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Prominent fuel company files for Chapter 7 bankruptcy

In an extremely challenging financial landscape like the one Americans have been traversing since 2008, sometimes even the best-run businesses find themselves in dire fiscal straits. Such is the case with Wayne Fuel, Inc., an oil company that may be familiar to South Carolina businesses in the same field. Wayne Fuel filed for Chapter 7 bankruptcy earlier this month at the behest of its CEO.

The company, which incorporated in 1992, listed its assets as being valued between $100,000 and $500,000. This was set against a deficit of between $500,000 and $1 million, putting the company squarely in the red. A company representative filed the bankruptcy paperwork in a district bankruptcy court on Oct. 5.

A Chapter 7 bankruptcy filing is designed to allow a company to liquidate its assets in order to pay off existing creditors. This can help protect the independent assets of shareholders and company owners. Additionally, a Chapter 7 can occasionally be used to forgive certain types of existing debt, effectively wiping the slate clean and allowing the owners and shareholders to walk away relatively unscathed from a difficult financial situation.

South Carolina business owners may be inclined against pursuing a Chapter 7 filing, but it can provide the ability to move past financial challenges that would otherwise be insurmountable. This affords business owners the freedom to start from a more stable economic base when working toward their next goal. There are a number of debt relief options that a business or individual can consider in order to address unmanageable financial issues and forge a path for a return to financial;security.

Source: citizensvoice.com, Wayne Fuel files for bankruptcy, No author, Oct. 5, 2013

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