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After Many Years of Providing Recycling to Illinois Residents, One Source Recycling Bankrupt

Posted on in Bankruptcy

Waste and Recycling News reports that One Source Recycling has shut its doors due to Chapter 7 Bankruptcy. Residents who depended on the recycling service provided by One Source Recycling were surprised and concerned. There was already difficulty in locating nearby recycling centers and residents who traveled to the facility to drop off recyclables will have to find a new place to process the items. The change in service was quite sudden and there was no advance notice to customers.

Yet other residents will now have to separate their trash from the recyclable items, and this will be time consuming as well as inconvenient. One Source previously performed the service for these residents. This was one thing that was very convenient to customers.

One Source Recycling owes approximately $500,000 in debts, yet has an estimated $50,000 in assets to go towards that debt. The company had previously filed Chapter 11 bankruptcy three years ago and attempted a restructuring at that time. After a three year struggle to get the business back into the black, they have finally conceded.

These dire financial times are daunting when even large companies providing valuable services to the community are not immune to hardship. As is necessary, One Source has obtained legal representation to help guide its bankruptcy proceedings.

If you are facing potential bankruptcy, you will also require legal representation. Contact the premier Lake County bankruptcy laywers at Newland & Newland, LLP to assist you in the process.

For individuals and companies, bankruptcy is a stressful procedure that can seem to drag on forever. The public knowledge of your intimate financial details can be embarrassing and thoughts of future financial stability are often tossed aside in light of current circumstances. The attorneys at Newland and Newland in Lake County understand this and will do everything they can to make the process bearable for you and provide a sound financial future plan.

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