Why did compute North file a Chapter 11 bankruptcy?

The decision to file a Chapter 11 bankruptcy now was forced on the company mainly by the actions of its primary lender, Generate Lending LLC, an affiliate of Generate Capital, according to a court declaration filed by Compute North’s chief financial officer and treasurer, Harold Coulby.

What happened to compute North?

Compute North Holdings Inc., which provides data center services for cryptocurrency miners and blockchain companies, filed for bankruptcy in Texas on Thursday.

What happens if I file for bankruptcy?

Bankruptcy is a legal process for getting relief from debts that you cannot repay. If you file for personal bankruptcy, you generally have two options: Chapter 7 or Chapter 13. A Chapter 7 bankruptcy will sell off many of your assets to pay your creditors.

How do I file for bankruptcy?

Those steps include, but aren’t limited to, providing the bankruptcy court and trustee with detailed financial information, undergoing credit counseling prior to filing, completing more than 20 bankruptcy forms and attending a creditor’s meeting made mandatory by Section 341 of the Bankruptcy Code.