Debt is something that almost every American will have to deal with at one time or another in life. Whether it's student loan debt, a mortgage, credit card debt, a car loan, a boat loan or any other type of loan; debt is almost unavoidable. It's necessary for people to go into some form of debt in an effort to live their lives. But, debt can begin to build quite quickly to the point where you are swimming in it and see no way out of it.
Chapter 7 is the most widely available form of bankruptcy, offering those who face debt they cannot get under control the opportunity to unload some of it in return for surrendering some types of property and submitting to a few restrictions on borrowing for several years. While this form of bankruptcy is often the most difficult to undergo because of property forfeiture, it is also available with fewer requirements than other bankruptcy options.
It's not hard for people to find themselves in a heap of debt these days. Not much has really changed from the past as credit cards have been around for decades. If anything, debt has been easier to accrue ever since the dawn of online shopping. Here are some of the common financial challenges people are faced with in the world today.
Many people face financial issues on a daily basis. Some of those people know exactly what they are going to do to get out of trouble. Others have no idea where to turn. Not everyone has the ability to work with a financial advisor or other professional when it comes to making such major life decisions. Today, we will discuss how to determine if bankruptcy is the right move for you in Long Island.
Filing for bankruptcy is a huge decision for most people. The chances that you've agonized over this decision are great. In many cases, this is the only option that will allow you to get the financial relief that you need. We understand the position you are in and want to help you find the solution that will work for your needs.
Filing for personal bankruptcy never means that your life as you know it is over. In fact, it should be viewed as a new start for you and your family. Bankruptcy should not be viewed as a last-ditch effort. It also shouldn't be viewed as an embarrassment. You need to come to the realization that mistakes were made, learn from them and move forward. You can do so by using the tips outlined in this post for rebounding from a personal bankruptcy filing.
When people or businesses find themselves in a shortage of cash, they tend to liquidate their assets in an effort to fix their financial issues. The decision you will need to make when liquidating an asset is doing it quickly or doing it for the highest value. For the most part, if you liquidate an asset quickly, you will not get as much value for it.
The bankruptcy filing for Gordmans department store has finally come to an end. The store is based in Omaha and it had a liquidation plan approved by a bankruptcy court. The approval for liquidation occurred just less than one year since the company entered into the process. The company had to enter bankruptcy because of high dividend payments to shareholders and beyond lackluster sales.
There are times in life where debt is perfectly fine to have. There are times in life where debt is not a good idea. One of those is credit card debt. It's not bad to have a small balance on your credit card, but having a card with a balance of more than a couple thousand dollars is just not good. Here's how you can determine if you have too much debt to your name.
Since 2014, a total of 19 brick-and-mortar retail companies have shuttered their doors due to bankruptcy. As of late, more companies have been able to remain in business and keep their employees even after exiting bankruptcy. This is due in large part to a new method that has involved help from landlords, creditors and vendors.