Bankruptcy, Foreclosure & Loan Modification Posts in August, 2016

When is Filing for Bankruptcy Not a Good Idea?

When you are unable to handle your debt load, whether that debt load is personal or business debt, you might consider filing for bankruptcy. Bankruptcy is a legal process through which an individual or company in debt can have that debt discharged, either through the liquidation of assets (Chapter 7), a repayment plan (Chapter 13), or a reorganization of the company (Chapter 11). Other chapters exist as well, such as Chapter 9, Chapter 12, and Chapter 15, but these are for niche purposes and only utilized by specific groups....
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Filing for Chapter 13 Bankruptcy with a Variable Income

Chapter 13 bankruptcy is an option for individuals who have an income to work through their debt issues and move toward a financially sustainable future. Unlike Chapter 7 bankruptcy, which involves ceding control of the filing party's assets to a court-appointed trustee to liquidate and use the profits to pay off his or her debt, Chapter 13 pairs the filer with a trustee to develop a repayment plan that will allow him or her to repay the bulk of his or her debt over a period of three to five years....
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Aeropostale to Seek Bankruptcy Rescue

In an earlier post, we discussed fashion retailer Aeropostale's financial troubles, the changing factors in the fashion world behind them, and the company's bankruptcy plan. Now, there are new developments regarding Aeropostale's bankruptcy and potential financial recovery. It and Versa Capital Management hope to reach a purchase deal by the second week of August....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL