In Pennsylvania and elsewhere, bankruptcy is an option that consumers and businesses with overwhelming debt may find to be the key to their financial recovery. It is not a minimal remedy nor even an attempt to regulate an overactive or neglected budget. Bankruptcy is for businesses and consumers who have encountered severe financial setbacks and are now struggling to find a solution to a crisis situation.
In many Chapter 11 filings in Pennsylvania or other jurisdictions, the main focus of the company will be to get over the preliminary hurdle of being able to continue operations as the bankruptcy goes forward. In a recent filing by Vertellus Specialties, Inc., the company received the approval of the Bankruptcy Court to maintain its normal operations. The company has agreed with its lenders to sell substantially all of its domestic and foreign assets.