It’s no secret that we live in a difficult economy to run a business in. Despite many people’s best efforts, sometimes a business venture doesn’t work out, or an established business experiences financial difficulties that force its owners to have to make difficult decisions about how to proceed. If expenses begin to outweigh revenue, the business may have to file a Chapter 7 bankruptcy to wipe out the accumulated debt.
Jackson residents may be familiar with a company called Premier Pools, which has recently filed for bankruptcy. The company was originally based in Mississippi and is accused of substandard work, missed deadlines and property damage, according to the state staff attorney. The company filed for bankruptcy in September.
The company is being threatened with fines and the revocation of its license from Tennessee’s Contractors’ Board for the quality of its work. However, the company’s attorney states because the firm is already in the process of bankruptcy and has no assets, the state would not be able to collect anything.
Its Chapter 7 bankruptcy filing means that the company’s debts will be significantly reduced if not eliminated through the liquidation of its assets. Those who find themselves in financial difficulty would do well to seek advice on how to reduce their burdens. Finding yourself buried under a mountain of debt can be scary and overwhelming. But bankruptcy offers people and business in this situation viable options for debt relief so they can get out of debt and move on.