Even though solar power is an exciting field that promises to reduce our carbon footprint, those companies that offer solar panels are still struggling in this economy. This month, yet another solar products maker file for Chapter 11 bankruptcy due to dwindling sales.

The company, backed by two mega-watt groups, was forced to reveal its overwhelming debts. In total, it owes $38.7 million to its creditors of which there is a long list. However, a company based in New York has estimated that the solar panel organization will be able to liquidate all of its assets for $33.9 million, a figure that will seriously reduce its debts over time.

In addition to a dismal economy, the company blamed competition from Chinese companies that have driven down prices globally. These Chinese solar power companies not only receive funds from their government, but are able to produce the same products at much lower costs.

Are you planning to file for bankruptcy due to a tough economy in Houston, Texas? If so, contact the Malaise Law Firm today to find out which type of bankruptcy is ideal for your financial situation.