Many of you remember Girls Gone Wild, a pornographic video series featuring girls in party scenes.  It was a successful and thriving company in the 80s and early 90s with commercials on multiple TV stations.  It was a controversial company not only because the girls looked quite young but because the television commercials were aired on channels and times not exclusive to mature audiences. 

 

 However, with the rise of the internet and TV channels specializing in pornography, the company struggled to compete.  Well, struggling to compete is a bit of an understatement.  On February 28, 2013 the pornographic company filed for Chapter 11 bankruptcy hoping to reorganize the company with only $50 thousand dollars in assets and $16 million dollars in debt. I repeat, SIXTEEN million dollars in debt. 

 

Most of my clients have between 10 and 50 thousand dollars in unsecured debt. Yes the bankruptcy laws are here to protect Girls Gone Wild and release it from its mistakes leading up to a 16 million dollar deficit but I would propose that the bankruptcy laws are better suited to protect the little guy who is struggling to pay the bills, maintain a roof over his/her head, and a warm place to call home. 

 

Please do not feel badly for these large banks, I assure you that they will be fine.  They are able to write off the 16 million dollars in losses from Girls Gone Wild.  Your debt would be a drop in the bucket.  Further, people do not consider the interest that they have already paid back to their creditors.  Often, the creditor has been reimbursed the initial amount withdrawn.  

 

One last thought: for those of you connoisseurs of the Girls Gone Wild Industry, I would propose that it is time to sell your VHS tapes on EBay as there will be people wanting to reminisce of their coming of age.

 

 

 

 

 

 

 


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