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Texas company files for Chapter 7 bankruptcy

A Texas company filed for Chapter 7 bankruptcy near the end of January, citing debts to hundreds of creditors and inability to pay several unsecured investors. The filing comes after a multitude of problems, ranging from massive debts to a $5 million lawsuit. It is expected that the company will be liquidated its $10 - $50 million in assets in order to repay secured creditors. The end of February will see a creditor meeting as the bankruptcy filing moves forward.

While some may view this as the bitcoin mining company admitting failure, it is really just one company taking advantage of a legal form of debt relief offered by the law. If you are in desperate need of debt relief, you should not let a social stigma keep you from taking advantage of the legal protections afforded by bankruptcy. Whether you are a company or an individual, whether you have a large income or a small one, there is a bankruptcy filing for you.

Chapter 7 bankruptcy is available for almost anyone, and it discharges some debts completely, selling off non-exempt assets to pay back some debts. Chapter 13 bankruptcy allows some people to come up with a debt repayment plan, in which they repay the debt over a three to five year period. Either one of these debt relief options could apply to your situation and give you the debt relief you need.

No matter what your circumstances are, if you are struggling with debt, you might want to consider bankruptcy. Meeting with an attorney can help you with the bankruptcy process. Within a few short months, you could be on your way to a fresh financial start all thanks to the debt relief afforded by bankruptcy.

Source: Newsbtc, "Texas Bitcoin Mining Company CoinTerra Files Bankruptcy," Nick Marinoff, Jan. 27, 2015

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