When a business owner faces tremendous financial challenges, they may be unsure of what to do next. Overwhelming debt can make daily life difficult and leave companies looking for a fresh financial start in Salem, and across New Hampshire. For businesses struggling with debt, it is extremely important to take a close look at every option on the table. There are a variety of ways to find debt relief and for some firms, filing for Chapter 7 is a wise decision.
A Massachusetts-based company that resold river cruises recently filed for Chapter 7 bankruptcy protection. The travel company, which turned to bankruptcy following a growing number of trip cancellations in the past month, liquidated all of its assets.
In its bankruptcy filing, the company reports assets ranging from $500,000 to $1 million and $1 million to $10 million in liabilities. Furthermore, the company stated that it will not have any funds to distribute among uninsured creditors.
Whether someone wants to stop creditor harassment or just enjoy the peace of mind that debt relief can provide, there are all sorts of reasons why individuals and businesses file for bankruptcy protection. Before moving forward, it is crucial for people who are considering bankruptcy to review the different types of bankruptcy, carefully lay out a plan and address their financial problems right away. For some people, consulting a legal professional is an excellent way to explore their options, develop a better understanding of the bankruptcy process and finally put their burdensome debt behind them.
Source: TravelWeekly.com, “Tom Harper files for Chapter 7 bankruptcy,” Michelle Baran, June 8, 2015