Many Tennessee businesses are struggling to stay afloat financially after several years of a fluctuating economy, and now, inflation. Some business owners have found themselves in dire need of debt relief. Numerous businesses, including a major waste collection company, have filed for Chapter 11 bankruptcy in order to resolve financial crisis and keep their doors open for business, as well.
Chapter 11 bankruptcy is a program that enables a business owner to reorganize operations and finances in order to pay back debt while retaining control of business operations. This control does, however, come under the jurisdiction of a bankruptcy court. The trash pickup company that filed for bankruptcy in Tennessee back in October is still navigating proceedings, which has reportedly caused a lot of service shortages among their clientele.
Outside company has stepped in to provide emergency collection services
The waste collection customers of the company that filed for bankruptcy have had overflowing trash in their receptacles on more than one occasion. The city official in charge of waste collection operations has since brought in an out-of-state company to assist local residents. In fact, the company providing emergency trash pickup relief has collected more than 900 tons of trash so far.
The ultimate outcome is expected to be good
It may take some time for the permanent trash collection company to resolve its financial issues in bankruptcy court. However, in many cases, Chapter 11 is a valuable tool that helps business owners get out of debt without having to shut down in the meantime. Any Tennessee business owner who has questions about bankruptcy or has encountered legal issues while navigating the bankruptcy process may seek support by requesting a meeting with an attorney who is well-versed in such issues.