Nashville is known throughout the world as Music City because of the incredible proliferation of live and recorded musical artistry that has taken root and thrived here. While the music itself is alive and well, many Nashville businesses struggle with financial problems just like individuals do. One example is Gibson Brands, Inc.
An iconic instrument maker for well over a century, Gibson recently filed for Chapter 11 bankruptcy to deal with its debts. The company hopes the reorganization will help it remain in business while it adapts to complex changes in the way music is produced and consumed, according to USA Today.
Played by the best but still vulnerable to problem debt
For generations the company’s instruments have been played by many of the world’s greatest guitarists across numerous genres, like blues and rock legends B.B. King and Chuck Berry, jazz innovators Charlie Christian and Les Paul, Led Zeppelin’s Jimmy Page, Eric Clapton, Keith Richards of the Rolling Stones, and hundreds of other top professionals. But greatness doesn’t mean immunity to the ups and downs of economics.
Even the most successful companies and individuals run into trouble because of factors and forces beyond their control. For some people and organizations, a well-planned bankruptcy filing can make all the difference in the world, allowing them to stop creditor harassment, discharge certain debts, develop affordable payment plans, keep important assets and reach other important goals.
Dealing strategically with your debt
Federal and state law allows consumers and businesses to leverage powerful protections and get relief. If you think bankruptcy might be right for you, talk to a professional about the possibilities.