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Bankruptcy May Be Your Option

Company seeks Chapter 7 protection

Each business in Oklahoma likely has its own business plans and goals in place. However, most simply want to see success, often measured by profit. Regardless of the effort placed by employees, there are frequently circumstances beyond the control of a business that could result in overwhelming debt. As a result, seeking Chapter 7 bankruptcy protection may be the best option.

Recently, an out-of-state company, Atherotech, has filed for such protection. The company was created following the development of a new method of testing cholesterol. A spokesperson from the company, which was purchased by an investment firm in 2010, says that it was unable to come to an agreement with its lenders that would allow it to extend financing. In Feb. 2015, the company announced that it would be closing and filed for bankruptcy in early March.

Court filings indicate that the company has under $50,000 in both liabilities and assets. For struggling businesses, there are different options available. For example, under Chapter 11 bankruptcy, a business can reorganize its debt, allowing it to continue operations. As part of Chapter 7 proceedings, the company will liquidate assets to pay off creditors and cease operations.

Both businesses and individuals in Oklahoma can find themselves overwhelmed by debt. Often, the options for debt relief are confusing for those with little experience with the available choices. However, a frank conversation with an attorney experienced with bankruptcy law can help those in debt decide on the most appropriate course of action for their individual circumstances, including whether seeking Chapter 7 bankruptcy protection is the best choice. In many situations, this initial conversation is the first step toward getting out from under the burden of overwhelming debt.

Source: al.com, "Atherotech files Chapter 7 bankruptcy, leaving 300 out of work", Kelly Poe, March 14, 2016

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