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April 2015 Archives

Why would a business choose to file for Chapter 11?

As many of us recognize, bankruptcy is a way to relieve consumers and businesses of seemingly insurmountable debt. With that being said, there are a number of options when filing for bankruptcy. Depending on what you are looking to accomplish with your bankruptcy filing, this will determine and dictate the filing that you choose. The same thing goes for businesses that want to file for bankruptcy. Similar to an individual filing, when a corporation files for bankruptcy it is done because there is a need for financial assistance. The type of filing chosen will either keep the business together and running under a reorganization plan, dissolve the business or provide federal protections so that the business can stay afloat and maintain itself as a business. The latter is known as a Chapter 11.

Figuring out if a chapter 7 filing is for you

The worst part about being in severe debt is the harassing phone calls from creditors as if to remind you every single day of your life that you are in debt. These collection attempts can be extremely stressful. Finding ways to eliminate your debt is by far the best solution to putting a stop to creditor harassment.

A Chapter 13 bankruptcy filing may be the smart way to go

Bankruptcy is a choice that many people make as a way to attain financial freedom. In this day and age, financial freedom is important because it gives people a sense of clarity and direction when it comes to their finances. Now, financial freedom means different things to different people. Some people do not like having any type of debt and will do anything to ensure that their debts are paid in a timely fashion. Normally, these are the same people that have a good understanding of how to handle their debt. Then there are the rest of us, who constantly are battling creditors and trying to find ways to live that debt-free existence. For those who fall into the latter category, bankruptcy is a viable option, because it gives individuals who are drowning in debt a way out, so to speak.

Know your Florida business bankruptcy options

Businesses have not been immune from the economic struggles that much of the country has been dealing with since the economic recession began in 2008. Even now that the so-called Great Recession has ended, the new economic reality is a lot different from what it was in decades past. Businesses are dealing with increased competition, new technological demands, more elusive customers and other stresses. In some cases, businesses need a financial fresh start in order to adjust to this new reality.