As this blog has noted many times, the two most common forms of bankruptcy for individuals are Chapter 7 and Chapter 13. Sometimes news articles mention a celebrity filing for Chapter 11 bankruptcy. This is actually very rare. The vast majority of Chapter 11 bankruptcies are filed by businesses, not individuals.
Many people in Massachusetts are doing better than they were 10 years ago, in the depths of the Great Recession, when the housing bubble collapsed and took the global economy with it. However, there are still plenty of people who are struggling with debt and need help.
Many Americans who seek debt relief do so because they got into financial trouble with credit. Mortgages, credit card bills and other debts can pile up, quickly gathering interest. An unexpected setback, such as a medical emergency or loss of a job, can make these debts impossible to overcome without help. Fortunately, a professional can help people get out of this kind of financial trap through debt relief methods such as Chapter 7 and Chapter 13 bankruptcy.
It's no secret that it's tough to be a small business today! With the decline in brick and mortar retail, threats of larger companies and their buying power and the change in consumer buying habits - these are all aspects of larger retail trends that can greatly impact small businesses. This isn't always controllable for a business to absorb these challenges without negatively impacting the business. This can quickly lead to debt if sales slough for a period of time.
In terms of investments, few are as rewarding or as important as home ownership. When a homeowner falls behind on their mortgage payments they are at risk of losing their homes. Sometimes modifications can be worked out between the homeowner and the mortgage company. However, if this option has already been exhausted, or the home owner doesn't qualify for relief in his way, there are some other steps a person can take to delay or stop the process of foreclosure.
Owning a business can be very challenging. Managing cost of goods sold, employees, market fluctuations and competition in the market can be overwhelming. It's not unusual for a new business to take heavy losses in their early years. However, taking a loss can happen to a business of any age, at any time. There could be several contributing factors that lead to a business' tough financial situation.
Running a business is not easy, as many business owners already know. Whether the business is large or small, there are challenges that every business owner will face while trying to navigate their industry to be a profitable and successful business. A business can face specific cash flow challenges as a new business while they are getting off the ground. However, established businesses can suffer hardship as well.
Life is expensive today. Wages have been fairly stagnant since the 1980's and this has put a real strain on the average working family as they try to make ends meet. Beyond that, there are many expenses in the average family's life that need to be addressed, things that people just didn't have to pay for in decades' past. If you and your family is feeling the pinch of financial struggles, have you considered bankruptcy for debt relief?
We'll continue our earlier discussion of debt collection and Massachusetts law in this post. The information regarding fair debt collection practices is intended not as specific legal advice, but as a general background on the topic.
It's a nightmare situation for many Quincy residents: the phone rings and the caller starts making demands, eventually escalating to threats. They won't say who they are, but they keep calling back, sometimes in the middle of the night. They call at work. It seems they can get away with all manner of harassment and intimidation, all because a debt has fallen into collection.