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Pharmaceutical company files for Chapter 7 bankruptcy

Bankruptcy is a debt relief option which the law affords to people, but many in Waco may not know that there are different types of bankruptcy, each offering different protections or plans to handle serious debt. By far the most common type of bankruptcy is a Chapter 7 filing. It is available to almost everybody, including people who are current on their debt or have a substantial income. Still, most Chapter 7 bankruptcy filings are from individuals or small businesses who have accrued a substantial amount of debt that they are unable to pay.

Vestiq Holdings, the company behind two pharmaceutical companies, has filed for Chapter 7 bankruptcy, citing debt in excess of $13 million and assets of about $11 million. Vestiq Holdings owns both Vestiq Pharmaceuticals, its business development arm, and Praelia Pharmaceuticals, the brand that marketed Vestiq’s products. The exact number of creditors with a claim to Vestiq Holdings’ debt wasn’t readily available, but a $4.2 million claim is held by Vanguard Pharma.

Some people call Chapter 7 bankruptcy “liquidation,” and while courts can choose to sell certain assets to repay creditors, some properties are exempt from being sold, and the exempt properties vary by state. In Texas, people can file for Chapter 7 bankruptcy and still be allowed to keep their homes, cars and bank accounts. To find out exactly what properties will be exempted, you can get a consultation from an experienced attorney.

In addition to the debt relief afforded to individuals by Chapter 7 bankruptcy, there are also many legal protections that filers can take advantage of. For example, once you file for Chapter 7 bankruptcy, an automatic stay goes into effect that stops creditor harassment and gives you peace of mind. If you are suffering from crushing debt, you can take advantage of protection and relief options provided by Chapter 7 bankruptcy. A Waco attorney may offer invaluable advice.

Source: Triangle Business Journal, “Morrisville pharma files Chapter 7 bankruptcy,” Jason deBruyn, May 7, 2014

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