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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Plastics manufacturer files for Chapter 7

Local business news recently announced that a renowned manufacturer of injection molding has filed for bankruptcy. South Carolina developers may be aware of Tarheel Plastics, LLC, which closed its doors several months ago and has since filed for Chapter 7 bankruptcy. It is hoped this move will allow the owners of the company to fulfill their financial obligations and move forward in a more positive financial direction.

The company started 2013 with optimism as they had intended in March of this year to hire 48 new employees and expand their enterprises into neighboring counties. Unfortunately that plan failed to materialize, and instead the company wound up laying off 75 existing workers and closing its doors entirely. The bankruptcy filing came shortly thereafter.

Bankruptcy paperwork indicates the company boasts $2.5 million in assets, a number that does not cover their rising debt currently listed at $3.6 million. Several major creditors are invested, including an out-of-state bank and local chambers of commerce and county tax departments. The liquidation of assets brought on by the Chapter 7 filing will cover most of the company's outstanding debts, and it may be possible to negotiate for other debts to be forgiven.

South Carolina residents and business owners understand the effect the 2008 recession has had, and continues to have, on the American economic system. In the face of an economy that is still endeavoring to recover from a downturn, a Chapter 7 bankruptcy filing is sometimes the best move a struggling company or individual can make. Paying off existing debt allows businesses and individuals to lay down a framework for a more stable financial future.

Source: bizjournals.com, Tarheel Plastics files Chapter 7 bankruptcy, Catherine Carlock, Oct. 29, 2013

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