Many Louisiana business owners know what it’s like to face serious financial crises. Sometimes, poor spending habits or mismanagement of company funds creates economic hardships that are difficult to resolve. Other times, the current state of an economy negatively impacts business owners and private citizens in a particular region. Then again, some business owners seek debt relief when they come upon hard times financially during legal battles associated with their businesses.
One man, who happens to be considered the founder of the hot yoga system (yoga that is typically practiced in rooms exceeding 95 degrees Fahrenheit) recently declared bankruptcy. His money problems are said to have surfaced when he kept having to go to court after being accused of sexual misconduct with employees of his company. He has adamantly denied the allegations; however, expensive court battles apparently thrust him into a fiscal crisis from which he could not recover without debt relief assistance.
Many business owners determine bankruptcy is their most viable option in order to restructure their financial portfolios and overcome serious debt problems while retaining ownership of their businesses. There are several types of bankruptcy and eligibility requirements pertaining to each; therefore, it often helps to seek experienced guidance before choosing a particular debt relief path. In the yoga instructor and founder’s situation, he owes approximately $16 million or more in legal judgments, which would likely be enough to cause most people significant financial trouble.
Some Louisiana residents become stressed and overwhelmed when they realize they are in over their heads financially. Not everyone is aware of the various types of debt relief options that may be available to them. This is one of the ways that a bankruptcy attorney can be of assistance by helping concerned business or home owners explore their choices and determine courses of action that best suit their needs.
Source: businessinsider.com, “The company that brought hot yoga to the US files for bankruptcy after founder’s sexual harassment scandals cost millions,” Kate Taylor, Nov. 10, 2017