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Bankruptcy Law Blog

Monday, March 26, 2018

Why We Say Bankruptcy Is A Good Thing

If you grew up under the care of a Southern Mama, you were probably reminded thousands of times that it’s impolite to talk about money. While many things our mothers tried to teach us went in one ear and out the other, that one seems to have stuck. Nobody likes to speak publicly about their financial affairs.

Zipped lips make it difficult for us to share bankruptcy success stories with you. So, we are turning to the business world for an example we can share with you.  

At the beginning of 2017, Gander Mountain, an outdoor adventure and lifestyle store, had seven stores in Alabama. But after the company filed for bankruptcy last March, all of those stores were closed. The company just couldn’t compete with larger chains like Cabela’s and Bass Pro.

That’s when Marcus Lemonis, the star of the CNBC reality show “The Profit,” stepped in. He bought Gander Mountain’s assets out of bankruptcy and added them to his growing outdoors empire. He already owned companies similar to Gander Mountain or that complimented its business, and he has continued to buy other outdoors companies since then.

Presumably, he is taking what each of these companies does well and teaching it to his other companies, while also cutting wasteful and outdated practices. He has the luxury of doing this because bankruptcy allows companies the flexibility to wipe away old mistakes and remake themselves into something better. In fact, it was just announced that two old Gander Mountain stores in Alabama will be rebranded and opened as Gander Outdoors stores.

Personal and business bankruptcies are obviously very different from one another, but we hope that this story demonstrates to you just how powerful and future-altering the bankruptcy process can be.

The bankruptcy system exists because we are a country that believes in second chances. It is possible to erase the mistakes of the past while holding on to the good things. It is possible to get a fresh start. It is possible to move forward again. You just have to be willing to face your financial reality and ask for help.

If you are in need of a bankruptcy attorney, contact us today.


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Padgett and Robertson assist clients with Bankruptcy, Personal Bankruptcy, Consumer Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and The New Bankruptcy Law in Mobile, Alabama and throughout southern Alabama. Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”



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Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”