Credit card debt is one of the most commonly reported reasons why individuals file for bankruptcy. Credit cards make it easy for users to lose track of how much they spend, causing them to accrue large debt balances. One reason for this is that credit cards can make an individual feel like he or she has more disposable income than he or she actually has.
There is no limit to the number of times you can file for bankruptcy. When your personal debt amount reaches a level where it is impossible for you to pay it down yourself, Chapter 7 and Chapter 13 bankruptcy are there for you to use to have your debts discharged under court supervision. If you have completed a bankruptcy case before, you know that it can be a difficult process that requires you to cede a significant amount of control to the court.
Lily Robotics, a startup that quickly amassed tens of millions of dollars in pre-orders from around the world following its release of a viral video showing its prototype of an autonomous flying camera in 2014, has filed for Chapter 11 bankruptcy protection.
Although its stores in the Chicago area remain open, Boston-based fast casual sandwich chain Cosi has filed for Chapter 11 bankruptcy. In total, 29 of the company's 74 corporate-owned locations were closed in September 2016. In addition to these corporate-owned stores, there are 31 franchise Cosi locations in the United States. All of these locations are still open.
PopExpert, a tech startup that was founded in 2012 with the goal of creating an online space where members could connect with career coaches, mentors, and other professionals, filed for Chapter 11 bankruptcy in early 2016. In its early days, PopExpert was wildly successful, bringing in approximately $900,000 in 2015 and an initial $3 million from investors. After approximately one year under Chief Executive Aaron Kahlow, the company suffered severe financial troubles.
If you are currently going through the bankruptcy process or have recently completed it, you are probably hearing and reading advice from many different sources. The advice you receive might be contradictory or inconsistent, with some parties advocating strategies that would not work in your situation or seem like they would get you back into debt, rather than help you stay out of it. One piece of advice you have undoubtedly received is to take steps to rebuild your credit. But how?
In an earlier blog post, we discussed the steps you should take before you file for bankruptcy. If you are at the point where your personal debt has become so unmanageable that you are considering bankruptcy, there are ways that you can either seriously hurt or help your financial situation before you file your bankruptcy with the court. Some of these things you can do are specific to your situation and can be explained to you in detail by a financial advisor or an experienced bankruptcy attorney.
A recent report from Bloomberg News states that Sports Authority, Inc., once the largest sporting goods store in the United States of America, is currently in the process of discussing Chapter 11 bankruptcy with its lenders, including TPG Capital Management LP. This is because the company is currently facing a debt payment due on February 15th.
Surfwear brand Quiksilver, Inc., which owns apparel brands Roxy and DC shoes, was granted permission to exit Chapter 11 bankruptcy in late January 2016. The California-based apparel and retail company filed for Chapter 11 bankruptcy in 2015 after years of slumping sales, largely due to the rise of fast fashion brands like H&M and a decreased interest in the surf and skate lifestyle.