South Florida Bankruptcy Lawyer

OBC Holding Company, based in Redmond, has filed for bankruptcy protection along with several of its affiliates.  The company listed its assets right about $50 million dollars and more than twice that in debt.  With it’s estimated 999 creditors, including a very large lending agreement with the Massachusetts Mutual Life Insurance Company who has given them over $6 million.

The company is affiliated with many other companies and has holdings all over the country.  The details of the case have yet to be determined.

This particular case is an example of how a slowed economy and leveraged debt can get the best of even the most savvy money managers.  What many people do not understand is that bankruptcy is not ‘bad.’  It is an alternative to the pressures of debt collection.  Though it can have an immediate negative affect on your credit rating, it offers a suitable way out.

If you would like to learn more about bankruptcy, call Boca Raton bankruptcy lawyer Eric N. Klein at 561.353.2500.