Filing for bankruptcy, whether it be for Chapter 7 or Chapter 13, can provide debt relief and a fresh financial start for individuals and businesses struggling with financial challenges.
Recently, the company that operates Total Waste Recycling, One Source Recycling Inc., filed for Chapter 7 bankruptcy and closed the business. The company served a small area in Wisconsin. One Source had previously filed for Chapter 11 bankruptcy in 2009 in an attempt to restructure its assets. In a Chapter 11 filing, the business usually undergoes a tough restructuring, which can include layoffs, in an effort to keep the business open. The Chapter 7 filing, however, means that the business likely will not reopen and that all of its assets will be liquidated to pay back creditors.
Total Waste was well-known for its unique recycling policies that did not require customers to sort out recyclable items from their regular garbage. Service subscribers were able to put all of the items in the same bin, and the company later sorted out the reusable items, stating in its motto that it made it easy for customers to recycle “whether they like it or not.”
A company that partnered with Total Waste informed customers that Total Waste’s shutdown will make it so that they will now have to sort out anything that can be recycled on their own.
Individuals or businesses facing bankruptcy should work to understand all of their options. Dealing with overwhelming debt can be difficult, and it is important to be fully informed before making any decisions.
Source: rrstar.com, “Total Waste Recycling closes, files for bankruptcy,” Kevin Haas, Sept. 27, 2012
