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Bankruptcy May Be Your Option

Failed business venture leads to bankruptcy filing

As most entrepreneurs in Oklahoma are aware, starting a new business venture comes with a certain degree of risk. For many, this risk pays off in the long run. Unfortunately, some are unsuccessful for a variety of different reasons -- often due to circumstances beyond their control. One out-of-state businessman has recently filed for bankruptcy, purportedly as a result of a failed investment.

In 2009, the man -- currently the CEO of a bank -- and several other investors took out a loan to buy an out-of-state race track. His wife was listed as the CEO of the racetrack. Unfortunately, the project, which originally promised to provide over a thousand jobs, was not the success that it was planned to be, losing millions of dollars in the first two years. Attempts to revitalize the project with slot machines also proved unsuccessful, and the track was abandoned in 2010. A representative for the man claims that the investment's lack of success was due primarily to economic conditions.

The banker filed for Chapter 11 bankruptcy in Florida. Court papers indicate that he has $9 million in debt. Of that amount, $4.8 million is related to the loan for the race track.

People in Oklahoma also have business-related goals and dreams. Some choose to take a risk that may not reach its planned potential. As a result, a person can be left with significant, unmanageable debt. Filing bankruptcy may be the best option to dealing with this debt. A frank conversation with an experienced bankruptcy attorney could be the first step in working toward a new goal.

Source: tampabay.com, "Tampa bank CEO files for bankruptcy tied to Michigan horse track deal gone bad", Robert Trigaux, Feb. 1, 2016

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