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September 2016 Archives

Personal bankruptcy options may help avoid foreclosure

When faced with losing a family home, it is important to be familiar with options that can help. Personal bankruptcy is one option that may allow homeowners facing foreclosure to avoid losing their homes and enjoy debt relief. Many people make a diligent effort to pay their bills, yet still fall behind and find themselves facing the stress of past-due bills and overwhelming debt. There are different options that may help with foreclosure, and personal bankruptcy is one to consider.

A closer look at Chapter 13 bankruptcy

Struggling with debt can be overwhelming. Chapter 13 bankruptcy is one option that is available to provide relief from the stress associated with overwhelming debt. Chapter 13 bankruptcy is considered a 'reorganization bankruptcy' that allows the filing party to reorganize his or her debt to repay it according to a more manageable repayment plan. The debts will be repaid over a period of time, typically three to five years depending on certain circumstances, rather than selling property to repay debts, which is commonly associated with a Chapter 7 bankruptcy.

Tennessee-based restaurant chain files for Chapter 11 bankruptcy

Business bankruptcy provides an option to help struggling businesses through a difficult time. Tennessee steakhouse chain Logan's Roadhouse recently filed for Chapter 11 bankruptcy protection. The restaurant chain plans to restructure and close restaurants that are performing poorly. The restaurant chain has experienced years of declining sales, and has seen a reduction in customer traffic. The bankruptcy filing is said to be representative of a trend in the restaurant industry away from traditional dining. Several restaurant chains have filed for bankruptcy, faced closures, have rebranded or experienced other challenges.

Different options are available when struggling with medical debt

Education for struggling consumers regarding medical debt and bankruptcy can be helpful across the country. Medical bills are a leading reason consumers file for bankruptcy. In fact, more than half of all personal bankruptcies are due to medical debt. When medical expenses are a significant portion of overall expenses, it is important that struggling consumers are familiar with the different options available to them, including bankruptcy options.

What should I expect when filing for Chapter 11 bankruptcy?

If you have considered different bankruptcy options for your business, and may be considering Chapter 11 reorganization bankruptcy, you may wonder what to expect from the process. The initial process is similar to any bankruptcy; once the filing party has filed for bankruptcy, an automatic stay is put in place to prevent any further creditor collection actions while the bankruptcy process progresses.

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