When individuals have a passion for something, they often want to share that passion with others. In some cases, Ohio residents may open businesses pertaining to their interests. Unfortunately, not all businesses are successful, and individuals could face a considerable amount of debt if a business fails. However, information on Chapter 7 bankruptcy may be able to help individuals looking to get back on track.
One man in another state recently filed for personal bankruptcy after his business went downhill. It was reported that the man had started a business pertaining to soccer that worked toward coaching children in the game as well as providing a place to compete. However, over the course of the last year, the man’s soccer club lost coaches and players, which led to a decline in the business’s success.
Due to the decline, the company was unable to fully provide services to its members. The man was required to issue refunds to members who had paid fees for services, but because of his financial state, the man was not able to ensure that all individuals were refunded. As a result, lawsuits were filed against the man. However, because he filed for Chapter 7 bankruptcy, those lawsuits have been put on hold as the man works to discharge his accrued debt.
Financial difficulties of any sort can be stressful for individuals to deal with, but when the situation results from a failed business, an individual may feel particularly devastated. If Ohio residents have found themselves in a similar predicament, they may want to consider their options. Filing Chapter 7 bankruptcy may help them work toward a fresh financial start.
Source: journalstar.com, “Ex-soccer club leader files for bankruptcy“, Richard Piersol, Oct. 22, 2015