Tag : BANKRUPTCY

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Puerto Rico’s Ongoing Debt Restructuring Battle

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.

Bankruptcy Fee Hike Policy Challenged

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.

Pier 1 Imports Eyeing Bankruptcy

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.

Bankruptcy Options for Married Couples

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.

Is Medical Bankruptcy a Real Thing?

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

Corporate Bankruptcy News Updates

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.
Sears
In October, we covered

How the New Bankruptcy Bill Affects Small Businesses

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

The Number One Reason People Declare Bankruptcy

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