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Born Again

Good businesses don't have to die just because they've gone hopelessly, out-of-control in debt. There is a place they can turn for redemption: the bankruptcy laws.

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This story appears in the September 2001 issue of Entrepreneur. Subscribe »

This past April, Paul Ginsburg was anxious and scared as he negotiated with Sterling National Bank. The 47-year-old president of Manhattan clothier Moe Ginsburg Men's Better Clothing needed to secure financing quickly. The third generation of his family to run a retail clothing operation in , Ginsburg was coming off his worst year ever. His business was declining significantly.


18%
was this year's first-quarter percentage increase in personal bankruptcies in the United States.
SOURCE: The Orlando Sentinal

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