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Filing for bankruptcy in South Carolina can provide new start

Filing Chapter 7 bankruptcy can be a great opportunity for business owners to responsibly confront any unmanageable debt they have incurred. A recent story involving a trucking and logistics company has shown some of what the process entails and provides a good example for any South Carolina business faced with a similar situation. This was a solid company that ultimately recognized that bankruptcy protection was the best option to address the financial problems that arose.

The company had been in business for six years when their biggest creditor froze all assets, which is what the owner attributes to the downfall. A bank initially offered a large loan to the company, but the assets were frozen after the company had reportedly defaulted multiple times on the loan agreement. At a Bankruptcy Court hearing, a trustee was appointed to liquidate the company's remaining assets and pay off as many outstanding debts as is possible.

This particular case has been described as a complicated case. While it was reported that 4,000 carriers are looking for payment, it was noted that $9 million is owed to the company by various companies. Once these payments are collected, payment of any outstanding debts will be easier for the company to pay. The owner of the business has been in the area and involved in the trucking business for years which could prove to be beneficial when moving forward with future investment plans.

Any South Carolina business contemplating filing for bankruptcy could be best served by gaining an understanding of applicable state and federal laws. There are many avenues of help available to assist with any questions a business may have regarding the process and best way to proceed with necessary actions. Making an informed decision can be critical for a person looking to move beyond the bankruptcy and continue in the business world.

Source: jacksonville.com, "Eleets logistics company goes Chapter 7, leaves creditors sorting out remaining assets," Drew Dixon, April 22, 2013

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

Columbia, SC 29210

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Florence, SC 29501

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