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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
Louisiana’s Oldest Bankruptcy Law Firm
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chapter 7 Archives

Company files for Chapter 7, closes doors

Owning and keeping a Louisiana business afloat is definitely not for the fainthearted. While there's a natural ebb and flow that occurs with most businesses; a cycling of profitable times with fiscal seasons that aren't as successful. There are also many other challenges that can unexpectedly occur to make or break a business. Sometimes, business owners make decisions to liquidate their assets as a means of seeking immediate debt relief when they can't seem to get things back on track. A business in another state has determined that Chapter 7 bankruptcy is its most viable option.

Questions to ask to determine whether Chapter 7 is viable option

When facing serious financial crises in Louisiana or elsewhere where filing for bankruptcy appears to be the best solution, it's always good to have several debt relief options available. There are two main types of consumer bankruptcy, and one may prove a better option over another in a particular situation. Chapter 7 is known as a liquidation bankruptcy, while Chapter 13 is referred to as a debt reorganization. 

Bon-Ton stores may be headed for bankruptcy

As the nation's business economy continues to fluctuate, many businesses in Louisiana and elsewhere are struggling to stay afloat. In fact, a major department store based in another state is reportedly considering bankruptcy as a means to help overcome its $1.2 billion in debt. Bon-Ton has not formally filed for bankruptcy as of this time; however, sources say it appears the company is heading in that direction.

Creditors file involuntary Chapter 7 petition

Many Louisiana readers may be familiar with one-time billionaire Robert F.X. Sillerman. As an entrepreneur, Sillerman owned various television and radio stations in the 1970s and 1980s and later became a concert and stage promoter. Sillerman founded SFX Entertainment Inc. in 2012 and is currently engaged in a legal battle with creditors who are reportedly trying to force him into Chapter 7 bankruptcy.

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.

Ad agency in another state chooses Chapter 7 debt relief

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.

Is bankruptcy a legal decision or a moral one?

You've always been told that bankruptcy is something to avoid at all costs. You think it's the closest thing you can do to breaking the law without actually becoming a criminal. You think it's wrong, you feel shame for even considering it, and you know you'd never do it.

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