CHAPTER 7 BANKRUPTCY MAY RELIEVE ESTABLISHED RETAILER'S DEBT

Whether you’re an individual or you own a company, if you are struggling with overwhelming debt, you may want to consider filing for bankruptcy. There are many different options, each with their own pros and cons, but the most common form of bankruptcy is Chapter 7. It is one way to get debt relief and overcome your financial challenges so that you can get a fresh financial start.

While not in Ohio, an international camera and photography company called Calumet Photographic has recently filed for Chapter 7 bankruptcy. Despite being a successful business for three-quarters of a century, the photography company has found itself facing overwhelming debt. This just goes to show how debt can creep up on anyone, whether you’re a global photography supplier based in Illinois or a family-owned business in Ohio.

Calumet Photography’s bankruptcy filings list the company’s assets as at least $50 million but not more than $100 million and liabilities as high as $50 million and not less than $10 million. However, you don’t need to be dealing with monetary figures in the millions to benefit from bankruptcy. Many people qualify for some form of debt relief, so if you’re struggling with debt, you might want to consider bankruptcy and the fresh financial start that it can bring you.

In addition to discharging some debts completely and giving you the debt relief you need, filing for Chapter 7 bankruptcy can also stop creditor harassment. Not only can it help you get your finances under control, it can help you get your life under control. In this struggling economy, debt can burden anyone, but you don’t need to let massive debt dictate your future. With Chapter 7 bankruptcy, you could be on your way to a fresh financial start.

Source: The Columbus Dispatch, “Calumet Photo files for bankruptcy,” March 13, 2014