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Rockville Bankruptcy Law Blog

Misinformation shouldn't be a deterrent to consumer bankruptcy

Filing for bankruptcy is a major decision that often requires a fair amount of consideration. However, a person might also want to do some research and speak with someone with experience in the area before coming to a conclusion. When it comes to consumer bankruptcy, there are several common misconceptions that might deter a person in Maryland from considering it as a viable option in the first place.

Although Chapter 7 bankruptcy can involve the liquidation of certain assets, that does not necessarily mean all assets. One may retain ownership of many -- and in some cases all -- of his or her possessions throughout the process. This myth may also apply to debts as well, as not all are eligible for discharge. Obtaining guidance about the impact on assets and debts may help a person make informed decisions.

Store proposes additional closures in plan for reorganization

Companies in Maryland and across the country often open stores in various locations in an attempt to maximize sales. However, this can also be risky, especially since it is often difficult to predict how well a store will do in a new location. If a company begins to experience prolonged periods of financial struggle after expanding, it could find itself in need of financial reorganization, and thus consider filing for Chapter 11 bankruptcy.

A popular shoe store has recently filed for Chapter 11 bankruptcy, and has requested permission to close over 400 locations in the process. It had already closed as many stores prior to filing, and is apparently continuing to restructure business operations in an attempt to remain operational. The recent request for closure of certain locations reportedly stems from an inability to negotiate a lesser payment for rent with landlords.

Seeking financial relief through a wage-earner plan in Maryland

Personal debt can come in various forms, sudden and gradual alike. An unexpected trip to the hospital can be financially devastating. On the other hand, perhaps a person used a credit card on too many occasions, eventually leading him or her into dire financial straits. Regardless of how it happens, those in Maryland who are considering bankruptcy as a viable outlet for relief might want to consider the benefits of a wage\-earner plan.

Overwhelming debt can put a significant strain on a person's everyday life. In some cases, an individual may possess the ability to make payments on a portion of his or her debt, but the total amount could be too much to handle. A person may also wish to retain possession of certain assets throughout this period, subsequently prompting him or her to explore Chapter 13 bankruptcy.

Reorganization of finances can allow businesses to regain control

When a person or entity buys or takes over a business, the deal may also include various amounts of pre-existing debt. Business owners in Maryland and across the country may believe they are able to achieve success eventually, but in the meantime, financial reorganization may be necessary. When facing a similar situation, a business owner could choose to obtain assistance in the process by filing for Chapter 11 bankruptcy.

This appears to be the case for a YMCA in another state. A new director and board have taken control of the business, and have advised that the entity inherited almost $5 million in previous debts. After attempting to transition into a more successful direction, the YMCA has recently filed for bankruptcy, acknowledging an inability to settle all of the claims against the business.

Overcoming unexpected changes in life through consumer bankruptcy

Countless individuals have experienced periods of significant financial struggles at some point in their lives. While in some cases these periods may be short-lived, some difficulties can linger, prompting a need for a lasting solution. If an individual in Maryland suddenly finds him or herself drowning in debt, it may be beneficial to file for consumer bankruptcy.

Financial difficulties can stem from any number of circumstances. Perhaps a person got a promotion at work and subsequently purchased a new home. If that same person loses his or her position down the road, it may suddenly be challenging to keep up with monthly expenses. Any type of major change in life, many of which are sudden and unexpected, can cause a person to fall behind on monthly payments.

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.

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