Oil Company has Filed for Bankruptcy

McCombs Oil and Propane Company has reportedly filed for Chapter 7 bankruptcy. According to reports, the business has already closed its door and announced that all company accounts are being transferred to Burke Oil Company. With Chapter 7 bankruptcy, a court trustee will be assigned to sell the assets of the company in order to pay debt to creditors. The business will no longer continue operations. The business was employing about 15 people at the time of the filing.

Anyone at any time can find themselves needing to file for bankruptcy, whether personal bankruptcy or as a company. You need to know that these matters can be resolved in a beneficial way if handled properly so that you are able to move forward with your life. You do have rights to protect during this difficult time, but it’s important that you take the correct steps to do so. Filing for bankruptcy does not have to be the end, but can be the chance at a new beginning when you make the right choices. With the help of a bankruptcy attorney, you can begin to resolve this matter and get your life back together. A lawyer will know how to best approach your situation and all aspects including any court proceedings. You can count on an attorney to always have your best interest in mind while settling your bankruptcy situation. Please take some time today to contact a bankruptcy lawyer and begin discussing the details of your case now.