After 130 years in business, Kodak this week has filed for bankruptcy protection.

The company has been a rock in retailing for much of the last century, eventually even blending into the language like all great companies do. After all, no one speaks of beautiful scenes as Canon moments or Fuji moments.

Despite that outward stability however, the company has been chipped away by a slow succession of wrong turns that lead up to this dramatic end.

Chief among them was its failure to cement its place in the digital camera market, despite having invented the technology.

It instead focused on printers, having developed a reputation as the print film company of choice for photographers around the world.

In the end, speedier, low cost rivals in Asia outplayed the slow giant at its chosen game, resulting in 13 factory closures and the loss of 47,000 jobs in recent years, prior to this eventual application for bankruptcy.

Although corporate insolvency is far removed from the daily life of an individual, there are some parallels for how bankruptcy can beset anyone.

First and foremost, some of the richest and most seemingly secure individuals find themselves facing bankruptcy – and no amount of wealth is ever completely secure from that fate. One of Ireland’s richest men, Shaun Quinn was declared bankrupt last week after amassing a 5 billion Euro fortune that disappeared with the collapse of Anglo Irish Bank.

And the precarious position of the seemingly secure does take time to make itself known. There’s an accumulation of bad choices, bad investments or bad luck over time.

For every day folk it could be the wrong relationship, the wrong job or the wrong new business that ushers in financial ruin.

It is important for anyone experiencing a financial situation that is starting to spiral out of control to understand that there is no shame in reaching out and asking for help. The earlier a person in this position takes responsibility for where they are, the quicker they can recover and get back on their feet.