In many cases, individuals who are facing overwhelming debt could be looking at seemingly insurmountable amounts in due balances. When exploring ways to deal with these liabilities, many individuals may wish to look into Chapter 7 bankruptcy. Tennessee residents may be interested in one case taking place in another state in which a man with business debts is taking such an avenue.
Reports stated that the man is the owner of a mall and due to business difficulties, he is facing considerable debt in relation to the mall property. Apparently, the creditor that holds the mortgage to the property is currently owed over $27,000,000. In total, the man's liabilities amount to over $30,000,000. In addition to the mortgage debt, unsecured debt liabilities reached nearly $3,000,000.
The man's assets were reported to only total approximately $265,000. In an attempt to save the mall from a sheriff's sale and complete closure, the man recently filed for Chapter 7 bankruptcy. There is hope that the filing will allow the man to address his considerable debt and allow the mall to stay open in order to accommodate the stores operating and jobs held on the property.
Chapter 7 bankruptcy is a viable option for many individuals who are facing business losses or other predicaments resulting in substantial debt. Tennessee residents who hope to get back on the right financial track may wish to look further into this option as a means to reaching their financial goals. Discussing their desires and concerns with experienced attorneys could help them potentially devise a useful plan.
Source: republicanherald.com, "Schuylkill Mall owner files for bankruptcy; Mall won't be sold at sheriff's sale today", Amy Marchiano, Oct. 26, 2016