Since one of my Indiana bankruptcy law offices is located in Bloomington, I was particularly interested to read an Indianapolis Star editorial by Nate Feltman, Indiana Secretary of Commerce about the Cook Pharmica company centered in Bloomington. Cook, a biotechnology company, has doubled in size, creating many hundreds of new jobs in our state. This is partly the result of Governor Mitch Daniels’ efforts, through the Indiana Economic Development Corporation, to “aggressively seek new job-creating investment in the life sciences,” explains Feltman. In addition to Cook Pharmica, a number of other life sciences companies have made thousands of new job commitments around our state.
In earlier bankruptcy blogs, I’ve explained that, as a bankruptcy lawyer in Indiana, I am vitally interested in our job market. First of all, job loss is one of the leading factors in bankruptcy, Then, after the bankruptcy process, when my clients are working to rebuild their financial lives, it’s crucial that they be able to qualify for what Gov. Daniels calls the newer “high-skill, high promise” jobs. Of course, life sciences business in our state can lead to many other aspects of increased business. As Cook Pharmica continues to expand its employee force, for example, there will be more people who have the money to eat in the local restaurants and purchase all kinds of products and services. The entire area could feel the benefits of the success of this one major local company.
For clients filing Chapter 13 bankruptcy, their ability to qualify for higher paying jobs will be an especially important factor in their success. That’s because, a Chapter 13 bankruptcy involves a repayment plan. The individual who has filed bankruptcy commits to a system of payments to creditors, spread over a number of years, under court supervision. Having a regular, above average income will make this repayment plan easier to complete. Once the repayment plan has been fulfilled, the debtor truly has the opportunity for a fresh financial start. Directly or indirectly, life sciences business in Bloomington could be the beginning of a new life for many Bloomington debtors.