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Bankruptcy can mean debt relief

There are many rules and regulations that cover bankruptcy, which change depending on the type of filing, be it Chapter 7, Chapter 11 or Chapter 13 bankruptcy. If you are experiencing a serious personal debt crisis, you may be able take advantage of bankruptcy in order to protect you from your creditors and manage your debt. In some instances, your filing could discharge your debts completely and give you a fresh financial start. All bankruptcies are different, which is why you should never rule the option out.

A businessman from Illinois has recently asked to have his Chapter 11 bankruptcy case dismissed. Wanting to avoid personal bankruptcy, the man has instead placed his faith in a settlement that he has reached with his creditors. He hopes that his new deal will be a simple process that allows him to keep control of his businesses, which include real estate investments. With assets of less than $34 million and debts totaling $170 million, the businessman is taking a serious gamble with the deal he has cut with his creditors.

He hopes to pay back roughly $11 million; he has until January 2017 to do so. He will also relinquish real estate to the banks, rather than have them seized through foreclosure. Ultimately, the man’s plan is for his real estate ventures to take off, allowing him to better pay back his debts over the next few years, rather than having his assets liquidated to give his creditors a paltry amount of what they are owed.

Not everyone has the confidence or capability to hope that they will be able to pay back $170 million in debt over a few short years, and even in this instance, it may not work. If his real estate ventures fail, this man could be in even more financial trouble.

Filing for bankruptcy is an option that may be able to protect you from creditor harassment and help you manage your debt legally. Even better news for Texas residents is that under Texas law, you may likely get to keep many of your assets if you file for bankruptcy.

Source: Chicago Business, “Owing $170 million, developer settles with lender, seeks bankruptcy exit,” Micah Maidenberg, Aug. 19, 2014

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