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Simon, Fitzgerald, Cooke, Reed and Welch
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Chapter 7 deemed most viable option in rebate company's crisis

A professional horseplayer owns a company that has apparently fallen on hard times financially. Thankfully, after reviewing its options, the company has determined an appropriate means of debt relief. There may be Louisiana business owners currently facing financial challenges and similar problems who will also want to consider Chapter 7 bankruptcy as a possible solution to their financial woes.

In this particular situation, the company in question is a rebate establishment that provides services for off-track bettors and telephone wagers. The owner of the business reportedly lost a recent legal battle with a former business alliance. This is said to have led to a significant financial crisis.

To overcome the problem, the company owner has filed for Chapter 7 bankruptcy protection. The company listed more than $11 million in liabilities. This type of debt relief involves a complete liquidation of assets as opposed to Chapter 13 options, which are more geared toward restructuring finances and reorganizing payment plans.

An experienced Louisiana bankruptcy attorney can assist any business owner or individual consumer seeking clarification of laws regarding Chapter 7 or other debt relief options. No two financial crises are exactly the same; what works for one situation may not even be an option for another, due to eligibility requirements or other issues. Many business owners experience ups and downs with their finances, and even the most dire circumstances do not necessarily mean problems cannot be overcome; the key to successful financial crisis resolution often lies in knowing where to turn for support when a problem arises.

 

Source: paulickreport.com, "South Dakota-Based Bet Rebate Company Files For Chapter 7 Bankruptcy", Ray Paulick, Oct. 9, 2017

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