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Florida start-up moves forward with Chapter 7

When a company is struggling with debt, they may have a number of debt relief options to explore. However, it is very important for firms that are dealing with this to closely analyze their situation and determine which strategy makes the most sense. In Tampa, Florida, and around the country, successfully addressing financial challenges can provide a fresh financial start and new outlook on life. Before filing for Chapter 7, it is important for people to ensure that they take the proper approach.

A start-up company based in Fort Lauderdale recently filed for Chapter 7 bankruptcy after accumulating $1.4 million worth of debt. However, the start-up showed promise in the years following its formation (the software company reportedly saw its revenue double each year after launching in 2011).

According to the company's attorney, those who worked for the start-up were paid prior to its liquidation. The start-up reportedly had assets totalling $48,000 and owed money to a number of people in South Florida, including $60,000 to a real estate agent from Boca Raton, $90,000 to one of the start-up's co-founders and $103,000 to the company's CEO.

Whether someone wants to eliminate personal debt, stop creditor harassment or deal with overwhelming debt that their business has taken on, there are many reasons why people file for Chapter 7 bankruptcy. Although some people are hesitant to file or unsure of which steps to take, there are a number of ways they may be able to make the process easier, such as speaking with an experienced attorney and thoroughly preparing.

Source: South Florida Business Journal, "Fort Lauderdale startup ClearCi files for Chapter 7 bankruptcy," Celia Ampel, Feb. 20, 2015

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