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When Bad Things Happen to Good People ...

Bankruptcy May Be Your Option

Power company may be forced to file for bankruptcy

Today, most people have busy schedules that involve trying to balance work and home. It is often a struggle amidst the chaos to ensure organization in all areas of your life, most significantly, finances. Although troubling to consider the thought, sometimes mishandled bank accounts and spending can lead to piling debt and creditor harassment. Eventually your dwindling options may lead to being forced to file for bankruptcy.

Despite the stigma that surrounds it, the reality of bankruptcy is that it is not as unrecoverable as people may think. When push comes to shove, having a fresh financial start can be less traumatic than such alternatives as wage garnishment, creditor harassment and having to modify the mortgage on your home or business property. Learning how to cope with financial challenges and balance your books is yet another advantage.

Businesses are not immune to these issues either. In recent news, there is a great deal of discussion revolving around a power company Oklahoma residents may be aware of. A notice filed with the Securities and Exchange Commission has been made public and infers definite financial trouble for the company, with debt totaling billions of dollars. Sources believe that the probable result is bankruptcy. Supposedly, an auditor has already stated that the company will likely be unable to repay its debts.

If you or your business finds that its financial situation is a constant undertaking that leads to stress and debt, it is never too late to seek legal advice. Professionals can explain the various scenarios to you and help you weigh your options.

Source: Dallas News, “EFH misses SEC deadline, is positioned for bankruptcy filing,” James Osbourne, April 15, 2014

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