VIENNA — Believed to be the optimal option, Ohio Valley University filed Chapter 7 bankruptcy Thursday in the United States Bankruptcy Court for the Northern District of West Virginia in Wheeling.

The filing was handled by attorney Martin P. Sheehan of Sheehan & Associates PLLC of Wheeling, according to a press release from his office.

“For some time, the university has been in a financial struggle. The administration has been searching for viable strategies to move forward,” the release said.

With Chapter 7 bankruptcy cases, the release said a trustee is appointed who will “immediately take possession of all real and personal property of Ohio Valley University.”

Sixteen OVU seniors remain who will graduate in the spring. The release said the university implemented a Teach Out Plan for them that was approved by the West Virginia Higher Education Policy Commission and the Higher Learning Commission.

The release said most of Ohio Valley’s students had transferred to other institutions, but the education of the 16 students is ongoing.

“The responsibilities in this regard have been transferred to the Ohio Valley University Wind Up Trust,” the release said.

A bankruptcy clerk will be issuing notices to all creditors and parties of interest in the coming days and secured creditors have rights with respect to the collateral that secures their claims.

“Any property not subject to such claims can be liquidated to pay other creditor claims,” the release said.