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The New York Opera bankruptcy as compared to individual bankruptcy

In the State of New York, bankruptcy can be sudden or gradual. Those who have experienced a gradual transition to bankruptcy may identify with the recent case of the New York City Opera. Started in 1943 and referred to as the People Opera, for more than 70 years this New York landmark focused primarily on supporting young performers and celebrating American work.

In 2013, however, the opera filed for bankruptcy. Looking back over the course of the opera’s history, it appears that the beginning signs of this bankruptcy appeared in the year 2003. In 2003, the opera had to dip substantially into their endowment. Just a few years later, the general director suddenly resigned from his position when he was faced with budget cuts of up to 75 percent.

After this challenge in 2008, the primary venue for the New York City Opera was under renovation. To help continue providing performances while these renovations were taking place, a decision was made to perform across multiple locations in the city. This had a significant impact on single ticket revenue, but also seriously affected subscriptions from longtime patrons. The organization officially filed for Chapter 11 bankruptcy in October 2013.

While organizations may be able to use hindsight to see a gradual slide into bankruptcy, individuals are far more likely to be impacted by one serious event or a series of events generating financial instability. One such example is medical bills. One major medical emergency can thrust an entire family into financial jeopardy relatively quickly. Thankfully, bankruptcy is one way that individuals in this position can begin to put their life back together and get the fresh start they need. If you’ve been struggling financially as a result of a serious event, you may be able to wipe the slate clean by filing for bankruptcy and looking positively into the future.

If you are experiencing financial difficulties, whether they are due to credit card bills or medical bills, then you may benefit from a Chapter 7 personal bankruptcy. This type of bankruptcy is known as the “fresh start” bankruptcy because it liquidates, or wipes out, most of your debts. Speak to attorney Jayson Lutzky if you are considering bankruptcy. Mr. Lutzky has over 32 years of experience and offers free in person initial consultations. Call 718-329-9500 to set up a confidential appointment and visit www.MyNewYorkCityLawyer.com to learn more about the lawyer.

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