Veoh Files Chapter 7 Bankruptcy

With the recession and legal troubles of its own, the video website Veoh has now filed for bankruptcy. Co-founder Dmitry Shapiro announced that the economic climate and a 2007 legal battle with Universal Music Group have affected the site and led to the need to file for  Chapter 7 bankruptcy. The site has had to lay off several employees in the last year, and despite the audience of over 28 million users per month, the site will be closing down due to bankruptcy, although it is currently still live.

As you can see with the above story, bankruptcy can happen for a number of reasons. While a person or company may seem successful, there are other factors that come into filing for bankruptcy and any unexpected cost can change one’s successes. Bankruptcy attorneys understand that filing for bankruptcy is legally difficult, but also emotionally traumatic. If you believe that filing for bankruptcy is something you may need to do, then it is important to have an experienced lawyer on your side, as this is not an easy process. An attorney will have your best interest in mind and will ensure that you can begin to get your life back to normal.  Contact a bankruptcy lawyer today to begin discussing your situation and whether or not filing for bankruptcy is the best option for you.