With ski season right around the corner, one company isn't too happy about filing for Chapter 7 bankruptcy this month.

The company, which owns a private golf and ski community, announced its decision to file for Chapter 7 bankruptcy this week. Just a few days before filing, the company sent out a letter to its employees which informed the employees that they were all going to be laid off. Although the letter was vague, it did discuss a downturn in the economy with regards to the real estate market as well as a continued increase in operating costs.

While this may not have come as a surprise to some who have known about the company's past troubles with lawsuits and finances, it was a shock to everyone when they were without a job last week. In the Chapter 7 bankruptcy filing, the company listed $100 to $500 million in liabilities and $10 to $50 million in assets.

When your business is failing, you may be able to file for Chapter 7 or Chapter 11. In order to learn which type of bankruptcy is appropriate for your case and goals, contact the Malaise Law Firm to get advice from one of our Houston bankruptcy attorneys.