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Noted Massachusetts contractor files for Chapter 7 bankruptcy

A renowned Massachusetts contractor recently filed for Chapter 7 bankruptcy, citing an ongoing legal suit as the primary cause for its financial issues. The company, whose CEO took over for her husband after his death in 1990, became well-known after the CEO was named the first female Builder of the Year by the Northeast Builder's Association of Massachusetts. Additionally, the CEO was celebrated in 2012 by the Home Builders Association of Massachusetts with a "Legend of the Industry" award. This honor is given to those who the Association feels have bettered of the industry. Unfortunately, though, even those who are successful are not immune to financial challenges.

The accomplished CEO's company has suffered financially because of its involvement in a long and ongoing lawsuit. Its $407,996 in assets is overshadowed by its liabilities of $2.58 million. As the company progresses through Chapter 7 bankruptcy, it may, as is typically the case in such a bankruptcy, have to liquidate assets in exchange for debt eradication. The court will gather the assets and sell them to help pay off the company's debt. Most of the remaining unpaid debt is then cancelled.

Filing for bankruptcy can be a scary experience. Debtors may not know what to expect from the process and they might be concerned about their financial future after their bankruptcy case is closed. Fortunately, these individuals do not have to go at it alone. Instead, they can find legal guidance in the form of an experienced attorney.

Thus, though there are many angles to consider when deciding whether to file for bankruptcy, it may be a good idea to talk an experienced bankruptcy attorney about your options. These attorneys are well-versed in bankruptcy laws and can help guide you in the direction that's right for you. Consulting with a bankruptcy attorney may be the first step toward your fresh new start.

Source: The Lowell Sun, "Well-known Tewksbury contractor files for bankruptcy," Dan O'Brien, Dec. 1, 2014

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