From unanticipated medical problems to declining sales, businesses may find it necessary to file for bankruptcy for many reasons. In Eugene, and other cities across the state of Oregon, deciding to file for bankruptcy can be an incredibly difficult decision. However, it can help businesses recover from the financial stressors they are facing and restore a sense of normalcy. For those considering filing for bankruptcy, different options may be on the table. Sometimes, Chapter 7 is the most effective course of action.
An adoption agency based in California recently filed for Chapter 7 bankruptcy. The agency, which had been conducting business in Georgia, reportedly had assets totaling $57,000. According to reports, the adoption agency had $6.5 million worth of assets in 2014.
A memo from earlier in the year allegedly showed that some of the adoption agency’s executives had been encouraging clients to buy advertisements for their online profiles just weeks before the agency shut down. Clients say the advertisements were selling for more than $2,000.
By successfully filing for bankruptcy, businesses both large and small can finally move forward from financial hurdles that have been dragging them down. That said, it is crucial for business owners to carefully review the unique details surrounding their circumstances and make sure that Chapter 7 is the most effective way to handle their debt. Understanding the ins and outs of bankruptcy can be complicated, particularly for those who already have a great deal of stress. As a result, many have decided to consult an experienced legal professional for a better idea of which steps to take next.
Source: WSB-TV, “Bankruptcy filing shows once-lucrative adoption agency left with $57,000,” Nicole Carr, Feb. 4, 2017
