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Bankruptcy Law Blog

Friday, February 7, 2020

How Bankruptcy Brought Us the Chocolate Bar

The odds are good that the last piece of candy you ate was produced by the Hershey Company. The famous chocolatier reportedly has a 45% market share in the candy aisle. It is almost hard to believe that the company’s founder, Milton Hershey, drove two other candy companies he founded into bankruptcy.

What Happened to Milton Hershey’s First Two Candy Companies?

According to Hershey Company historians, Milton Hershey discovered a passion for candy-making at the age of 14. He spent the next four years of his life as an apprentice to a master confectioner, then moved to Philadelphia in hopes of starting his own candy company. The business failed and Hershey declared bankruptcy.

Hershey moved west, ultimately ending up in Denver, where he learned how to make caramels using fresh milk. He took that knowledge with him when he headed back east and once again attempted to open his own candy company, this time in New York. The business limped along, but ultimately failed.

Luckily, the third time was the charm for Milton. He started a caramel company in Lancaster, PA near his boyhood home and it was a great success. However, he was not content to sit on his laurels. He became interested in chocolate after attending the 1893 World’s Columbian Exposition in Chicago. He bought the chocolate-making equipment being demonstrated by a German company, and had it shipped home to Pennsylvania.

Hershey was so excited about the idea of bringing chocolate to the masses — up to that point in time it was a luxury good — he sold his caramel making business to a competitor for $1 million, and invested the proceeds in his new business, the Hershey Chocolate Company. He was able to use the equipment he bought and his proximity to dairy farms to make affordable milk chocolate that people couldn’t get enough of. That business grew into the Hershey Company we know and love today.

Bankruptcy Gave Milton Hershey a Fresh Start

Imagine how Milton Hershey’s story would have gone if filing for bankruptcy was not an option. Probably something like young candy maker closes up shop and spends the rest of his life paying off his debts by working odd jobs. Without bankruptcy, we would live in a world without Hershey’s Kisses!

Bankruptcy allows people to get a fresh start. Like Milton Hershey, you can use bankruptcy to move on after a business has failed. But you can also use it to wipe out credit card debt, get back on firm financial footing after a health scare, or as a way to get out from under a bad mortgage. It doesn’t matter how you got into debt, filing for bankruptcy can help you get out of it.

Contact Padgett & Robertson Today

The law doesn’t just give bankruptcy relief to people who are going to start a million dollar company after their debts are cleared, it applies to everyone. If you are having financial difficulties, and you think bankruptcy may be your next step, don’t hesitate to contact Padgett & Robertson to discuss your options. Our firm has represented clients in Mobile, Alabama and throughout Southern Alabama with bankruptcy matters including personal bankruptcy, Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.


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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.”