Owner of closed trucking company seeks Chapter 7 protection | The Colpitts Law Firm
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Owner of closed trucking company seeks Chapter 7 protection

Business owners in Oklahoma are dedicated to ensuring the success of their businesses. As a result, they risk their financial security in an attempt to protect their investments, often only to find that many situations beyond their control will have a negative impact. One man has recently sought Chapter 7 bankruptcy protection, reportedly due to financial issues caused by the company he once owned.

The company, Fikes Truck Line, had been in business for approximately 74 years when it announced that it was closing approximately nine months ago. The owner claims that financial problems began with the company in 2008 and were caused by a variety a reasons. Some include the overall economy, especially the collapse of the housing bubble, as well as the company's attempts to comply with federal regulations regarding satellite tracking systems and electronic logs.

In February, the former owner of the company filed for bankruptcy. In court papers, he claims that the majority of his debt relates to his business. One of his major creditors includes an insurance company that sued the trucking company and was awarded $95,000. He lists assets and debts in the range of $500,000 to $1 million.

There are many people in Oklahoma who become overwhelmed with debt every year. Often this happens because a person loses his or her job and/or has unexpected medical bills. For those who are drowning in debt, there are options for relief, including seeking Chapter 7 bankruptcy protection. An experienced professional can help those in need of such relief better understand the options that are available to them.

Source: landlinemag.com, "Former CEO of now-defunct Fikes files Chapter 7 bankruptcy petition", Clarissa Hawes, Feb. 24, 2016

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