In the News: Boy Scouts May File Bankruptcy

SuperLawyers

In the News: Boy Scouts May File Bankruptcy

If you’ve been struggling with the moral implications of filing for bankruptcy, struggle no more. After all, the Boy Scouts of America are known, among other things, for being “thrifty, brave, clean, and kind.”

Yet even that famous BSA thrift hasn’t stopped them from needing to consider a Chapter 11 bankruptcy. Though the organization hasn’t filed yet, they have already retained an attorney.

The reasons are the same reasons why most families in America do it: declining income and unforeseen circumstances.

Declining income is the result of lower membership rates. Pundits blame this decline on a number of factors, including the BSA’s decisions to open the ranks to openly homosexual members, to transgender members, and to girls. But Girl Scout membership is declining too. It’s equally likely both organizations are facing trouble because parents don’t have a lot of time or money to participate in these programs.

It may also have a great deal to do with the organization’s declining reputation stemming from the other source of of the organization’s financial problems: lawsuits alleging many boys were abused while in the care of unscrupulous scout masters. And lawsuits with other organizations, like the Girl Scouts.

It may seem like a dark time in the history of the organization, but there’s a lot of hope here.

A Chapter 11 bankruptcy could frankly save the organization. It would allow the BSA to reorganize its debts and finances in a way that would strengthen them to survive the future they find themselves in. It is in fact quite common to see entities like this one bouncing back after such a bankruptcy.

If you’re looking over your own life wondering whether bankruptcy is the right choice for you, now is the time to think about taking morality off the table. Sometimes things just happen that make your current situation untenable. When they do, it’s smart to take advantage of the relief the law offers you.

Don’t wait until filing for bankruptcy becomes an emergency.

Of course, a household bankruptcy would be a Chapter 7 or a Chapter 13. But the basic principle remains the same.

If you’re in dire financial straits, live in Pennsylvania or New Jersey, and haven’t taken advantage of one of our free consultations yet, why not give us a call today? We can show you what your life will look like after bankruptcy, how we can help you pay for bankruptcy, and more. We’re available 24/7, so don’t wait.

 

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