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Rockville Bankruptcy Law Blog

Consumer bankruptcy: Addressing financial issues with guidance

Many individuals in Maryland may feel as though taking on debt in a necessary part of life. Whether in borrowing money to fund one's education, or to secure home ownership, similar lines of credit could help a person achieve his or her goals. However, those who begin to experience financial hardships due to high amounts of debt might wish to know how best to address the situation, and they could benefit from speaking to a consumer bankruptcy attorney for guidance.

When debts become an issue, the average person may feel uncertain where to focus his or her efforts. The first step in forming a financial strategy is to gain awareness of all debts, as well as their respective interest rates. As certain types of debts, such as credit card accounts, can carry high interest rates, it might be advisable to work on reducing high-risk balances by making additional payments to similar accounts when possible.

Wildfires leave company in search of relief via reorganization

There may be a variety of scenarios in which a company might experience times of financial struggle, some of which could be unpredictable or unavoidable. For companies in Maryland and elsewhere that provide outdoor services, even prolonged periods of inclement weather could pose a threat to operations. A company in another state has recently experienced similar challenges and has decided to pursue financial reorganization through Chapter 11 bankruptcy.

In addition to owning and operating a golf course, the company also says that it owns numerous large homes that are rented out for special occasions such as weddings. During the previous year, the company says that an outbreak of wildfires disrupted everyday operations severely. The resulting drop in revenue left the company in need of financial relief, which it chose to pursue through Chapter 11 bankruptcy.

Consumer bankruptcy: The potential price of summer spending

Over the course of the summer, families in Maryland and across the nation may choose to embark on a variety of adventures. However, with the extensive costs associated with many summertime attractions, even a weekend trip could leave a family facing significant financial burdens. Those who experience hardships under similar circumstances could benefit from speaking with a consumer bankruptcy attorney for advice on the available options with which to pursue financial relief.

The summer months may be a common time for individuals to embark on family vacations. While planning these events can be exciting, it can also be intimidating, and accounting for all related expenses can be an arduous task. The costs of travel and accommodations alone can be substantial, and in areas that are popular spots for tourists, the prices of food and necessities may also be significantly higher than a family originally budgeted for.

Understanding how to pursue relief through a wage-earner plan

Going through prolonged periods of financial strain can be stressful under any circumstance. Unfortunately, it may take little more than a single medical emergency or sudden change of employment to leave a person facing high amounts of debt. For individuals in Maryland who are able to pay certain amounts of debt but are struggling under the overall weight of financial obligations, a wage-earner plan could help them pursue a healthier financial future.

One major concern for many who consider bankruptcy as a viable option may pertain to the liquidation of assets. However, unlike Chapter 7 bankruptcy, Chapter 13 may allow a person to maintain possession of all his or her assets while repaying certain amounts of debt over a given period of time. To be eligible for a wage-earner plan, a person may need to show that his or her income is sufficient to make the required payments according to schedule.

Reorganization: Addressing financial concerns in a small business

For small business owners in Maryland and across the nation, the success of their companies could have a significant impact on their lives. Periods of financial struggle can be challenging for owners, and if these issues persist, the future of an enterprise could be placed in jeopardy in the process. To protect a company, a small business owner may find it beneficial to know the steps to take to address monetary struggles, as well as the available options should debts become an issue, such as reorganization through Chapter 11 bankruptcy.

There are a variety of scenarios in which a small business could experience financial concerns, ranging anywhere from drops in revenue to overspending on operations. The first step in addressing these issues is to acknowledge their presence and identify the source. If operations are a concern, an owner could consider addressing any inefficient manufacturing processes and making the necessary adjustments.

Consumer bankruptcy: Protecting one's plans for retirement

It is no secret that dealing with substantial amounts of debt can be a harrowing experience. For individuals in Maryland who are closing in on retirement, financial struggles could pose a significant threat to future plans. Those who are facing similar issues might find it advisable to speak with a consumer bankruptcy attorney for guidance on the potential risks of dealing with debts late in life and the available options with which to pursue relief.

According to a recent survey, more than 80 percent of workers who are closing in on retirement age are carrying some form of debt. Although their financial concerns may take numerous forms, the most common issues they face pertain to mortgages, auto loans and credit card bills. In addition to the stress involved with dealing with high amounts of debt, those who face significant monetary burdens could be less capable of saving for life after retirement.

Consumer bankruptcy: Avoiding certain credit card purchases

For many consumers in Maryland and across the nation, the convenience and possible rewards involved with using a credit card for purchases may appear enticing. However, with high interest rates and substantial penalties on late payments, there may be some inherent disadvantages to using a similar form of credit. Credit card debt remains one of the leading causes for financial struggles, and similar concerns have led many to pursue relief through consumer bankruptcy.

While a person can use a credit card to purchase nearly anything, financial experts suggest that certain transactions should be avoided at all costs. For instance, those who owe money during tax season could consider using a credit card to cover the bill. However, with high interest rates on most credit accounts, a personal loan could be a much more viable option in times of financial need.

Nine West files petition for reorganization through bankruptcy

Many companies in Maryland and elsewhere may attempt to provide consumers access to a variety of product brands, some of which could prove less profitable than others. When a business begins to experience significant financial issues, it may seek to regain financial stability by selling the rights to certain brands, but this might not always solve the issues. After reportedly experiencing similar hardships, the apparel company Nine West has filed a petition to pursue reorganization through bankruptcy.

According to reports, Nine West provides clients with access to a variety of brands of clothing and accessories. However, the company asserts that certain products have proved less profitable than others, and that substantial amounts of debt have left it in search of financial relief. By filing for Chapter 11 bankruptcy, the company is reportedly seeking to sell the rights to certain products and work back toward financial stability by focusing on its more successful products.

Seeking relief through consumer bankruptcy during tax season

There are a multitude of scenarios in which a person in Maryland may begin to experience the trials of financial hardships. Regardless of how it occurs, those who constantly struggle to keep up with monthly payments may find themselves in search of relief, but with numerous available options, they may be uncertain how best to proceed. While many of those who experience severe financial struggles may wish to seek relief through consumer bankruptcy, they may be forced to wait on their tax refund to pay for the process.

Many may consider a tax refund as a means to pay down on certain amounts of debt, while others may wish to put their refund into savings. However, for those facing substantial amounts of debt, this influx of cash could open up additional options. Studies suggest that the number of bankruptcy filings generally sees an increase during this part of the year, with many choosing to seek the relief they might otherwise be unable to afford.

Claire's Stores plans to seek reorganization through bankruptcy

The recent advent of online shopping has forced a multitude of businesses to experience a significant drop in consumer traffic in brick and mortar stores. This has left many businesses in Maryland struggling to keep up with the competition, and the financial challenges involved in a reduction in sales can leave a company in need of monetary relief. After experiencing similar concerns, a popular cosmetic jewelry chain is reportedly forming a plan to pursue financial reorganization through Chapter 11 bankruptcy.

Much like many other mall-based stores, Claire's Stores Inc. has reportedly begun to experience the financial challenges that come with the recent decline of consumer traffic. In addition to a decrease in revenue, the company is also struggling to deal with the nearly $2 billion of debt it obtained when it was taken over by another entity. Although the company says it initially sought to overcome these issues by forming business arrangements to sell its products at other retailers, it is reportedly preparing to seek relief through Chapter 11 bankruptcy.

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