Bankruptcy doesn't really mean much anymore. It's more about taking advantage of tax laws to have debt dismissed or reassigned. It doesn't necessarily means they are going out of business. I doubt Guitar Center will ever close. But if they do, I will need to add a room to my house....
I AM going to bookmark that video for those nights I have trouble falling asleep. My god that guy was every bad professor I ever had rolled into one!
Yeah, they are not going away. Just trying to fix their balance sheet. Got some debt to organize etc.
If you know those bankruptcy laws well enough, you can spend out of control for years and then just file chapter 11, negotiate debt reduction, and in 7 years when it falls off your records, do it all over again!