Debra Booher & Associates Co., LPA
Click here to get your free Legal evaluation
Call Us Today Toll Free 888-542-1300

Chapter 7 may help Ohio residents facing business losses

Business losses can be a strong factor in an individual needing personal financial help. In many cases, these losses may lead to Ohio residents facing thousands if not millions of dollars in debt that they may not know how to handle on their own. As a result, they may find it prudent to explore debt management options, such as Chapter 7 bankruptcy that may allow them to work toward a fresh start.

It was recently reported that a businessman in another state took such action after the former CEO faced considerable business difficulties. Reports stated that the man had been the CEO of two different companies before resigning and those companies heading into receivership and bankruptcy. It was noted that one business had employed over 450 people, and all of those jobs were lost when the business closed. 

The former CEO was reported as having filed for Chapter 7 bankruptcy himself, presumably due to the vast monetary difference in his assets and liabilities. Purportedly, the man is facing between $1 million and $10 million in liabilities and has somewhere between $100,000 to $500,000 in assets. This filing is a liquidation process that will allow his assets to be sold in order to repay at least some of the debts. 

It is undoubtedly disheartening when business losses become overwhelming and doors must be closed. However, Ohio residents facing similar situations do not have to consider those losses the end of the line. Filing for Chapter 7 bankruptcy may be able to help them repay and/or discharge some of their debts in order to have a more stable financial future.

Source: jsonline.com, "Businessman Bobby Kraft files for personal bankruptcy", Rick Romell, March 18, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Cuyahoga Falls Office
1350 Portage Trail
Cuyahoga Falls, OH 44223

Toll Free: 888-542-1300
Phone: 330-253-1555
Fax: 330-253-1599
Cuyahoga Falls Law Office Map

Beachwood Office
3401 Enterprise Pkwy.
Suite 340
Beachwood, Ohio 44122

Toll Free: 888-542-1300
Map & Directions

Independence Office
4700 Rockside Rd
Suite 415
Independence, Ohio 44131

Phone: 216-447-0207
Map & Directions

Westlake Office
1991 Crocker Rd
Suite 600
Westlake, Ohio 44145

Toll Free: 888-542-1300
Map & Directions

Canton Office
4450 Belden Village Street NW
Suite 204
Canton, Ohio 44718

Phone: 330-492-9600
Map & Directions

Ravenna Office
2633 St. Rt. 59
(Orchard Plaza)
1st floor
Ravenna, Ohio 44266

Phone: 330-297-5200
Map & Directions