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Texas home security company files Chapter 7 bankruptcy

Security can mean a variety of different things. One company in Texas specialized in home security, which keeps a person's home safe from burglars and other types of criminals. However, one company seems to have been lacking in security of the financial kind. The company has recently filed for a Chapter 7 bankruptcy in order to obtain debt relief.

The home security installation company listed $6,240 worth of assets and liabilities totaling $654,417. Four work trucks made up most of its assets for a total of $4,000, according to the bankruptcy petition filed by the company with the court. The petitioner stated $2,201 worth of income for 2011; however, no income was reported for 2012. Also, as of now in 2013, the company also reported no income.

A Texas bank had already foreclosed on one property owned by the company. The bank is owed $209,895 for the foreclosed property. Additionally, another company has filed a lawsuit asking for $16,000 against XCable. Another name listed by the company in its bankruptcy petition is Blue Line Security Inc.

The Chapter 7 bankruptcy filed by the Texas security company is designed to discharge all unsecured debts owed by the company. However, after this type of bankruptcy, a business no longer continues to exist as an entity. Individual consumers can also file for Chapter 7, which is one of the most common ways for individual consumers to discharge unsecured debt, such as credit card debt. Other debts not discharged may be reorganized into more manageable payments, which could give the consumer a fighting chance to regain financial security.

Source: Austin Business Journal, "XCable.com Corp. files Chapter 7," Robert Grattan, July 17, 2013

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