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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Industrial manufacturer files for Chapter 7

An industrial distribution company has officially filed for bankruptcy, though little information regarding the specifics of the filing are currently available. Many South Carolina business owners already understand how a Chapter 7 filing can help to deal with problematic debt. It appears the owners of Moraine Industrial Supply, Inc. have come to the same conclusion.

It has been confirmed the bankruptcy filing took place on June 27, but very few details about the filing itself have been released to the public. It is currently unknown how much debt Moraine Industrial Supply was carrying at the time of the filing, nor is it known how much the company's existing assets are worth ahead of the liquidation. It is hoped that the company's assets will at least put a dent in their existing debt.

The company has been tight-lipped about the filing. Phone numbers for the business location are out of service as of this report, and attempts to reach company management through contacts available on their website have also met with failure. The longtime manufacturer of industrial hose assemblies seems to have closed for good.

South Carolina business owners already know the perceived stigma surrounding Chapter 7 bankruptcy tends to be ill-gotten. Far from signifying the end of a business career, a Chapter 7 opens new doors of opportunity for a struggling business owner. By liquidating company assets, creditors can be satisfied to the extent that there are liquidated assets available. This can allow the owners to return to the market with a stronger financial footing without the spectre of debt hanging over them.

Source: bizjournals.com, "Industrial supply company in Moraine files for bankruptcy", Olivia Barrow, July 11, 2014

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