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Bankruptcy May Be Your Option

Chapter 7 filing halts sheriff's auction

Many businesses in Oklahoma and across the country find themselves struggling financially in today's economy. Despite their best efforts, it becomes difficult to meet their financial obligations for a variety of different reasons. In some situations, a business faces the auction of its property. There are still options, however, to protect assets. A Chapter 7 bankruptcy filing can stop an auction, giving business owners time to seek a buyer.

Such was the case for an out-of-state mall recently. Some reports indicate that the mall began to struggle because major businesses withdrew. Several months ago, reports indicated that the mall's owner was approximately $30 million in debt.

Just days away from a sheriff's auction, the owner filed for Chapter 7 bankruptcy protection. By doing so, the auction was -- at least temporarily -- stopped. The property is now in the care of a trustee who will seek a buyer; if no buyer is found within 90 days, assets will be sold. There are currently 40 businesses located inside the mall. Many of them are committed to remaining in their current location at least until after the holiday season.

Running a business in Oklahoma and other parts of the country is full of many unknowns. Because of the changing nature in which consumers make purchases, some brick and mortar establishments can begin to struggle. Fortunately, there are options, including seeking Chapter 7 bankruptcy protection, to help cope with the struggle. An experienced attorney can help businesses and individuals evaluate their individual financial situation and make a determination regarding the best course of action.

Source: wnep.com, "Schuylkill Mall Owner Files for Chapter 7 Bankruptcy", Alicia Nieves, Oct. 26, 2016

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