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