Farms across the Midwest are struggling financially, leaving many to wonder why. An alarming number of farms have filed for Chapter 12 bankruptcy, and the number continues to rise steadily. Farmers are choosing to file for Chapter 12 bankruptcy because it allows high debt levels like Chapter 11 bankruptcies, but is also an easier process, similar to Chapter 13 … [Read more...]
The Good, the Bad and the Ugly of Filing For Bankruptcy
Bankruptcy can be described as a way out of a financial hardship situation, with strings attached. And by strings, we mean conditions, obligations and restrictions. For individuals and businesses that can’t see a way to pay their debts, a bankruptcy can swoop in and wipe their debt slate clean, in most situations, but it comes with quite a few restrictions for the business or … [Read more...]
Is Declaring Bankruptcy Right for You?
Declaring bankruptcy is not something you wake up one morning and decide to do on a whim. Sure, you can decide quickly at times what you’re going to eat or wear, but a decision as serious as bankruptcy that can greatly affect your long-term future should be well thought out. Below are some questions and ideas to ponder before plunging into the bankruptcy bowl. Have you … [Read more...]
Record Pace Bankruptcy for Retailers
As of April, ten major retailers have already filed for bankruptcy in 2017. Last year, there were 18 bankruptcy filings total, and at the current rate it will be the same this year if not more. Experts believe retailers are filing bankruptcy at this rapid pace due to the acceleration of online shopping. No retail outlet is immune to a possible fallout. Department stores, … [Read more...]
5 Tips to Rebuild Your Life After Declaring Bankruptcy
Bankruptcy can be incredibly devastating financially, as well as psychologically, and should be considered a last resort. However, if proper steps are taken, you can begin to rebuild your life once bankruptcy has been discharged by a court. Before you attempt to rebuild your life post-bankruptcy, you should identify the root cause of how the bankruptcy occurred in the first … [Read more...]
3 Steps to Take Before Considering Bankruptcy
Bankruptcy should never be taken lightly. In fact, bankruptcy is a last resort that should only be considered if there’s absolutely no other way to escape your financial situation. Bankruptcy can be a stressful, difficult and emotionally exhausting procedure that takes an experienced lawyer. For starters, your credit score will be damaged immensely, so before you file you … [Read more...]
