On behalf of Law Offices of Mark M. Kratter, LLC on October 15, 2012
For Connecticut business owners, events may occasionally occur that cause a company to fall deep into debt. When this occurs, Chapter 7 bankruptcy is often a viable option. In recent news, a woman at the center of a criminal investigation has filed for bankruptcy in federal court.
The woman is the owner of Heavenly Angels Childcare Centers. However, the daycare recently made national headlines when one of their vans crashed into a tree. One of the van monitors died of her injuries. Several children and the driver were all injured in the crash. Authorities believe a blown tire could have caused the crash.
At the time of the crash, the woman was being investigated for fraud. Although a plea agreement was reached in the fraud case, she was also hit with several thousand dollars in fines. The owner had been drawing unemployment for several months. She has requested liquidation of $616,509 in liabilities and has reported almost $40,000 in assets.
The woman had previously filed a bankruptcy petition in 2006, but that case was dismissed.
With the events that occurred at the daycare and her subsequent investigation, Chapter 7 bankruptcy appeared to be the best option for her. Sometimes things happen that are out of our control and require serious financial decisions. Connecticut business owners in this situation may have the option of filing for bankruptcy when it seems as if financial problems are becoming too heavy to bear. Filing can help owners manage their debt successfully and get them back on their feet relatively quickly.
Source: Courier-journal.com, "Owner of Heavenly Angels Childcare Center files for Chapter 7 bankruptcy," Joseph Lord, Oct. 4, 2012
