Y-Me and Chapter 7 Bankruptcy: Why Carbondale Nonprofits Should Seek Representation
It’s a tough economy right now, and large numbers of Americans file for bankruptcy every year. Both individuals and businesses face tough financial choices and must deal with the constant threat of bankruptcy. Even charity organizations aren’t immune from debt. The Chicago, IL area breast cancer charity Y-Me National Breast Cancer Organization Inc. recently filed a petition for Chapter 7 bankruptcy on July 17. Carbondale-area nonprofits facing similar financial woes can learn from the organization’s situation, and with the help of a bankruptcy attorney, face their future with confidence.
According to the Chicago Tribune, this nonprofit organization, founded in 1978, was ahead of its time and made a great effort to focus public attention on breast cancer at a time when there was little public discourse about the disease, making it difficult for those living with breast cancer to find information about their disease. The growth of many new nonprofits focused on fighting breast cancer in recent years meant that Y-Me had increasing trouble securing funding. The organization was famous for its multilingual, 24-hour breast cancer hotline, the only one of its kind in the United States. This hotline was the last remaining program when Y-Me closed. The organization had previously intend to expand its operations in order to better compete with large breast cancer charities, but high operating costs and a lack of donations led Y-Me to shut down its other programs.
In its bankruptcy petition, Y-Me disclosed a total debt of $500,000 to $1 million and
reported its assets to be somewhere between $100,000-500,000. Most likely, the organization’s assets will be liquidated, and a trustee will implement a plan to pay off creditors. Bankruptcy attorneys are currently representing Y-Me pro-bono.
So what can your Carbondale-area nonprofit organization learn from the difficulties Y-Me has faced? The most important is to seek the assistance of a bankruptcy attorney. An experienced bankruptcy attorney can help advise you on legal options when you face a difficult situation like theirs. Contributions to the charity recently fell about 69% in three years, from $16.7 million in 2007 to $5.2 million in 2010. The charity, according to Y-Me volunteer Margaret Harte, attempted to overexpand in order to deal with this shortage. Harte also blamed the weak economy, as well as “incompetence and mismanagement” for the organization’s current straits.
An experienced Carbondale, IL bankruptcy attorney can advise your nonprofit in similar situations and help you avoid having to make the same kind of decisions that Y-Me faced. In an economy like this, your Carbondale nonprofit organization can get saddled with the immense burden of debt. With the help of a bankruptcy attorney, you don’t have to let debt stop your organization from their work.
Bankruptcy Attorney Carbondale Il – If you’re looking for a bankruptcy attorney in Carbondale, IL, contact Bradley P. Olson. The Law Office of Bradley P. Olson has been helping Carbondale residents with debt relief cases for over 14 years.