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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Chapter 7 bankruptcy declared by heath care practitioner

A popular and lucrative healthcare provider has planned to shut its doors in March, according to local business news. Crystal Care Home Heathcare Services will be filing for Chapter 7 bankruptcy after citing extreme debt. South Carolina business owners know how difficult outstanding debt can be to discharge, which is why a bankruptcy declaration can be such a useful business tool.

Once called the fastest-growing business in its home state's general area, Crystal Care appears to have fallen on difficult times since it was venerated back in 2009 as an industry leader. Initially, the company applied for Chapter 11 protection, but the company's leadership subsequently requested a shift to Chapter 7. Currently, the company lists its debts at approximately $5 million against an unknown amount of assets.

The company planned to close its doors in early March following the Chapter 7 filing. It is hoped this will allow the company's ownership to return to a position of business leadership in the healthcare field in the future. The company was previously best known for providing healthcare services in-home to patients in need.

Every field has struggled in the trying economic climate of the last several years, as South Carolina residents are well aware. Chapter 7 bankruptcy allows business owners a way to discharge existing debts, typically without sacrificing their personal financial integrity, by liquidating company assets to satisfy creditors. This is often seen as a responsible way in which to confront business debt that has simply become too difficult to effectively manage. With luck, the owners of Crystal Care will be able to recuperate and move forward with a more stable financial footing in the years ahead.

Source: bizjournals.com, Crystal Care Home Health goes into Ch. 7 bankruptcy, Mark Reilly, Feb. 20, 2014

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