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Jazz company decides to file Chapter 7 and close its doors

Most Kentucky business owners know what it's like to encounter various financial challenges during the course of their careers. Even those who have been in business 40 years or more may face financial crises that are difficult to overcome. In some situations, it makes more sense to seek immediate debt relief options, such as Chapter 7 bankruptcy, than to keep sinking deeper into a financial black hole.

A jazz music festival company in another state recently decided to access Chapter 7 options. With approximately $33,000 in assets and more than $200,000 in liabilities, the company took it to a vote, resulting in a unanimous decision to file for bankruptcy. The particular type of bankruptcy the company has chosen as the most viable option will completely liquidate all its assets to pay back creditors.

The Sacramento Traditional Jazz Society was in business more than 40 years. A company spokesperson said the initial idea was to restructure the budget. At some point, however, board members determined a Chapter 7 filing was a better solution to the company's financial problems.

There may be business owners or homeowners in Kentucky considering filing for Chapter 7 bankruptcy. Not every person who wishes to apply is eligible. Ineligibility is not necessarily a reason to lose hope, though, since there are often other bankruptcy options available. It helps to speak with someone well-versed in bankruptcy law to determine what the best path might be to resolve financial problems in a particular situation. Anyone seeking more information about debt relief may request a meeting with an experienced bankruptcy attorney.

Source: The Sacramento Bee, "Sacramento Music Festival organizers file for Chapter 7 bankruptcy", Benjy Egel, Feb. 26, 2018

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