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With mounting debt Florida marketing company files for Chapter 7

Most people never plan on filing for bankruptcy. However, sometimes people in the Tampa area wind up in an unfortunate set of circumstances that leave them no other choice. Although bankruptcy carries a negative connotation, it’s not always a bad thing, as it can actually help a person or company get out of debt and start over new.

A marketing company in Fort Lauderdale has filed for Chapter 7 bankruptcy because of mounting debt. According to reports, the company, SRAI Inc., a spinoff of the plastic surgery center, Strax Rejuvenation, has listed several medical malpractice claims among its debt of $3.3 million. The company filed the Chapter 7 petition as it attempts to liquidate its debt.

The owner of SRAI Inc., who also owns Strax Rejuvenation, says that Strax is still open for business and will remain so. He noted that the marketing side of the company would now be a separate business. That business is the one that has filed for Chapter 7 and the owner plans to close it as he says he no longer needs a marketing company at this time.

Companies often file Bankruptcies after they are hit with litigation, especially when a foreclosure occurs. That’s because a bankruptcy can halt any other pending court actions. When a company decides to file for a bankruptcy, whether it is Chapter 7 or Chapter 11, it is probably a good idea for that company to speak with an experienced bankruptcy attorney who can help a client wade through all the legalities of such a case.

Source: South Florida Business Journal, “Strax Rejuvenation spinoff, SRAI, files Chapter 7 bankruptcy,” Paul Brinkmann, Sep. 3, 2013.

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