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Bankruptcy May Be Your Option

Established company seeks bankruptcy protection

Many people in Oklahoma who are not involved in the day-to-day running of a company may not be fully aware of all of the expenses involved. For many companies, selling a product or service is not the only major concern. Employers must ensure that all debts are paid as well as pension and vacation funds. These complications can quickly lead to overwhelming debt, resulting in companies making the difficult decision to file for bankruptcy.

A long-established company in another state has recently sought such protection, filing papers with a federal bankruptcy court on a day in early August. The company, Robert T. Winzinger, Inc., began in 1958 and provides services related to improvement, demolition and construction. Court papers listed more than $10 million in assets.

However, the company claims that it has between $1 million and $10 million in debts. Over half of million dollars is tied up in disputed debts and includes money reportedly owned to the Pennsylvania Department of Revenue and Teamsters Local 676. The union filed papers against Winzinger earlier this month, complaining the company owes it several months of payments for pensions and vacation funds.

Many companies in Oklahoma have customers and clients vying for the services or products that they offer. Even with this popularity, however, other elements of running a business can jeopardize a company's financial security. As a result, filing for bankruptcy protection could become the best option for managing debt. An attorney with experience with such filings can help these companies fully understand their options, including ones that will allow them to restructure their debt without affecting their daily operations. 

Source: courierpostonline.com, "Burlco contractor seeks bankruptcy protection", Jim Walsh, Aug. 14, 2017

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