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Aircraft maintenance company files for Chapter 7 bankruptcy

Recently in a New York court, MidAir USA filed for Chapter 7 bankruptcy. The aircraft maintenance company's struggles have been well-documented since early 2014 when the company was facing financial struggles under the burden of approximately $1 million in debt. The company's president helped work out a debt repayment plan, but he passed away unexpectedly earlier this year, leaving the company without the necessary leadership or guidance in the face of massive debt.

According to the bankruptcy filing, MidAir claims between $1 to $10 million in assets, but also claims debts between the same amount. Nearly 1,500 entities are listed as creditors of the company, which also owes more than half a million in back rent and utilities on the various buildings it occupies in the Griffiss International Airport. Left with few options, the company filed for Chapter 7 bankruptcy in an effort to liquidate their assets and pay off their debts.

Obviously this is a very large company operating across many states, but there are still lessons that Texas residents can learn about bankruptcy, debt relief and financial struggles. Specifically, it is important to remember that in some instances there are simply elements beyond your control that contribute to your financial difficulties. Reports indicate that the company was going to be able to manage its debts, but then it tragically lost its president.

Similarly, you may have your finances under control until you unexpectedly lose your job, leaving you with a pile of debt that you can no longer manage. If this should happen to you, do not be afraid to consider bankruptcy as an option. A Chapter 7 bankruptcy could provide you with the debt relief you need to help you get a fresh financial start. Consider meeting with an attorney to learn more about bankruptcy and what you can expect from a Chapter 7 filing.

Source: Utica Observer-Dispatch, "MidAir bankruptcy not a 'surprise'," Sept. 10, 2015

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