On Long Island, New York food is a very profitable necessity. Many locals have made a living out of business ventures like restaurants and other eateries. However, the food industry has a weakness; the country’s economic state can greatly affect a restaurant’s profitable potential. This is evident in the number of restaurant owners who have encountered financial challenges since the country’s economic crisis in previous years.
Take, for example, a report regarding one of New York’s prominent restaurateurs who recently filed for bankruptcy. The chef and entrepreneur, Jason Denton, who owns a number of restaurants, had too many businesses open when the great recession hit the country. He had over-expanded and took on more than he could handle.
As a result, his recent bankruptcy filing cited liabilities amounting to $1.37 million. The 43-year-old entrepreneur, who partnered with other well-known chefs in the past, has had to close a number of eateries. However, his attorney says that his filing for bankruptcy will not affect his remaining businesses.
This story is a good example of how residents of Long Island, New York should consider bankruptcy as an option that can help them if they are having financial troubles. That person should not be ashamed of choosing to declare bankruptcy, if that is the best option. Filing for bankruptcy does not necessarily mean that a person has lost all of his or her assets. It simply means that the person is having some difficulty and bankruptcy is an effective option. For example, with Chapter 13 bankruptcy, people are given a chance to reorganize their debts and, eventually, have a fresh financial start.
In Chapter 13 personal bankruptcy, residents of Long Island, New York will need a repayment plan and they will use their income to gradually clear their debt. To learn more about Chapter 13 or to determine if it is the right type of bankruptcy for him or her, the person might wish to consult a legal professional in order to clearly understand all of the options that are available.
Source: Nydailynews.com, “New York restaurateur Jason Denton files for bankruptcy,” Daniel Beekman, Aug. 28, 2013