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Bankruptcy May Be Your Option

October 2017 Archives

Another casual dining restaurant seeks bankruptcy protection

A rating firm claims that restaurants are at the head of the list of businesses that are distressed. Over the past year, several in Oklahoma and other areas of the country have sought ways to manage overwhelming debt, often due to a decline in the popularity of casual dining establishments in general. Recently, another company announced its decision to follow the path set by other restaurants; it filed for Chapter 11 bankruptcy protection.

Bankruptcy in Oklahoma: Impact on credit rating

Adults in Oklahoma, as business owners and managers of their personal finances, often face difficult decisions. Some of these decisions often involve how to respond to overwhelming debt -- debt that can accumulate due to circumstances beyond a person's control. Often, debt is so great that the best option may be to seek bankruptcy protection.

Choosing a Chapter 11 bankruptcy in Oklahoma

Over the course of the last few years in Oklahoma and across the country, multiple businesses, including Toys R Us, Radio Shack and The Limited, have opted to seek bankruptcy protection. Businesses are often forced to make such a decision based on market changes that they have little -- if any -- control over. However, without the guidance of a professional with experience concerning such proceedings, businesses may be confused about the benefits of such action and whether to file for Chapter 11 or Chapter 7 bankruptcy.

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