As we have mentioned previously on this blog, many individuals have faced debt and financial struggles in light of the recent economic difficulties the nation has experienced. Struggles with debt and finances can have many impacts on an individual's life. Sometimes, individuals will look to bankruptcy protection to help deal with difficulties they are facing regarding debt and other financial matters.
Recently, a bankruptcy matter has arisen involving an Iowa man. The man is the owner of a company that was involved in the business of building and selling homes. Reportedly, when the housing market declined, subsidiaries of the man's company began to experience heavy losses. Last November, the man's company reportedly entered into bankruptcy proceedings.
It has been reported that the man has now filed for personal bankruptcy. Specifically, the man filed for a Chapter 7 bankruptcy. According to the Des Moines Register article which reported this story, it appears that the man's liabilities exceed his assets to the tune of millions of dollars.
This matter demonstrates how Chapter 7 bankruptcy is one of the types of bankruptcies individuals sometimes file for. A Chapter 7 bankruptcy generally consists of a liquidation of assets and a discharge of debts.
Whether a Chapter 7 bankruptcy is the right type of bankruptcy for a person can depend on a wide variety of factors. Thus, if a person is considering filing for Chapter 7 bankruptcy, he or she may wish to consider seeking advice from a qualified attorney with experience in bankruptcy matters.
Source: Des Moines Register, "Triton Homes' owner files for personal bankruptcy," Tom Witosky, Aug. 11, 2011