Attorney P. Scott Lowery opened a collection agency in 1994, naming it Collect America Ltd. As a proactive step to grow the business, he subsequently started up a law firm franchise.
For unsustainable businesses finding its way in an ever-changing marketplace, one bankruptcy may not enough. Sometimes, it takes a second filing to determine if they can truly sustain in the future.
With the recession in Pennsylvania lifting, many people are under the impression that getting out debt will now be simple and easy. Unfortunately, for many Americans, this may not be the case. Time magazine recently reported that, while borrowing on credit cards has dropped since 2008 and is nowhere near its peak, it is still very high. In fact, gradual financial recovery seems to have slowly increased national numbers of debt, with the total amount owed to credit card companies sitting at $935.6 billion nationally.
The stress debtors experience before and during bankruptcy usually makes a filing a one-time event. According to Debt.org, only eight percent have filed for bankruptcy at least once before.