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Electric Foam 5K files for bankruptcy

However diligently you work to keep your finances in check, any number of factors can catch you unaware and ruin your plans. Furthermore, once debt starts to mount up, it can quickly become unmanageable. There are various ways to break down and conquer debt, but sometimes it is simply too much. Such was the case for themed race organization Electric Foam 5K which recently filed for Chapter 7 bankruptcy in preparation for ceasing business on June 17, 2014.

The race series was self-promoted as an untimed 5K accentuated by foam stations and electric music. They had events planned in several states, including Texas. However, low numbers of registrants, poor weather and perhaps a lack of finances have caused several races to be canceled. One race did occur on May 17, but lacked the promised foam. The event also ran out of water, a potentially dangerous occurrence in a long-distance race.

Although unusual races of this sort seem to be growing in popularity, Electric Foam simply didn't take off. It has since begun issuing refunds to buyers on sites such as Groupon and Pulsemob. Following the organization's decision to file for bankruptcy, it has canceled all remaining events and put an end to its business operations.

It is unfortunate when business ventures don't work out, but the important thing is what you choose to do about it. Bankruptcy may be the new start you require. Although it can seem daunting at first, it gives you a chance to break away from the debt and misfortune and start down a new path. An attorney can advise you on the options available and help you decide whether it sounds like a suitable choice for you.

Source: Runner's World, "Electric Foam 5K Goes Out of Business," Matt McCue, June 18, 2014

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