Thursday, March 9, 2017
It’s A Circus Out There: Two Favorite Circuses In Financial Trouble
When hard times hit, they do not discriminate against who suffers. Sometimes companies close their doors after years of operating, sometimes individual consumers are not able to pay all of their bills and use bankruptcy as a way to get out of debt, and sometimes those in the entertainment industry fall prey to financial woes. A lot of celebrities have filed bankruptcy to clean up their finances, but sometimes it is an entertainment company that files a case.
A perfect example of entertainment businesses that have filed bankruptcy can be seen by taking a look at two family favorite circuses that have filed:
• The Big Apple Circus is seeking the protection offered from bankruptcy, having filed a Chapter 11 case in November 2016.
• The Big Apple Circus filing claims the financial crisis of 2008 is what led to the need to file, and the circus will certainly be missed by many. One of the things the Big Apple Circus was known for was providing free tickets to low income families. A big part of the Big Apple Circus program was also to visit hospitals to cheer up children during their hospital stay.
• The property of the Circus will be auctioned off, but that does not mean the Big Apple will soon be coming to a city near you. More than likely the items sold will be repurposed or liquidated without ever seeing a big top again.
On top of the Big Apple Circus closing, another family favorite is also shutting its doors. The famous Ringling Brothers circus is ceasing operations as well, after over 100 years of providing entertainment to families. These circus closings are a sign of a few things; one, that the economy is bad all over, and two, that the public is choosing to spend their entertainment dollars elsewhere. When funds are tight, choices have to be made, and when circus goers make the choice to see a movie or take a short day trip, the one who ends up paying is the circus itself. These stories also highlight the need for people and businesses of whatever dollar size to take steps to protect their rights when money is scarce. If you are having a hard time making a decision about how to pay your bills, let us help.
For more information about debt and what to do if you have more debts than you can pay, call us today or reach us online at www.law-ri.com. We offer appointments at multiple locations for your convenience and can schedule a time to visit with you today.