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Chapter 7 bankruptcy can help individuals get back on track

Business ventures can prove lucrative for some individuals; they can also prove to be financial disasters for others. Yet, without new business ventures, the Kentucky economy would suffer. Thus, there has to be some safeguard in place for individuals who are willing to work hard but still may not succeed. Otherwise, these individuals would place their focus solely on their own personal financial status rather than the businesses, or they would be hesitant to even try to begin with. Chapter 7 bankruptcy can offer personal protection to some of these individuals.

One such individual, Kenneth Greene, joined a 28-store bagel chain as its CEO. Apparently the bagel chain's business began to suffer, and the CEO lost his job during a take-over by the company's creditors. While this may appear to be a business move, it was also a very personal move for the individual involved - his source of income has now ceased to exist.

In an effort to protect his home, Greene filed for Chapter 7 bankruptcy protection. As part of the filing, he claimed assets of just over $300,000 and liabilities in excess of $19 million. With his current working status listed as unemployed, he still has monthly expenses of approximately $12,500.

While the average Kentucky resident may not have liabilities in the millions or monthly expenses in the tens of thousands, he or she does share concern for protecting one's home. Chapter 7 bankruptcy may be the solution to what otherwise appears to be a financial disaster. When one suffers losses from a failed business venture or loss of employment, it may be time to consult with experience legal counsel to determine the best way to protect the family home and get back on track.

Source: rbj.net, "Former head of bagel firm files for bankruptcy", Will Astor, Nov. 11, 2016

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