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Retailer turns to Chapter 7 bankruptcy

For most businesses, making the decision to file for bankruptcy can be difficult. However, it is very important for businesses of all sizes to address their financial challenges properly and try to move forward. In Tampa, Florida, and across the country, businesses that are struggling with debt should explore every option on the table and do everything they can to work towards a fresh financial start. For some, this may include filing for Chapter 7.

An appliance retailer based in Tennessee recently filed for bankruptcy before shutting down without forewarning and leaving customers hanging. At this point in time, a total of 16 customers claim that they have not received appliances that they purchased and 86 people are looking for restitution.

The retailer reportedly filed for Chapter 7 to make sure that each creditor received fair treatment, as opposed to dealing with individual creditors bit by bit. An investigation into the situation is in its early stages, according to a detective for the Johnson County Police Department.

While Chapter 7 can be an ideal debt relief strategy for businesses, it can also help individuals take care of their overwhelming debt. Filing for bankruptcy can seem complicated to some, but there are a number of ways people can simplify the bankruptcy process. For example, people who discuss their situation with a knowledgeable attorney may develop a better understanding of which steps to take next and be closer to finally eliminating their debt. Anyone who is going through this firsthand should try to tackle their debt as soon as possible.

Source: WCYB.com, "Appliance store filed for bankruptcy," Apr. 9, 2015

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