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Long-time community business owner files Chapter 13 bankruptcy

It is unfortunate when one sees a longtime community business owner struggle with his finances and eventually closes his business' doors. However, as many small business owners in Texas can attest, when a business owner falls ill suddenly, it can cause problems for the company's finances. This can quickly catch up to a business trying to scrape up a profit. Unfortunately, this may have happened to a local restaurant owner who has decided to file for Chapter 13 bankruptcy.

The restaurant, which has been open for about 30 years, has been closed with the owner leaving a note at the restaurant's front door. However, the note did not say whether or not the business will be reopening in the future. The note simply stated that the location will be under new management after remodeling is completed. This leaves it unclear whether the business will continue operating after the owner's bankruptcy proceeding. However the attorney representing the business owner says he is not aware of any plans to continue running the restaurant.

This is actually not the first time the business owner has faced this type of challenge. The restaurateur has previously filed Chapter 13 bankruptcy three times. This allowed him to establish a repayment plan in order to pay debts owed. In 1985 the business filed a Chapter 11 bankruptcy. Therefore, he is most likely already familiar with the procedure for filing bankruptcy, which will make the task much easier.

On the other hand, if it is a person's first time filing a Chapter 13 bankruptcy, it can be more challenging to obtain debt relief. The process has a significant amount of legal paperwork compared to other types of legal petitions and filings in Texas and other states. However, with a strong understanding of applicable laws and the right process, one can successfully find debt relief through filing bankruptcy.

Source: The Olympian, "Ben Moore's closes, future unclear," Rolf Boone, Aug. 7, 2013


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