Marijuana is starting to become a more critical and legalized substance in many parts of the United States. Still, this does not mean that all of the issues around it have been completely sorted out. Many of them are yet being sorted out. One of those is if someone who works in the marijuana industry can declare bankruptcy. As it turns out, right now that is not the case in many parts of the country.
Federal laws have been written in such a way that those who work in the marijuana industry are not eligible to file for bankruptcy protection when they run into trouble with their business. It is unfair to those in the industry to be sure, but that is just the way that it is still playing out at this point. We have to either accept this or try to fight against it in any way possible.
The bigger question for people as things stand right now is what are they supposed to do if they lend money to someone who works in a marijuana-related business that does not end up paying them back. What recourse do they have to get their money back when the company goes bust? The answer is that they may need to hire an attorney to help out with this.
An attorney who works in this area of the law can help a person who is being pursued by debt collectors, or they can help the debt collectors themselves. It is something that can work either way when you boil it down.
In a typical case when a business gets into trouble, they run off to court to have a judge help them sort out how to pay the debts that they owe. They petition the court to give them the ability to reorganize the operations that they have put into place. They are asking for something to get the creditors off their back for a period to build up some funds to eventually pay those same people back. The court will generally listen to this kind of argument and give it some weight. They want to make sure that everyone receives the treatment that they deserve in this situation. However, the Federal government has made this same scenario something that cannot happen with a marijuana business.
There is a lot left to learn for those who are just now getting into the industry. We expect that there are going to be some hard lessons to learn along the way. The fact of the matter is that because the industry is so new, there are bound to be a lot of people who are still trying to figure everything out. Failures are going to be higher in this industry than in most others in all likelihood. That makes the situation that we are in now all the more difficult, and the need for an attorney is going to be enhanced.