Financial problems can happen to anyone in Outagamie County whether it’s a personal or business-related issue. One option that is often misunderstood, but is an acceptable way to get financial problems straightened out, is to file for Chapter 7 bankruptcy. Chapter 7 for businesses is a method that can be utilized to save the business or to gain a fresh start.
The company that had organized a 5K race has filed for Chapter 7. They have announced, via their website, that their operations have been ceased. This decision is on the heels of a race last month that elicited complaints from dissatisfied participants. At that race, the people believed there would be music, foam guns and a party atmosphere. They were greeted with bubble machines. There were no markings on the racecourse and no waivers were signed. The allegations on the part of the participants stated that the company engaged in false advertising. The company decided to cease operations, as they no longer had the resources or personnel to continue.
Whether filing for Chapter 7 is for personal or business purposes, it is a strategy to clear the bills for a person or entity struggling with debt. In a surprisingly short period of time, those who file for Chapter 7 can have their financial problems wiped out and they can move on with their lives. The stigma that many believe surrounds a filing for Chapter 7 should not dissuade them from doing so to help their personal finances or assist them with their business. Each bankruptcy is different and it’s important to know the various choices that are available when trying to get on better financial footing.
In this case, judging by the reaction of their customers, the sponsors of the 5K race were clearly having trouble running their business. Because they were unable to keep the business running, they chose to file for Chapter 7 for businesses. Those who are having similar issues personally or professionally shouldn’t be intimidated or ashamed when struggling with debt. In order to understand the intricacies of filing for Chapter 7, a smart decision is to discuss the matter with a legal professional experienced with helping clients through bankruptcy.
Source:Â Channel3000.com, “Electric Foam 5K folds,” Adam Schrager, June 19, 2014
