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.
Finally, having looked previously at debt consolidation in general and debt consolidation loans in particular, we'll turn this week to an examination of credit card balance transfers. Quincy residents are likely familiar with this type of consolidation from advertisements in the mail. While a credit card balance transfer has some benefits, it is important to distinguish between it and true debt relief.
To continue from an earlier post on our Quincy legal issues blog, we'll now take a look at a few common options for consolidating debt: consolidation loans and credit card balance transfers. The information is intended to be general in nature only, not as specific legal advice.
Many Quincy residents struggling with credit card debt are desperate for solutions. Anything that can help reduce their monthly payments, or even let them make fewer payments, may be considered if it promises some measure of debt relief.
After we wrote recently here on our Quincy legal issues blog about two major grocery chains struggling with debt and reportedly preparing for bankruptcy, we should pause to address a question some readers are likely to have. While it's true that bankruptcy can allow big businesses to reorganize in an effort to return to profitability, does Chapter 11 offer debt relief for a small business?
Many retail businesses in Quincy are used to getting by on tight margins and increasingly tough competition, but perhaps none more so than grocery stores. Factor in cuts to food stamp subsidies as well as Amazon's recent acquisition of Whole Foods in preparation to expand its own presence on the ground, and some grocery stores are wondering what their exit strategy will be if business is no longer sustainable.
There are many things that Massachusetts residents look forward to as they transition from one calendar year to the next. They may make big plans to acquire new skills and pursue new lines of work in more appealing industries. They may decide to expand their families or recommit to spending more time with the people that they love. One thing, though, that no one looks forward to is managing the bills and debts that they acquired over the holiday season.