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December 2014 Archives

Major entertainment company reorganizes under Chapter 11

Bankruptcy is a way for people and businesses alike in Florida to get a handle on overwhelming debt. Debt can sometimes prove insurmountable, especially if it reaches a critical point. That critical point is different for everyone and is based on individual circumstances. With respect to businesses and bankruptcy, things are handled a little differently because there are a number of different entities involved. Investors, creditors, and shareholders all have a stake in a bankruptcy filing because it can impact their bottom line financially.

Is Burt Reynolds preparing for bankruptcy?

For Orlando residents who occasionally spot celebrities in town, the lifestyle of the rich and famous can look appealing and downright fun. With lots of cash and possessions on hand it can appear that celebrities have no reason to have any concerns in the world. This is not always the case, however, and one popular celebrity may currently be facing financial troubles of his own.

Can Chapter 7 bankruptcy be used in debt relief?

Debt is not something that people want to have to deal with. In a perfect world, everyone would be debt-free because everyone would have the ability to pay for their big ticket purchases outright. Of course, we do not live in a perfect world and, unfortunately, debt is a very real part of life for many people. Simply put, debt is when you owe money. Many people experience debt when buying a house or car or paying for tuition. Because these types of purchases require a substantial amount of money, people may take out loans to complete them.

Some basics on Chapter 11 bankruptcy for businesses

In our last post we discussed Chapter 7 and Chapter 13 bankruptcy, which are the two most common options Americans choose when filing for personal bankruptcy. Businesses can also file for Chapter 7 bankruptcy, and businesses classified as “sole proprietorships” can sometimes qualify for Chapter 13.

Two most common types of bankruptcy

It doesn't matter where you live in the state of Florida, if you are faced with financial difficulties it is important to consider all your options for finding relief. The two most common types of bankruptcy are Chapter 7 and Chapter 13. While there are some similarities, there are many differences to take into account.