ChromaticSoul :: The Blog

Financial Triage and Bankruptcy: How to Manage Your Debt

Posted on: 13 January 2009

For professional photographers, optimism is both a job requirement and an occupational hazard. If you didn’t believe your work was worth money, you wouldn’t go into business. But get too optimistic—buy costly equipment, hire too many employees or count too heavily on one or two big clients and never-ending economic boom times—and you could find yourself staring bankruptcy in the face. Current economic conditions will almost certainly push a number of photographers to the brink.

Bankruptcy no longer has the stigma it once did, but it’s still a last resort, says Joel Hecker, an attorney with Russo & Burke in New York who represents photographers and artists. “It’s a last resort because of what’s at stake,” Hecker says. That includes your tangible assets (such as equipment), intellectual property (such as copyrights), accounts receivable and credit rating. Assets considered part of a bankruptcy “estate”—those available to be liquidated to help repay creditors—are subject to many variables, including how your business is set up, the state you live in and the type of bankruptcy claimed. In any case, it’s a painful process that usually requires an attorney’s advice. …

Even if you’re deeply in debt, however, bankruptcy is not inevitable. There are proven ways to buy time, save some hassle and protect your reputation. [via PDN]

Read the rest of the story and find out the steps you can take to keep you in the green.

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  • thebail: Reblogged this on Underwater Ap
  • Veronica Lynne: Did you use it? It's RODEO time! That might make a good pic for the fb page to.
  • Veronica Lynne: Certainly. I am flattered. Just give credit--ChromaticSoul Photos. Also, I would love to see how you use it. The rodei is this weekend! Veronica Lynn
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