4min chapter

Planet Money cover image

SUMMER SCHOOL 3: Booms, Busts & Us

Planet Money

CHAPTER

How to Avoid Bankruptcy in a Family Business

Roddy player and his mother filed for bankruptcy after failing to pay their bills. In most countries, this would have been the end of the story - but not in America. The United States has a system that gives bankrupt companies a second chance. Roddy's phone started ringing off the hook with calls from people who owed him money. When you file for bankruptcy, it's like hitting a big paws button. All the details of your failure are also made public. How much you owe, who you owe is all out there for any one to see. He told me that day that he filed for bankruptcy was one of the worst days of his life. Lost a lot of sleep over not easy

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