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Animal sanctuary applies for Chapter 7 bankruptcy

A struggling home for injured animals is closing its doors following a bankruptcy filing. The well-known animal sanctuary filed for Chapter 7 bankruptcy on Jan. 28 after a period of several years' worth of economic hardship. While it can be a difficult transition for business owners, South Carolina residents understand that sometimes bankruptcy is the most fiscally responsible choice to make when looking to one's own financial future.

The sanctuary had been facing financial challenges since mid-2011 when it received a loan from the U.S. Department of Agriculture in the amount of $2.7 million. This, combined with the company's other debts, brings its deficit to anywhere between $1 million and $10 million, according to the bankruptcy paperwork filed by the company's CEO, who also lists herself as the secretary and treasurer. The company owes money to a total of 130 creditors.

Among the other creditors are the Internal Revenue Service as well as a variety of veterinarians and contractors. The shelter first closed its doors in Nov. 2013, but the paperwork was not filed until the new year. A sheriff's sale of equipment at the company's offices had been scheduled for Jan. 29, but was cancelled in light of the bankruptcy filing the day before.

Chapter 7 bankruptcy represents a unique opportunity for business owners in South Carolina and elsewhere. In the face of difficult debt, it allows the company to liquidate its assets to help pay down creditors. This, in turn, protects the company's executives from financial burden, allowing them to move forward in a more positive financial direction.

Source: sussexcountian.com, Safe Haven Animal Sanctuary files for Chapter 7 bankruptcy, Sarah Lake Rayne, Feb. 4, 2014

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