Residential solar company seeks Chapter 7 bankruptcy | The Colpitts Law Firm
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Bankruptcy May Be Your Option

Residential solar company seeks Chapter 7 bankruptcy

Many companies in Oklahoma experience a long period of financial success and growth. However, changes in market trends and demand can quickly turn a successful company into one that is experiencing financial difficulty. Such appears to be the case for an out-of-state company, American Solar Direct, that focuses on residential solar power after it filed for Chapter 7 bankruptcy.

For several years, companies installing residential solar systems saw growth. In fact, ASD was named as the "residential PV installer to watch" by GTM Research in 2013. When named, the company had experienced positive growth since it began installing such systems in 2010.

However, many such companies have experienced difficulties in recent years. Fewer systems are being purchased and installed in 2017 in comparison to last year. After experiencing significant growth for several years, the residential solar industry growth has been flat. Recently, ASD filed for bankruptcy with court papers indicating that the company had over $10 millions in liabilities and only $50,000 in assets.

Unfortunately, even a product that was once extremely popular and profitable can experience a loss of sales. When this occurs, a company in Oklahoma or other areas of the country can quickly begin to suffer financially. Fortunately, there are options to help such companies manage economic hardship. For many, this includes seeking Chapter 7 bankruptcy protection. An attorney with experience with such proceedings can help both businesses and individuals fully understand their options and seek appropriate action; by filing for bankruptcy, a struggling business could start with a clean financial slate.

Source:, "American Solar Direct, Residential Solar Installer and Sales Firm, Is Bankrupt", Eric Wesoff, June 8, 2017

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