Many Virginia residents who file for Chapter 7 bankruptcy only do so after all other efforts to take control of an unmanageable financial situation have failed. Sometimes this is due to the social stigma that surrounds bankruptcy, and sometimes individuals put off seeking a financial fresh start due to fears over negative credit ratings and the difficulties that they will face when they seek to borrow in the future.
Since July 2013, approximately 20,000 businesses have filed for bankruptcy. The Truland Group, a well-known electrical contractor, became one of those companies on July 23. The company filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the Eastern District of Virginia and many other companies in the area are feeling its effects. General contractors that had hired Truland to do electrical work in schools, condos and hotels are now forced to find new subcontractors.