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Bankruptcy May Be Your Option

Oklahoma City business forced into bankruptcy to repay debts

Companies struggling with financial challenges often face the difficult decision of how to alleviate them. In many situations, filing for bankruptcy may be the best solution. But it is important to address these issues as early as possible before adverse actions begin that could lead to even more issues. 

A telemarketing company based in Oklahoma City, which primarily sold extended vehicle service agreements, is being pushed toward Chapter 7 bankruptcy. Recently, its creditors filed an involuntary petition in the local U.S. Bankruptcy Court in Oklahoma City in hopes of using the company’s assets to settle debts – particularly from income that may be generated in accounts receivable.

If you are or your company is struggling with debt, it is important to contact a legal professional to help you understand and weigh your options before facing an involuntary bankruptcy like this Oklahoma company. Chapter 7 and other types of bankruptcy can often turn out to be a positive solution in the face of adversity. 

The former president of the company claims he is owed almost $400,000 as part of his severance package, while three other creditors claim that more than $500,000 is owed to them. Another party, a printing company that provided direct mail pieces to the company, has filed a claim for $38,000 for those services.

Two years ago, the company was ordered to pay a total of $150,000 to two other states for violations of consumer protection laws including false representations of its warranties. One state required restructuring of the company’s sales techniques. 

Source: The Oklahoman, “Creditors of Oklahoma City telemarketing firm CarSafe attempt to force company into Chapter 7 bankruptcy,”Brianna Bailey, June 12, 2014

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