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Rockville Bankruptcy Law Blog

Study notes tax season spike in consumer bankruptcy filings

Recent studies suggest that bankruptcy filings spike around tax season. With many individuals in Maryland receive a substantial refund during this time, there are countless ways in which to spend it. Some people may have their eyes set on a particular purchase, while others who are constantly dealing with overwhelming debt may have bills to pay. For the latter, they may find this to be an excellent time to consider filing for consumer bankruptcy.

Many people may have considered bankruptcy at one point or another, but they may not have been able to afford it at the time. Filing for bankruptcy may seem expensive at first, but the benefits of getting out from under overwhelming debt may outweigh the cost of filing significantly. Using a tax return to file for bankruptcy may help an individual eliminate certain debts and begin moving forward with his or her life.

Popular restaurant in need of financial reorganization

Many businesses have faced periods of highs and lows throughout years of operation. With business models changing on a daily basis, owners in Maryland are often required to form new plans to adapt accordingly. In some cases, low periods can be challenging to overcome, prompting a need to consider financial reorganization. A famous restaurant in another state is facing a similar situation after it has recently filed for Chapter 11 bankruptcy.

The fine-dining spot first opened its doors in 1974 and has since been a favorite amongst government officials and celebrities alike. Known for its French and Italian fare, it has also been credited with the invention of a popular dish. The restaurant has moved only a few times since opening and has been at its current location for around 11 years.

Seeking advice on consumer bankruptcy in early stages of debt

Many individuals have experienced credit card debt over the years. In the age of convenience, credit cards can have various benefits and may be easy to obtain. Unfortunately, if a person fails to make payments on time the situation can quickly become overwhelming. When facing a similar circumstances, people in Maryland may want to consider filing for consumer bankruptcy.

In some cases, a person may seek to escape debt by initiating a budget and/or exploring debt settlement. While these may be viable options for some, credit card debt can pile up in a hurry, and a more permanent solution may be in order. With so many options, knowing which decision to make can be challenging, but delaying the decision may prove detrimental in the long run.

Online shops spur a need for reorganization in other businesses

Many different business models experience change over a given period of time. When shopping malls came into popularity, many other businesses began to struggle to compete, with consumers flocking to these new areas. In recent years, many companies have made products available through online shopping, which has, in turn, caused a decrease in revenue for certain stores within Maryland malls. Many of these stores are now in need of financial reorganization, and some may consider filing for Chapter 11 bankruptcy.

Recent reports have shown a sharp decline in business for many once-popular retail stores. Some of these have attempted to reduce losses by closing numerous less-profitable branches across the country, but the companies are continuing to struggle. With a society that is all about convenience, online shopping is slowly strangling other businesses. Other companies make nearly everything available online, and products can be shipped to a person's front door.

Financial reorganization beneficial for businesses in Maryland

Owning and operating a business presents many challenges. Business owners in Maryland typically want to keep up with competitors, prompting a need for additional revenue. Making the decision to expand operations to new locations could result in major profits, but there may be some risk involved as well. If the expansion does not go as well as intended, the company may be in need of financial reorganization.

A major hunting and fishing chain has recently found itself in a similar situation. With increasing competition in its area of business, the company made the decision to expand. Unfortunately, the newly opened stores failed to attract the amount of business the company had predicted. It now has millions of dollars in loans to account for, and may be in need of assistance to protect the longevity of the business.

Benefits of consumer bankruptcy for retirement in Maryland

Many people struggle with choosing when to retire. For Maryland residents, the decision can be difficult for many reasons. Any previous debt accrued can be challenging to manage, especially on a fixed income. Credit card debt can play a significant part in preventing a person from retiring. For quite a few people in this situation, it may be wise to consider filing for consumer bankruptcy.

Many people turn to credit cards during times of financial struggle. A lot of companies offer low interest rates at first, but failure to pay the bill by every due date can have catastrophic results. High interest rates can result in monthly payments that only cover interest. This can prove especially difficult for someone with limited financial resources. A sudden spike in monthly bills can put a serious strain on a person in this situation.

Hostess reorganization is a sweet success

It was a dark day for many lovers of delicious snack cakes when Hostess filed for Chapter 11 bankruptcy last year. It was not only Doomsday preppers who rushed to stockpile the iconic desserts. The pain of many in Maryland was felt as people posted over social media their heartache at losing their favorite sweets. Meanwhile, those within the company began its reorganization.  

Soon after bankruptcy, the Hostess company was purchased by two private firms who sold a majority interest to a third company. The controlling company set to work recreating the beloved products. Those who grieved for Twinkies, Ho Hos and other snacks reminiscent of their childhood may have been delighted to hear that, only a year after reports of its demise, Hostess began trading again as a public company this past November.

Maryland taxis begin reorganization to compete with ride-shares

Recent innovations have given birth to an industry that combines an old service with new technology. Ride sharing allows people to use their own vehicles to earn money providing rides for others by way of a Smartphone app. While ride-sharing companies are wildly successful, it seems that progress may not be good for everyone. Traditional cab companies in Maryland are finding themselves in need of financial reorganization.

Barwood, Inc. and the taxi companies associated with it are struggling to compete against ride-sharing companies like Uber and Lyft. In fact, Barwood filed for Chapter 11 bankruptcy for the second time in eight years. This time, the company's owner blamed the fact that, while traditional taxi companies are heavily regulated, ride-sharing drivers are held to few standards, most notably the requirement for drivers to hold Personal Vehicle Licenses. Without the license requirement, ride-share drivers can charge less.

Rebuilding your credit takes a careful plan

A financial disaster often leads a person to file for bankruptcy protection. Perhaps it is a medical emergency or a job lay-off that starts the rapid unraveling of a delicate budget. However, a bankruptcy should not be thought of as a second disaster. In fact, despite the embarrassment people in Maryland may feel about filing for bankruptcy, the results allow you to begin rebuilding your credit.

The first step one should take is to identify the reasons why one's debts got out of control and make some changes. It may mean looking for a more secure job or creating an emergency fund. Along with this, setting goals is an essential part of any financial recovery. Having goals motivates people to make good decisions and systematically move forward.

Escape credit card debt by seeking bankruptcy protection

Americans already carry a significant amount of credit card debt, and the holidays are a time of year that many people see their spending and debt balances increase. It is easy to become overwhelmed by credit card debt, but this situation can quickly begin to affect one's ability to manage other bills and financial obligations. One way to deal with a debt that is unmanageable is to file for bankruptcy protection.

Especially during this time of year, it is quite common for people to fall for certain gimmicks that could lead to even more credit card debt. Shoppers may be tempted to apply for deferred interest cards, especially in stores in which they want to make a large purchase, but this is quite dangerous for a consumer if he or she is not careful. Many Maryland applicants do not understand the complicated and sneaky ways that these purchases can be quite harmful.

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