Real Solutions And Honest Advice For Over 25 Years

Cancer patient hotline likely to file bankruptcy

| Jul 27, 2012 | Chapter 7 |

For any Essex County business, it is important to make wise decisions for the future prosperity of the business. Even if these decisions seem to be good for the future of a business at the time they are made, though, one cannot always foresee how certain decisions will actually play out. In some cases, financial struggles and even bankruptcy can result when these decisions ultimately don’t turn out the way they were intended.

Breast cancer nonprofit, Y-Me, is feeling the effects of what is said to be poor decision making as it turns to a bankruptcy filing. The organization closed its doors in mid-July, leaving volunteers surprised and saddened by the loss. is the shuttering was apparently caused by poor choices regarding real estate leases for office space over the last five or six years that later board members could not escape, as well as poor management. The company is expected to file for bankruptcy.

When a business, especially a nonprofit that does charity work like Y-Me, has to file for bankruptcy, it can be an emotional time for the people who employ and support the business. When faced with unstable finances and a growing debt, though, there aren’t always many choices left to turn the business around. Of these choices, many businesses in this situation go the way of bankruptcy.

For Y-Me, certain business decisions led to inescapable expenses, growing debt, and potential bankruptcy filing in order to liquidate the business and repay their debt. Other businesses in similar situations may find relief through the same methods.

Source: Chicago Sun-Times, “Chicago’s Y-ME national breast cancer group shuts down,” July 15, 2012

Archives

FindLaw Network