In a surprising move that occurs just over a year after its grand opening, Metro Biofuels is filing for bankruptcy along with its parent company, Metro Fuel Oil Corp., and eight subsidiaries. The company has a large facility at Enterprise Park in Calverton. The corporation plans to continue doing business during the course of the Chapter 11bankruptcy, and the bankruptcy court has made $3 million in financing available in addition to its normal revenue to keep the company running. Metro supplies and delivers biofuel alternatives and natural gas through the stimulus-funded rail spur leading to the Calverton facility. The company reportedly has $100 million in debt — about twice the amount of its assets. However, Metro Fuel Oil still hopes to raise capital and funds to meet its obligations and continue to supply products to residents and businesses in the area. Business bankruptcy filings are not always indicative of a hopeless business situation. In fact, in many instances, companies that have been caught in circumstances due to market shifts can file for Chapter 11 reorganization to allow creditors to secure their positions and to reduce their debt load so that they can keep operating at peak capacity and making money to… Continue reading
Some people equate filing bankruptcy with giving up everything, but this not the case. In fact, bankruptcy can actually help a debtor protect his or her property and gain the necessary financial foothold for a fresh start. A total of 389 new bankruptcy cases were filed in the U. S. Bankruptcy Court for the Western District of New York in September. Bankruptcy laws were tightened in 2005, making it more difficult for debtors to seek relief under the bankruptcy code. However, the number of filings indicates that many people are still qualifying for bankruptcy protection and choosing to utilize the benefits of these laws. As the economy continues to recover slowly, many people still have to get by on low incomes. For many people, that leads to overwhelming debt, especially when there is no other choice but to make purchases with credit cards. And when there is seemingly no way out, bankruptcy may be an option. Many people have found bankruptcy to be the right choice for them. Bankruptcy can not only wipe out debt, it can also put an immediate stop to harassing phone calls from debt collectors and halt a foreclosure in its tracks. It is very important for debtors… Continue reading
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