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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Chapter 7 bankruptcy cleans slate for barn company

Filing for bankruptcy can be a difficult decision for a business owner, but sometimes it is the best fiscal move a responsible owner can make. South Carolina residents understand this sentiment as it is mirrored in the case of Dutch Barns, a family-owned business that recently filed for Chapter 7 bankruptcy. The company's heads are soldiering on, however, and have high hopes for the future.

Dutch Barns has been in business since the early 80s, specializing in prefabricated buildings including garages and gazebos. Unfortunately the economic downturn of the last decade left their finances in a precarious position. They currently owe between $100,000 and $500,000 to creditors, with a net worth of only $50,000 to the company's name.

The Chapter 7 filing was not easy for the company's heads, who initially considered filing a Chapter 11 instead. That option was ultimately discarded as being too expensive in the long run. Company heads hope to attract a buyer for Dutch Barns that will help the company return to its original prominence while satisfying creditors in the process.

A Chapter 7 bankruptcy filing does not in any way have to be the "end of the road" for an otherwise promising business. Indeed, it represents the opportunity to discharge existing debt, freeing owners to move forward with other plans and rebuild the business from the ground up. South Carolina residents considering bankruptcy would do well to look at the option as the potential for future success in much the same way the heads of Dutch Barns have done.

Source: bizjournals.com, Dutch Barns Inc. files for Chapter 7 bankruptcy, Katie Arcieri, Sept. 18, 2013

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