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Bankruptcy May Be Your Option

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.

Ultimately, without enough money to pay employees, she made the difficult decision to seek bankruptcy protection with the advice of an attorney. She claims that the business's financial situation is so dire, she did not have the funds to pay her employees and did not want to write checks that the business may not be able to cover. Fortunately, the liquidation process that is part of a Chapter 7 bankruptcy filing could result in funds to pay employees.

A great deal of effort and money go into making a business successful. In some cases, businesses struggle regardless of how much employees work to make it successful. When debt becomes overwhelming, many businesses in Oklahoma are left facing difficult decisions. For many, filing for Chapter 7 bankruptcy is their best option for responsibly managing their debt. For those struggling, a frank conversation with an attorney with experience with bankruptcy law may be the first step toward managing overwhelming debt.

Source: wreg.com, "Lakeland day care files for bankruptcy without paying workers", Troy Washington, June 22, 2017

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