${site.data.firmName}${SEMFirmNameAlt}
Call Us: 918-236-8385 or Toll Free: 866-647-1770
Local 918-236-8385
Toll Free: 866-647-1770
Menu
When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

LuLaRoe consultants seek personal bankruptcy protection

It is almost impossible for people in Oklahoma and across the country to utilize a social media platform without seeing a friend or acquaintance discuss the products they are promoting or the businesses they want others to become involved in. Unfortunately claims of the great business successes that these people claim often do not come to fruition. In fact, some people who have bought into these businesses have found themselves struggling financially as a result, often prompting them to seek personal bankruptcy protection.

For example, LuLaRoe is a clothing business that has seen a large number of mentions on social media. Consultants put up money to purchase clothing that they then attempt to sell. While many consultants initially saw a great deal of success, recent bankruptcy filings may reveal that mistakes made by the company may be adversely affecting their consultants.

According to reports, approximately 24 women who currently sell or sold the clothing in the past have sought bankruptcy protection in the last two years. One of the women listed assets from her business, presumably from LuLaRoe, as over $61,000 in 2016; however, that income dropped dramatically over the first half of the next year. One professional with experience with bankruptcy law claims that these filings and the drop of income may be an indicator that the company expanded too quickly, causing consultants' sales to drop, and/or there could be a problem with the merchandise.

Unfortunately, many women in Oklahoma pour their time, energy and savings into these personal businesses only to end up investing more in business costs than they earn, often due to circumstances outside of their control. Often, debt can become so overwhelming that these individuals begin to wonder how they will ever recover. Fortunately, there are options -- including seeking personal bankruptcy -- that can help them protect their future financial stability.

Source: buzzfeed.com, "At Least 24 Women Who Sold Lularoe Who Have Filed For Bankruptcy Since 2016", Stephanie McNeal, Nov. 6, 2017

No Comments

Leave a comment
Comment Information

Initial Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy