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Raleigh Bankruptcy Law Blog

North Carolina bicycle company closing its doors

This blog recently discussed how business bankruptcy options can help struggling businesses. As is true of personal bankruptcy, there are both reorganization and liquidation bankruptcy options for struggling businesses and the best option depends on the needs and goals of the business.

A North Carolina-based bicycle store is closing its doors throughout the country. One of the nation's largest bicycle stores will close 102 stores nationwide as part of the bankruptcy process. The company operates stores in 20 states. The stores are in the process of liquidation. The liquidation process will involve discharging debts, usually to obtain the greatest amount possible to repay creditors.

Bankruptcy protection for struggling businesses

When a business is struggling, its owners should be familiar with business bankruptcy protections that may be available to help. Corporations, partnerships and sole proprietorships that are struggling with overwhelming business debt and looking to get back on their feet may all benefit from Chapter 11 bankruptcy protection.

Corporations, partnerships and sole proprietorships would certainly benefit from understanding Chapter 11 bankruptcy protection and what it involves. Chapter 11 bankruptcy is a reorganization bankruptcy option that allows the struggling business to reorganize its debts and seek sources of new capital while remaining in business. Guided by the bankruptcy court, the business can usually remain in business during the process and the business owners can remain in charge of the daily operations of the business.

Qualifying for Chapter 7 bankruptcy

This blog recently discussed Chapter 7 bankruptcy exemptions and their importance to consumers filing for Chapter 7 bankruptcy protection. Because Chapter 7 bankruptcy provides important protections for consumers, it is helpful for struggling consumers to know how to qualify for Chapter 7 bankruptcy.

Chapter 7 bankruptcy is a personal bankruptcy option that allows the filing party to liquidate assets to repay creditors. To qualify for Chapter 7 bankruptcy, the filing party must meet what is referred to as the means test. The means test looks at the average income of the filing party for six months preceding the filing party's application for bankruptcy. The average monthly income is then compared with the state's median income.

Chapter 7 bankruptcy exemption basics

Chapter 7 bankruptcy is an important resource for struggling consumers seeking options to help them with their financial struggles. Chapter 7 bankruptcy is a personal bankruptcy option that can provide important protections to struggling consumers, as well as debt relief.

Chapter 7 bankruptcy is a personal bankruptcy option that allows the filing party to liquidate non-exempt assets to repay creditors and enjoy a fresh financial start. Chapter 7 bankruptcy is one type of personal bankruptcy protection and it is worthwhile for interested consumers to understand the options available and which might be best for them. While Chapter 7 bankruptcy is a liquidation bankruptcy option for individuals who qualify, certain categories and types of property may be protected from the process.

Sears announces additional store closures as part of bankruptcy

This blog recently discussed how Chapter 11 bankruptcy can help struggling businesses. Sears recently announced that it will close an additional 40 stores as part of its Chapter 11 bankruptcy process to help it in its efforts to return to profitability. The retailer is currently in the process of closing 188 stores including at least 4 in North Carolina, including one in Raleigh. Both Sears and Kmart stores are included in the store closures.

Following all of the closures, the company is expected to have fewer than 500 location remaining open. The company estimates that if it survives the Chapter 11 bankruptcy protection process, 400 stores could remain profitable on their own. As this blog recently discussed, the Chapter 11 bankruptcy process for businesses is a reorganization bankruptcy and the goal of the process is for the company to stay in business and return to profitability.

Can you rebuild credit after declaring bankruptcy?

Bankruptcy can be an extremely helpful tool for recovering from poor financial circumstances. However, it can also come with a pretty significant knock on your credit score. An important thing to keep in mind is that this low credit score isn’t permanent. In fact, there are easy steps North Carolinians can take to start the process of rebuilding credit.

Here are a few things you can do to start strengthening your credit:

Ways To Deal With Medical Debt

No one ever plans on having medical debt, but the bills from hospitalizations, treatments and life-saving drugs pile up for many Americans. In fact, medical debt is one of the leading reasons for filing bankruptcy in the United States. Even if you are unsure how you will ever pay off your bills, there is hope. Here are some ways others have tamed their medical bills.

 Check Your Bills

Chapter 11 bankruptcy protects struggling businesses

It is important for struggling businesses to be aware that there are business bankruptcy options available for when they need help. Chapter 11 is a reorganization bankruptcy option for businesses wanting to remain in business and seek relief from overwhelming debt.

The Chapter 11 bankruptcy process allows the struggling business to remain in business and continue its daily operations as it is going through the Chapter 11 reorganization process. During the process, it can work out a repayment plan and may also seek new sources of capital and ways to reduce costs. The struggling business will work with the bankruptcy court to develop a suitable repayment plan and is a good option for businesses that wish to enjoy debt relief and become profitable once again.

The personal loan trend among young consumers

One type of debt that young consumers appear to be turning to more often lately are personal loans.

A recent study from an online lender points to young borrowers taking on a larger share of such loans in recent years. According to this study, back in 2015, consumers ages 18 to 35 made up only around one out of every eight personal loan borrowers. The study indicates that, now, individuals from this age group make up almost one out of every four such borrowers.

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