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South Carolina bankruptcy: financial trouble can be unexpected

Bankruptcy can be a viable option for South Carolina business owners who find themselves financially strapped due to circumstances that have spiraled out of their control. Although most business owners don't want to see their endeavors suffer, bankruptcy can help soften the financial blow that a crumbling business can bring. A day care owner recently had to shut down her centers and file for bankruptcy after one of her vans was involved in an accident that killed one of her employees and injured several others.

The woman has listed many creditors, including more than 80 workers who were seeking unpaid wages and overtime money from her. She claimed that she has over half a million dollars in liabilities and only $38,540 in assets. The woman closed all of the day care centers she owned.

The Kentucky crash occurred when a van carrying several children collided with a tree. One of the van monitors was killed in the accident. Several children and another employee sustained injuries. The owner has since been hit with several thousand dollars in fines due to the crash. The woman is also facing a fraud investigation, potentially further aggravating her financial troubles.

Accidents can and often do happen, but sometimes South Carolina business owners find themselves unprepared for such an event. With this type of trouble, financial problems can sometimes follow. Fortunately people in this situation are not without recourse and bankruptcy protection may be a viable solution. Filing for bankruptcy could help some business owners deal quickly with their finances and help them begin to get on their feet sooner.

Source: Courier-journal.com, "Owner of Heavenly Angels Childcare Center files for Chapter 7 bankruptcy," Joseph Lord, Oct. 4, 2012

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Reed Law Firm, P.A.
220 Stoneridge Drive,
Suite 301

Columbia, SC 29210

Phone: 803-726-4888
Fax: 803-726-4887
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Suite B

Florence, SC 29501

Phone: 843-679-0077
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