A company that provided educational opportunities for children all over the country, with two franchises in Florida, has filed for Chapter 7 bankruptcy protection.
Mobious Mathematics LLC, the company that sold "Math Monkey Knowledge Centers" filed for bankruptcy. An attorney for the business cited cash flow problems as a reason behind having to liquid all approved assets.
The company, which owns "Math Monkey" and "Grab Math By The Tail," listed liabilities of $69,000, however, only listed $11,000 in assets. The value of the assets of those eight franchises in Florida, California, New Jersey, Ohio and Georgia, will be left up to the bankruptcy trustee assigned to the case. At this point the value of those franchises is unknown.
The idea behind the company was to create a curriculum for children that taught critical thinking and reasoning skills. Since "cash flow" was cited as the reason for the filing, one has to wonder if the recent recession caused more parents to cut out extra expenses, and therefore relied on already enrolled in schools and at-home learning in place of enrolling in a "Math Monkey" program.
With this Chapter 7 bankruptcy filing, Mobious Mathematics will be able to get out of debt by liquidating the assets the company does have. For many businesses and individuals, especially during this tough economy, bankruptcy is a way to erase most debts, while also taking back control of finances.
When it comes to filing there are many options aside from Chapter 7, like Chapter 13 and Chapter 11. Each filing will have a different outcome, and is dependent on a person or businesses' individual circumstances. If debt is piling up and bankruptcy is a real option, it's best to know about all relief options available before making a filing decision.
Source: Las Vegas Sun, "Henderson-based 'Math Monkey' company files for bankruptcy," Steve Green, 3 Jan 2011