Many Connecticut residents struggle with their finances. While some homeowners or business owners may be feeling “on top of their games,” others are struggling to keep their heads above water. For the latter, Chapter 7 bankruptcy might be an option to prompt immediate debt relief and lay the groundwork for getting finances back on track.
Many people can relate to financial problems that necessitate debt relief actions, and celebrities are not immune to such problems either. Mike Isabella, for instance, a former champion on the popular TV show, “Top Chef,” recently determined that filing for bankruptcy was the best decision to make regarding his current circumstances. After he rose to fame by winning a Top Chef competition, he went on to become a successful restaurateur, opening a string of restaurants in Washington D.C. and Virginia, worth at least $40 million.
It’s no secret that personal problems can greatly affect business success. In Isbaella’s case, it seems accusations of sexual harassment and negative reviews regarding the atmosphere in some of his restaurants have reportedly caused a drop in profits. Plummeting profits often make it difficult for companies to stay afloat.
Chapter 7 bankruptcy typically includes liquidation of assets. However, in many situations, this provides debt relief that allows business owners to regroup and start afresh. Any homeowner or business owner in Connecticut wanting to learn more about what types of bankruptcy are available and how to determine which option best fits a particular situation may request consultation with an experienced bankruptcy law attorney.