When a Tennessee business has accumulated billions of dollars in debt, bankruptcy is only inevitable. Even a debt restructuring could cost tens or hundreds of millions of dollars - a large sum of money for even the most successful business. According to recent reports, Dallas-based Energy Future Holdings is in serious financial trouble as revenues decline and debt increases.
Different options are available through the legal system to help individuals eliminate debt and enjoy a fresh financial start.
According to the government, the sale of the nation's oldest privately owned clothing maker, now bankrupt, may be happening too quickly and may not be in the best interests of the bankrupt company's creditors. The clothing company has been making tailored suits and clothing in Cleveland, Tennessee since 1880. The privately owned company is currently operating under bankruptcy court supervision. The company hopes to emerge from bankruptcy after a proposed $2 million sale to a local Cleveland millionaire who says he wants to rebuild the business and save Cleveland's oldest company.
Many Tennessee residents think of bankruptcy as the worst thing that could ever happen to a person. Even today, bankruptcy has a stigma attached to it, but this is because many people are uninformed of the process and how it can help a person drowning in debt get a fresh start on their life as well as their credit score. Here are some of the most common myths about bankruptcy.
Sometimes companies fall onto hard times and end up with large amounts of debt. But hard times do not always signal the end for a company. Sometimes bankruptcy can help the company restructure its business and create new long-term goals. That is what Tennessee medical transcription company M*Modal is hoping to accomplish after filing for Chapter 11 bankruptcy.