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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

Management company files for Chapter 7

Many Louisiana business owners facing financial difficulties seek debt relief through bankruptcy when needed. Chapter 7 bankruptcy typically includes a  liquidation of assets. Bankruptcy laws can be complex, so it often helps to seek support from someone well-versed in legal terminology.

Chapter 7 bankruptcy situation leads to customer complaints

A family-run store in another state came upon hard times as online shopping and home delivery grew more popular. At least, that's what a spokesperson for the company recently said. The owners wound up filing Chapter 7 bankruptcy in early September. The events that unfolded after that have affected not only those directly involved but the community at large as well. If a similar problem were to arise in Louisiana, those involved may want to seek outside support. 

Battery manufacturer preparing for Chapter 7 bankruptcy

When a business in Louisiana or elsewhere realizes that significant partnerships it was banking on to succeed are not going to happen, it may be a sign that the time has come to close up shop. Financial issues are often at the root of such problems. Many business owners realize the value of wiping the slate clean by filing for Chapter 7 bankruptcy. Some eventually re-open their doors once they have restored financial stability.  

Real estate developer chooses Chapter 7 for debt relief

As in most other states, the real estate market in Louisiana has its ups and downs. For commercial property owners, this can sometimes cause financial crises that are difficult to resolve. In fact, some real estate investors, such as the developer of a planned luxury condominium complex in another state, wind up seeking immediate debt relief, such as Chapter 7 bankruptcy, when they can't get things back on track. 

Deal falls through, company files Chapter 7 bankruptcy

Louisiana companies often use mergers or acquisitions to rebound from serious financial problems -- blending the companies' multiplies resources, which, in turn, can often help get things back on track. It doesn't always work out that way, however, as made evident by a recent situation involving Rosetta Genomics and another company. After a planned merger deal fell through, Rosetta filed for Chapter 7 bankruptcy.  

Forced Chapter 7 bankruptcy may impact more than one business

Most Louisiana business owners understand that any number of issues can financially make or break a company. Many business owners try to expand their earning potentials and boost their overall productivity and profitability through mergers or acquisitions. Doing so often helps struggling businesses stay afloat -- often, but not always. Others wind up filing Chapter 7 bankruptcy to obtain debt relief and start afresh.                 

Bus company files Chapter 7 when liabilities outweigh assets

In Louisiana and other states bankruptcy is a responsible option to achieve debt relief. Every situation is unique and circumstances must be carefully reviewed before a decision can be made regarding whether Chapter 7 or Chapter 13 is the best choice. Each includes various eligibility requirements that must be fulfilled in order to qualify.  

Things to know about Chapter 7 debt reaffirmation

Many people throughout the nation, no doubt including some in Louisiana, have fallen upon hard times financially. Some will likely be able to resolve their financial problems by adjusting their spending habits. Others, however, face debt situations that have gotten out of control, and they have no feasible means for eradicating their problems. Chapter 7 bankruptcy is often the most viable solution, and in cases where the person who owes money is looking for ways to retain a secured asset, such as an automobile, a reaffirmation agreement may be possible. 

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. 

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