There are few people in the United States who are unaware of the characters in the Marvel Universe. Whether it be from the original comics, action figures, or the numerous movie adaptations, it is hard to ignore Marvel’s influence on American society. In fact, the Marvel Cinematic Universe is the highest grossing film franchise both domestically and worldwide. Despite this recent success, things were not always this pleasant for Marvel.
Marvel’s Chapter 11 Bankruptcy
In the mid 1990s, Marvel was deep in debt and seemed unable to successfully continue with the same business model. While they wanted to diversify into the movie industry, their only big screen adaptation to date was Howard the Duck. In 1996, Marvel filed for Chapter 11 Bankruptcy protection which allowed them to emerge on the other side relieved of debts they would not have been able to pay. This cleared way for freedom to invest and make other financial decisions that would pay off immensely in the long run. In 2009, Marvel Entertainment became so successful that Disney purchased the company for over $4 billion.
Many people I meet with have a problem very similar to the one that Marvel faced in the 90s. For whatever reason, they find themselves unable to meet their current financial obligations. This not only hurts them currently, it also prevents them from planning for the future.
It should be noted that debt relief is not exclusive to individuals who are delinquent on their payments. There are people I meet with who are current on their credit cards, loans, mortgages, or other obligations. They realize that they are making no progress in decreasing the principal debt owed. If you are making the minimum payment on credit card debt, it is highly unlikely that you will pay the cards off any time soon. This causes them to be stuck on what is commonly known as the “debt treadmill.” No matter how hard they try, they never make enough progress to move forward. Seeking debt relief through a Chapter 13 personal reorganization or through a Chapter 7 bankruptcy can provide immediate help in this and many other situations.
If you find yourself facing financial obligations that you can no longer handle, there are other options available. These options have helped everyday individuals, small businesses, and major corporations like Marvel. Regardless of the circumstances that led to your financial problems, we can help. Please contact our office nearest you to set up a free, private consultation with one of our experienced attorneys.