On September 15, 2008, one of the largest and most successful investment banks in the United States, the Lehman Brothers, filed for Chapter 11 bankruptcy protection. This bankruptcy was the largest in the U.S. history to date. The company had to file for bankruptcy because the Lehman Brothers owed approximately $613 billion in debt. Such high debt was the result of excessive and irresponsible borrowing and spending.
The Lehman Brothers’ bankruptcy proves just how easy it is to overspend. The fact that a huge investment bank had to file for bankruptcy and was forced to pay back its creditors proves just how easily this can happen to anyone. Bankruptcy is a situation that erupts from years of hardships and difficult decisions, and is dealt with by all types of hardworking individuals. A bankruptcy attorney understands how to best deal with such conditions and can help anyone struggling. Call Elaine Fridlin, of Fridlin and Associates, at 718-372-4400 for a free consultation. Elaine will present you with all your options and help you make a full financial recovery in a short amount of time.