Puerto Rico’s government is in significant financial disarray. The country’s finances and fiscal policy are controlled by separate entities that cannot agree on what is best for the country. The government is more than $123 billion in debt, and the country lacks the infrastructure to climb out the hole. The citizens are shouldering much of the burden of the country’s bad fiscal management.
If you own a company and have had to file for bankruptcy from 2017-2019, you maybe be interested to know that a court case has been filed against the fees implemented by the federal government. These extreme fee hikes are in effect in every state except Alabama and North Carolina, which may strengthen the unconstitutional label the court case is trying to attach to the federal government’s actions.
We have seen many giant retailers succumb to the pressures of an ever-changing retail landscape. The traditional retail business model is all but obsolete. The latest hobbling giant is Pier 1 Imports. While they have not filed for bankruptcy, they have tapped into some resources which are indicative of debt restructuring.
Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married couples.
One Spouse Filing for Bankruptcy
If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice. An individual can file for chapter 7 or chapter 13 bankruptcy.
Medical bills are the number one reason for bankruptcy in the United States. Multiple studies have shown the in 25% – 50% of bankruptcies, medical debt was significant. However, the answer to the question ‘is medical bankruptcy a real thing?’ is ‘no’. While medical bills are a heavy contributor to
In 2018, we saw some shocking bankruptcies and they were mostly brick and mortar retail chains. Companies such as David’s Bridal, Mattress Firm, Brook Stone, and Nine West all filed. Read on to get an update on a few of the companies we reported on in 2018.
In October, we covered
So, you made the decision to reclaim your life from financial trouble in 2018 and file for bankruptcy. When you file, you basically separate from your estate. You can think of your estate as a separate person. This can create some complexities during tax season. To add more into the
There are many reasons a business looks at bankruptcy as an option. Competition, economic climate, lawsuits, and many more situations can create an unsustainable environment. Believe it or not, some businesses cannot afford to declare bankruptcy so they just close. The new bankruptcy bill was inevitable. Support for small businesses
Every year, over 1.5 million bankruptcies are filed. About 97% of them are filed by individuals. Bankruptcy is an extremely important tool and can be life-changing if used correctly. People who file for bankruptcy are normal, everyday citizens usually over age 45. They are married with families and plans for
In 2018, fires ravaged just under 2 million acres of land. Recent evidence suggests that a local utility company’s equipment may be responsible for the catastrophic event. PG&E may be on the hook for expenses totaling at around $30 billion. Top brass has decided they cannot afford that so they