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September 2015 Archives

What are the benefits of a Chapter 13 bankruptcy?

When most people think of bankruptcy, they imagine having to forfeit and auction off many of their assets, such as cars or homes, in order to pay off their debts. For this reason, they often do not even consider bankruptcy, even if they could greatly benefit from it. What you may not know is that such asset liquidation is only indicative of one type of bankruptcy: Chapter 7 bankruptcy. If you are concerned about having your assets sold, you may want to see if a Chapter 13 bankruptcy is right for you.

Aircraft maintenance company files for Chapter 7 bankruptcy

Recently in a New York court, MidAir USA filed for Chapter 7 bankruptcy. The aircraft maintenance company's struggles have been well-documented since early 2014 when the company was facing financial struggles under the burden of approximately $1 million in debt. The company's president helped work out a debt repayment plan, but he passed away unexpectedly earlier this year, leaving the company without the necessary leadership or guidance in the face of massive debt.

Bankruptcy can eliminate credit card debt

Credit cards are an extremely useful tool for a great many people. For some, they allow more efficient financial management by keeping bills regularly scheduled and paid at specific times of the month. For others, they serve as a sort of safety blanket until payday rolls around. However, credit cards are certainly a double-edged sword, particularly for the latter group of people, as failure to stay on top of your credit card payments could quickly lead to a debt that spirals out of control and puts your entire financial future in turmoil.

Determining if bankruptcy is right for you

There are many people who can benefit greatly from bankruptcy, but they do not choose to take advantage of bankruptcy because they have misconceptions or concerns about the process and the effect it will have on their lives. On a similar note, there are many people who believe that bankruptcy will magically solve all of their financial problems and make their debts disappear without consequence. Whether you can truly benefit from bankruptcy or not, it is important to determine if bankruptcy is right for you.

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