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The Granite Source of Missouri Files For Chapter 7 Bankruptcy

According to the Springfield Business Journal, Springfield, Missouri, is still seeing a 20 percent increase in business bankruptcy filings - both filings for reorganizations and filings for liquidations. A case that perhaps best illustrates the bankruptcy troubles for Misosuri businesses may be The Granite Source of Missouri, LLC, which has been troubled by bankruptcy since the beginning of the economic crisis.

Founded by Scott and Tracy Hardwick in 1999, the Missouri granite company began its life as Springfield Granite. However, a reorganization bankruptcy at the end of 2006 saw the company's assets sold to Sheila Collins. However, just a few years later, the newly-named Springfield Granite-Plus is once again in financial trouble. Collins decided to file for Missouri personal Chapter 7 bankruptcy in June and sold the assets of the company back to the Hardwick family in February.

Why is this granite company having trouble finding success? Although Collins had initial business and received several awards for her business, the drop in new construction left her high and dry - and leaving bankruptcy to be her best last choice. There simply wasn't enough demand for her product. And like many small business owners, Collins dipped into her own personal assets in order to try and save her operation. Her personal bankruptcy cites "primarily business debts" of more than $1 million with assets between $100,000 and $500,000.

In Spingfeild, MO, Chapter 7 liquidation bankruptcy filings are up 33 percent from last year. Experts point to a weak economy and job loss as two main factors in the increase.

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