Louisiana business owners are likely no strangers to financial challenge. It is not uncommon in the business world to have ups and downs in the course of a single month, and definitely over the span of several fiscal years. Sometimes, things get out of hand and immediate debt relief, such as Chapter 7 bankruptcy, is needed to stay afloat.
An advertising agency in another state experienced recently similar circumstances. The company decided to close its doors after substantial revenue decline. When bankruptcy documents were filed, the company listed $1 million in liabilities and under $130,000 in assets. The company had been known as one of the largest advertising agencies in its region.
Chapter 7 bankruptcy requires a complete and immediate liquidation of assets. There are other debt relief options, however, that allow business owners to retain ownership and keep their doors open. What works for one company may not be feasible for another, which is why most business owners seek experienced guidance before determining their specific courses of action.
As with all debt relief processes, there are prerequisites and stipulations involved with Chapter 7 filings. A Louisiana attorney well-versed in bankruptcy law can review a particular financial crisis and help determine how best to proceed to resolve the issue and get things back on track. An experienced attorney not only has immediate assistance in mind, but also focuses on a client’s future with options for restored financial stability in mind. Any questions or concerns about a particular problem may be discussed during an initial consultation.
Source: bizjournals.com, “Longtime Raleigh advertising agency files for Chapter 7 bankruptcy“, Jennifer Henderson, Oct. 3, 2017