Being part of a company can bring a sense of accomplishment to those who have considerable stake in the business. However, being deeply invested in a company could also lead to financial troubles if substantial business losses become an issue. As a result, South Carolina residents in such a predicament may find themselves wondering how to escape crushing debt burdens.
One man in another state faced similar circumstances, and as a result, he recently filed for bankruptcy. Reports stated that he filed for Chapter 7 in order to liquidate his assets and have that money put toward the repayment of some of his debts. Apparently, he has amassed between $1 million and $10 million in liabilities, and he reportedly has significantly less money in assets.
His situation stems from his involvement in two business that went under. Reports stated that he was the CEO of both of these companies and that he resigned from his position after one company went into receivership and the other faced bankruptcy. Both companies apparently closed soon after. However, it was noted that the man has become president and CEO of another company.
Though the man is apparently already moving forward again in the business world, his bankruptcy filing will likely benefit his situation. Chapter 7 will allow him to work toward a fresh financial start and possibly make headway with his newer company. If South Carolina residents have faced similar circumstances, they may also wish to consider filing for bankruptcy as a way to overcome their substantial debt and work toward a new beginning.
Source: jsonline.com, “Businessman Bobby Kraft files for personal bankruptcy”, Rick Romell, March 18, 2016
