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Bankruptcy May Be Your Option

Tulsa Bankruptcy Law Blog

Established company seeks bankruptcy protection

Many people in Oklahoma who are not involved in the day-to-day running of a company may not be fully aware of all of the expenses involved. For many companies, selling a product or service is not the only major concern. Employers must ensure that all debts are paid as well as pension and vacation funds. These complications can quickly lead to overwhelming debt, resulting in companies making the difficult decision to file for bankruptcy.

A long-established company in another state has recently sought such protection, filing papers with a federal bankruptcy court on a day in early August. The company, Robert T. Winzinger, Inc., began in 1958 and provides services related to improvement, demolition and construction. Court papers listed more than $10 million in assets.

Medical expenses can cause financial difficulties in Oklahoma

A significant number of people in Oklahoma and across the country have a financial plan that will guide them throughout their lives. For many, this includes saving for retirement and owning their own home. Unfortunately, unexpected setbacks can force many people to seek an alternative path, often in attempt to manage their unmanageable debt. For example, some people struggle as a result of medical expenses.

A serious injury or unexpected illness often requires a great deal of medical attention, resulting in extensive bills. To further complicate matters, many people are unable to work while they recover or care for injured or sick family members. Often, those in such a situation face the loss of their home through foreclosure.

Long-term care, rehabilitation company files for bankruptcy

Businesses in Oklahoma can struggle for a variety of different reasons -- often due to situations that are beyond the control of decision makers. When a company becomes overwhelmed with debt, those who run it must make sometimes difficult decisions to ensure the long-term success of the company. Those decisions may, in some cases, involve whether to file for bankruptcy protection and which type of filing to choose.

A company in another state recently decided that it must seek such protection in late July. Senior Care Group Inc. is a non-profit company that was founded in 1983 and owns several rehabilitation and long-term care facilities. Its Chapter 11 bankruptcy request will allow the company to restructure its debt. This form of bankruptcy often allows struggling businesses to create a plan to pay off its debt while allowing them to remain in operation.

Restaurant files for Chapter 11 bankruptcy due to labor dispute

It takes a great deal to create a successful business in Oklahoma and other areas of the country. A business needs dedicated employees who are willing to put in the effort to make it a success. However, there are other influences that could potentially harm the chances of long-term success. As a result, some businesses turn to Chapter 11 bankruptcy to help them manage their debts.

A restaurant in another state has recently taken such action. The restaurant, Church & State, is a French bistro that opened in 2008. While receiving good reviews, the business is reportedly struggling due to an ongoing labor dispute lawsuit filed by a former employee. That employee makes several claims against the business, including that wages were not paid. While some reports indicate that the restaurant attempted to settle the lawsuit for $150,000, the plaintiff reportedly declined the offer in the pursuit of $1 million and class action status.

Chapter 7 bankruptcy case dismissed over unpaid fee

People from all aspects of life and tax brackets can find themselves struggling financially for a variety of different reasons. Often, as a result of their struggles, people in Oklahoma and other areas of the country find their homes at risk of foreclosure. In order to prevent such action, some people choose to seek Chapter 7 bankruptcy protection.

While bankruptcy can be a relatively straightforward process, there are certain steps that must be followed to ensure that proceedings go smoothly. Because the failure to meet these steps can result in a dismissal of a case, having an attorney provide guidance during the process can help ensure a successful legal remedy. For example, a case in another state involving the foreclosure of a multi-million dollar mansion was recently dismissed because the $335 filing fee was not paid.

Livian Hernandez files for Chapter 13 bankruptcy protection

Many professionals in Oklahoma and across the country work hard to achieve financial success. However, even when that success if achieved, it may be difficult to maintain. Unfortunately, even famous athletes who have made millions in their careers find themselves struggling with overwhelming debt. For example, famous baseball player Livan Hernandez has recently sought Chapter 13 bankruptcy protection.

Hernandez's baseball career spanned approximately 15 years. During that time, some reports estimate that he made approximately $57 million. However, he has recently taken action to help manage his debt.

True Religion seeks Chapter 11 bankruptcy protection

Many companies find themselves in a position in which they must make difficult decisions in order to preserve the future success of the company. For many in Oklahoma, this includes deciding how best to manage overwhelming debt. One of these options includes seeking Chapter 11 bankruptcy protection.

One company has recently made the decision to seek such protection in an attempt to revive its brand. True Religion was founded in 2002 and specializes in trendy denim. However, it has recently found itself struggling as a result of several factors, including the increasing popularity of "athleisure wear" such as yoga pants.

Daycare files for Chapter 7 bankruptcy

In Oklahoma -- as in all states -- there are many different types of businesses. Regardless of the product or service a business offers, all have something in common -- an owner and employees working hard to ensure success. Despite their hard work, some businesses still struggle, prompting them to consider their debt management options, including filing for Chapter 7 bankruptcy.

The owner of a daycare in another state has recently been confronted with this decision. She claims that she had quietly arranged for the sale of business. Unfortunately, she says that the sale fell through, leaving her facing the difficult decision of whether to file for bankruptcy.

Another retailer seeks Chapter 11 bankruptcy protection

While the Internet has revolutionized how many companies in Oklahoma and other areas of the country conduct their business, it has also created complications for retailers that are primarily brick-and-mortar based. Recently, several retailers have struggled financially, many opting to file for Chapter 11 bankruptcy protection. Another store has recently taken such action.

The store, Papaya, opened in 1999. It focuses on teen apparel. As with many niche retailers, it achieved a great deal of success relatively quickly, prompting it to expand rapidly. In fact, the company opened over half of its 80 stores in the last six years. However, these new stores also came with new debt.

Residential solar company seeks Chapter 7 bankruptcy

Many companies in Oklahoma experience a long period of financial success and growth. However, changes in market trends and demand can quickly turn a successful company into one that is experiencing financial difficulty. Such appears to be the case for an out-of-state company, American Solar Direct, that focuses on residential solar power after it filed for Chapter 7 bankruptcy.

For several years, companies installing residential solar systems saw growth. In fact, ASD was named as the "residential PV installer to watch" by GTM Research in 2013. When named, the company had experienced positive growth since it began installing such systems in 2010.

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