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Mall’s future uncertain after owner files for bankruptcy

Many in Hillsborough County may mistakenly believe that a Chapter 7 bankruptcy only affects those that are filing for it. This belief may no doubt be rooted in the assumption that Chapter 7 is only an option for people seeking a personal bankruptcy. However, the truth is that businesses and commercial entitles can seek Chapter 7 bankruptcy, as well. Most may associate a Chapter 11 case with companies because it may allow them to reorganize themselves in hopes of continuing their operations. However, if a business entity is simply looking to liquidate assets in order to pay off creditors, Chapter 7 may be the way to go.

That is not to say damage will not be felt in the wake of such a decision. A Pennsylvania community is currently feeling such damage after it was recently announced that the owners of a local mall would be filing for Chapter 7 bankruptcy. While the popularity of the mall has reportedly waned in recent years, some still fondly remember their experiences there and are justly sad to see it in such a state.

Equally as concerned are the current tenants of the mall, who were among those recently informed that that a bankruptcy trustee has 90 days to find a buyer for the property before its assets will be sold. Many of them are now faced with the difficult decision of whether or not to cease their operations now or wait it out and see what the future may hold.

Uncertainty may abound amongst all those impacted by bankruptcy, but perhaps none more so than with those actually seeking its protection. Having a bankruptcy attorney by one’s side during the process may help to dispel some of that doubt and concern.

Source: “Schuylkill Mall Owner Files for Chapter 7 Bankruptcy” Nieves, Alicia, Oct. 26, 2016

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