While there are a few situations in which bankruptcy might be abrupt and out of one's control, the financial downfall that ultimately leads to one having to file for bankruptcy can oftentimes be halted with the adjustment of a few key factors. When an entity does succumb to bankruptcy in Ohio, the outcome can create lingering consequences that will take time and resources to fully recover from.
In a recent story out of El Paso, Texas, an embattled businessman has developed an elaborate plan to overcome an inevitable bankruptcy filing that is quickly approaching by proposing a joint venture. The agreement would involve his son-in-law who is a prominent businessman in the area as well. A Chapter 11 bankruptcy filing would be in place to reassess what can be done to pay off an overlying amount of debt. However, the joint venture agreement was denied by the answering party and now it is appearing as though several Downtown El Paso buildings will go to bankruptcy court to be auctioned off.
When people are facing an uncertain financial future and recognize an immediate need to file for bankruptcy, they may wish to contact an attorney to guide them throughout the process. Doing so may put them in a position where they can focus their remaining resources on overcoming their current predicament before it worsens. Legal professionals can also provide insight into how to protect and leverage remaining assets in order to rectify debt without accruing further problems.
Source: El Paso Times, "Abraham bankruptcy bailout collapses; 9 Downtown El Paso sites may be auctioned," Vic Kolenc, Sept. 24, 2018