Minnillo & Jenkins, CO. LPA
Call 513-723-1600
For A No-Pressure, Free Consultation

Children's museum files for Chapter 7 bankruptcy

Businesses in Ohio whose debts have become overwhelming may seek the protection offered by the U.S. Bankruptcy Code. Companies with serious debt problems can reorganize their finances while maintaining business operations under Chapter 11 bankruptcy. If the reorganization is not successful, the business owner may explore other options.

A children's museum in another state had the opportunity to restructure its debts and create a repayment plan after its Chapter 11 filing in Nov. 2014. Unfortunately, the non-profit organization's finances didn't allow for the successful maintenance of the repayment plan. The only other option for the business was to file for Chapter 7 bankruptcy.

Although Chapter 7 offers some protection, it is a liquidation process. Assets will either be returned to creditors or liquidated. The funds obtained through the sale of assets will then be used to pay creditors. While individuals can go through Chapter 7 bankruptcy and continue life afterward, this option does not allow business operations to continue, and it will have to close its doors as the existence of the business will cease.

When an Ohio business or individual files for bankruptcy, all further debt collection actions by creditors are stopped. Foreclosure and repossession actions are also put on hold, giving the debtor the opportunity to find a solution to the problem. Being fully informed about the legalities and requirements of the different bankruptcy options will allow a debtor to make informed decisions at this difficult time. An experienced bankruptcy attorney can provide vital support and guidance to individuals seeking a fresh financial start.

Source: waaytv.com, "Sci-Quest files for Chapter 7 Bankruptcy, closing doors permanently", Andy Devine, March 8, 2016

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Contact us right now for a free bankruptcy consultation

NACBA - National Association of Consumer Bankruptcy Attorneys

Proud Member NACBA

We are proud members of the NACBA, a national organization dedicated to serving the rights of consumer debtors. Read More

Super Lawyers

Jenkins Named Super Lawyer!

Founding partner, Christian A. Jenkins, was selected by his peers and the media as a Super Lawyer. Read More

Cincinnati Office
2712 Observatory Avenue
Cincinnati, OH 45208

Phone: 513-723-1600
Cincinnati Law Office Map

Cincinnati Office
792 Eastgate South Dr
Suite 150
Cincinnati, OH 45245

Phone: 513-685-0612
Cincinnati Law Office Map

Fairfield Office
447 Nilles Rd
Suite 9
Fairfield, OH 45014

Phone: 513-795-0995
Fairfield Law Office Map

Covington Office
526 Philadelphia St.
Covington, KY 41011

Phone: 513-795-0995
Map & Directions