruptcy, explore your options, learn about the bankruptcy process or discuss your particular situation with an experienced Texas Bankruptcy Attorney, please schedule a free initial consultation by calling us toll free at 800-215-9089. If you prefer, you can also fill out our intake form and we contact you to schedule a consultation.

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