Dozens of creditors stand to lose millions of dollars after a grain and feed company in Portsmouth, Iowa filed for bankruptcy.

The company, G&R Feed and Grain Co., filed for Chapter 7 bankruptcy in federal court earlier this month. About 60 creditors, mostly individuals from Shelby County, were listed as creditors in related court documents. At this time, debt estimates for the company are between $1 million and $10 million, while the company’s assets are estimated at $50,000.

A creditors meeting will take place next month on February 19th at 1 p.m.

If your company is facing bankruptcy, make sure that your rights and interests are protected throughout bankruptcy proceedings. Contact the experienced business bankruptcy lawyers of Hong Law, PLC, today by calling (319) 294-5853.

Iowa cleaning supply manufacturer Harper Brush Works Inc. has had a proposal to auction off its assets approved by a U.S. Bankruptcy Court for the Southern District of Iowa judge amid accusations that an auction will not raise more funds than an asset liquidation.

The family-owned maker of brooms, floor brushes, and other cleaning tools filed for Chapter 11 bankruptcy in May, listing its assets at $10.4 million with $10 million in liabilities.

The auction is set to open with a bid of $2.2 million for all of the Harper’s current assets. Opposing bids will be due on November 14, with the auction set to take place on the 19th.

Making the decision to auction off your business’ assets in bankruptcy is not easy. If you’re facing overwhelming business debts and are looking for relief, consulting with a business bankruptcy attorney can help you make the right decision for your circumstances.

Before it could bring 300 new jobs to Webster City, car maker Auto Manufacturing Systems, Incorporated had to file for bankruptcy. The company was hired to build battery-powered cars and fill a jobs hole left by the closure of the Electrolux plant last year.

Unfortunately, it filed for Chapter 7 bankruptcy this week, despite being loaned $790,000 by the city to fund the project.

Normally businesses file for Chapter 11 bankruptcy to reorganize their debt while keeping as many of their assets as possible. A Chapter 7 bankruptcy includes a liquidation of assets to help forgive debts, and probably the end of the business.

If you are struggling to keep up with your financial obligations, you may be eligible for Chapter 7 bankruptcy. Contact the bankruptcy attorneys of Hong Law, PLC, at 319-632-1400 to learn more.