Tengion files Chapter 7 bankruptcy case. Tengion is regenerative-medicine company headquartered in Winston-Salem, North Carolina. The company was founded by Dr. Anthony Atala. The company was conducting very important research. Investors were pumping money into the company hoping for fortunes once ground breaking drugs were discovered. The company had reached the Phase I clinical trial stage for research to treat kidney and bladder problems. The medical research costs were just too much. More than $33.4 million in debt was run up. The company explored many options to stay in business. It attempted to get shareholder approval to issue more shares to raise cash. That proposal was rejected. The company also reduced expenses. It eliminated thirty of its 52 jobs in November 2011. Nothing seemed to work. There was only one answer. It needed the help of a bankruptcy lawyer in order to address its debt. It had no choice. The company filed a Chapter 7 bankruptcy case to gain relief. The company will not stay in business. All of its assets will be liquidated. The main asset is the research for kidney and bladder regeneration. The job ahead for the bankruptcy attorneys has a lot on the line. The research being sold off is a lot more important than just paying off the debt of a company that went out of business. It is vital that the right buyer step forward to purchase that work. The right buyer can take the work further and hopefully find cures for people. Tengion tried all it could. Sometimes business and individuals have no way to pay overwhelming debt. It is often impossible to pay back debt. Interest and fees add to the burden. The bankruptcy code is there to help. Not only companies. Hard working everyday people as well. Do not be afraid to contact a local bankruptcy lawyer if debt has gotten too hard for you to handle. Relief could be right around the corner.