Many individuals dream of owning their own businesses, but, unfortunately, many business ventures do not always work out. In some cases, failing business could lead individuals to considerable financial difficulties that they may not know how to handle. Fortunately, Chapter 7 bankruptcy may be able to help Tennessee residents who find themselves facing considerable debt.
It was recently reported that a man in another state recently filed for bankruptcy after his soccer club failed. The man had established the business as a way to coach children and provide other services pertaining to the sport. However, his business began to go downhill after losing coaches and players over the course of the last year. As a result, he began having difficulty providing the promised services.
Because the business was unable to properly function, the man had to refund many individuals who had paid for services. He was unable to refund all individuals, and he faces lawsuits as a result. Due to his circumstances, he filed for bankruptcy, which put a hold on the suits filed against him. He likely hopes that the filing will help him address the debts adding up to approximately $1 million. The company itself also filed a separate bankruptcy claim.
It can be devastating for a business to fail after years of work has been put into it. Not only may a dream be crushed, but individuals can face financial repercussions that could leave them floundering. Luckily, as with this case, Chapter 7 personal bankruptcy may be able to help Tennessee residents who are facing considerable debt due to such financial issues.
Source: journalstar.com, "Ex-soccer club leader files for bankruptcy", Richard Piersol, Oct. 22, 2015