Tough economic times can impact any business and cause a once profitable company to become overwhelmed by debt. Business bankruptcy may be the best option to save a company on the brink of collapse. Also known as Chapter 11 or commercial bankruptcy, this option allows for reorganization of business debts and allows the company to keep its door open. One major airline is facing a potentially more profitable future after filing for Chapter 11 bankruptcy protection.
During the economic downturn the country has experienced over the last several years, many residents of Cleveland have got deeper into debt than they intended. Those who are currently feeling the burden of credit card debt may feel helpless due to debt collector harassment. It's important for anyone in this situation to understand their legal rights to better protect themselves and their families.
Most of the time companies go bankrupt because of losses sustained during normal business ventures. Occasionally, however, firms file for commercial bankruptcy after dubious business deals unravel and cause financial chaos. In these situations, details often emerge about the inner workings of the companies in question; sometimes, criminal charges result.
Upwards of 20 percent of the population in the United States has experienced difficulty finding full-time work during the past five years. Being unemployed or only getting part-time employment has left many families struggling to make ends meet. Some people have filed for bankruptcy, moved in with relatives following foreclosure or cut unnecessary expenses to survive tough times.