Louisiana is home to street celebrations, Cajun cuisine and many specialty shops. Tourists and full-time residents alike patronize, as well as own many of the state’s restaurants and pubs. Some businesses have stores in multiple locations; however, if sales are not as high as projected, it can lead to financial crisis and serious need for debt relief.
That’s basically what happened with a specialty shop that sells bread, sandwiches and salads. The owner was unable to sustain several stores because one of the locations was doing as good of business as needed to keep the enterprise afloat. The owner recognized a need for immediate debt relief. Thankfully he came up with a solution that enables him to remain in business, keep the doors open and lay the groundwork for a better financial future.
In situations like this, there are often several options. To determine which one is most viable can be challenging, which is why most business owners seek outside support. The man in this particular case worked out an alternate payment plan through Chapter 11 bankruptcy.
The investor who agreed to take on the debt to pay back more than $800,000 to creditors, the IRS and other entities on behalf of the company also took over ownership of the shop. The previous owner will reportedly remain on-hand to manage the shop. Many customers will no doubt be thrilled that their favorite sandwich place will not have to close its doors; other Louisiana business owners facing similar financial crises may wish to pursue debt relief solutions by discussing their situations with experienced bankruptcy attorneys.