When a business wants to eliminate debt they have been dealing with for years, they may consider filing for bankruptcy. In Augusta, Georgia, and throughout the country, a successful business bankruptcy can resolve financial challenges, put an end to creditor harassment and provide a fresh start. However, it is essential for any business owner in this position to take a close look at their different options. For some, Chapter 11 is the best path forward, while others may turn to Chapter 7 or Chapter 13 protection.
A restaurant based in North Carolina recently filed for Chapter 11 bankruptcy protection, citing more than $300,000 worth of debt and under $50,000 in assets. The popular eatery, which appeared on the Food Network and has been in business for 60 years, is also facing eviction.