When a business owner is struggling with debt, it is essential for them to consider every option that is on the table as they move forward. In some cases, successfully filing for bankruptcy can provide them with a sense of relief and peace of mind after months or maybe even years of dealing with overwhelming anxiety. In Davidson, Tennessee, and throughout the United States, businesses that are both large and small should address any financial hardships they are facing as soon as possible.
A cancer support organization based in Florida recently filed a petition for Chapter 7 bankruptcy. The organization oversaw a number of non-profits that assisted cancer patients and their families, one of which recently laid off the remainder of its staff.
In their bankruptcy filing, the organization claimed to have between 200 and 999 creditors and as much as $10 million worth of estimated liabilities. Another non-profit overseen by the organization has an upcoming charity event scheduled, but their phone number is no longer operating.
When it comes to bankruptcy, there are a number of options. For some businesses and individuals, Chapter 7 is ideal, while Chapter 11 or Chapter 13 may work out better for others. Before filing for bankruptcy, it is very important for businesses to closely evaluate the individual details surrounding their case and opt for the most sensible path forward. For some, contacting a legal professional and discussing the challenges they are facing may provide them with a better understanding of which steps to take next and could help them finally find financial freedom.
Source: Tampa Bay Business Journal, “Sarasota area cancer support nonprofit files for Chapter 7 liquidation,” Pam Huff, Nov. 2, 2015