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Bowling alley files for Chapter 7 bankruptcy

It is important for a business to keep up with paying its bills, especially rent for the business location. However, some businesses may find themselves struggling in a rough economy in Texas or in any other state. This could result in a company falling behind on bills such as rent. One bowling alley had experienced this situation, which resulted in a Chapter 7 bankruptcy.

The company, a bowling alley and entertainment center, had been having trouble keeping up with its rent payments. The bowling alley company ended up filing for Chapter 11 bankruptcy in order to restructure debts from unpaid rent owed to a property management company. The landlord company had given the bowling alley company some leeway on paying rent. However, this ultimately proved to not be a final solution.

The property management company reported that the bowling alley company continued to not make rent payments. The bowling alley company filed for Chapter 11 a second time, but the property management company attempted to block the bankruptcy in court. The judge agreed with the property management company's legal arguments. The bankruptcy was then converted to a Chapter 7 bankruptcy.

Although the bowling alley company was forced into a Chapter 7 bankruptcy, many individuals and businesses choose this type of bankruptcy in order to discharge unsecured debts. This allows individuals to start over and rebuild their financial lives in Texas or any other state. Also, when a company files Chapter 7, the business owner is able to move on to the next venture after the business is liquidated.

Source: Lake Elsinore News, "LAKE ELSINORE: Bowling alley going bankrupt", Michael J. Williams, April 25, 2014

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