There are a variety of different financial hardships that any business in Oklahoma and across the country can face. However, some hardships specifically target certain businesses. For example, difficult or unexpected weather could hit a farm or other agrarian-based business especially hard. Regardless of the hardship, some businesses choose Chapter 11 bankruptcy to help them manage the debt incurred.
Businesses in Oklahoma and other areas of the country typically set certain goals that they would like to meet. In order to meet many of these goals, these businesses need to invest in research and development. Unfortunately, debt can prevent them from making this investment. A company in another state is hopeful that its decision to file for bankruptcy will allow it to focus on the future.
Regardless of the size of a business, it can struggle for a variety of different reasons. Often, overwhelming debt pushes businesses in Oklahoma and across the country to contemplate difficult decisions. In fact, Cumulus Media Inc. has recently made the decision to file for Chapter 11 bankruptcy protection.
Often, people in Oklahoma spend a great deal of time planning for their future. Regardless of their financial planning, some still find themselves facing unexpected hardships later in life. In order to manage these hardships, they often turn to bankruptcy protection in order to stop the harassment from debt collectors.
There are many necessities in life. For example, for people in Oklahoma to be able to meet the needs of their families, they must be able to work. To work, they may need a car in order to drive back and forth. Often, this causes people to seek out loans, which may ultimately create the need for debt relief. Recent reports indicate that the amount of debt that the average household in the United States holds has increased in the third quarter of 2017.
It is almost impossible for people in Oklahoma and across the country to utilize a social media platform without seeing a friend or acquaintance discuss the products they are promoting or the businesses they want others to become involved in. Unfortunately claims of the great business successes that these people claim often do not come to fruition. In fact, some people who have bought into these businesses have found themselves struggling financially as a result, often prompting them to seek personal bankruptcy protection.
There are many unexpected financial obstacles that businesses in Oklahoma and across the country face. While many retailers, for example, have been struggling as some consumers switch to making the bulk of their purchases online, some manufacturers are struggling as a result of litigation related to products containing asbestos. An affiliate of Georgia-Pacific LLC, Bestwall LLC, has recently sought Chapter 11 bankruptcy protection over such litigation.
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.
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.
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.