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Tyler Texas Bankruptcy Law Blog

What is Chapter 11 bankruptcy?

If your business has been struggling, you may wonder what chapter 11 bankruptcy is. In general, Chapter 11 bankruptcy is a bankruptcy option for small businesses and corporations that are struggling and seeking relief from debt that may be crushing for the business.

Chapter 11 bankruptcy is a reorganization bankruptcy option for businesses that allows them to reorganize their debts with the goal or returning to profitability. Once the petition for Chapter 11 bankruptcy has been filed, an automatic stay goes into effect which prevents all collection actions while the business bankruptcy proceeds. Chapter 11 bankruptcy provides the business with the option to reorganize its debts with the goal of becoming successful once again.

Understanding Chapter 7 bankruptcy exemptions

Understanding Chapter 7 bankruptcy exemptions can help provide peace of mind for individuals struggling with mounting debt and seeking debt relief. Because Chapter 7 bankruptcy is a liquidation bankruptcy process, an individual considering Chapter 7 bankruptcy should also be familiar with Chapter 7 bankruptcy exemptions and the protections they provide.

Because Chapter 7 bankruptcy allows the filing party to liquidate non exempt assets to repay creditors, the filing party may have concerns about their family home, cars or other assets and how the bankruptcy process will impact them. As a result, it is important for those considering important bankruptcy protections that may be available to them to understand bankruptcy exemptions and the important role they play in the Chapter 7 bankruptcy process.

How Chapter 13 bankruptcy might be able to help

Chapter 13 bankruptcy is one option to consider for those seeking debt relief. Chapter 13 bankruptcy provides one option that may help address debt-related concerns while also protecting the filing party's property.

Chapter 13 bankruptcy is considered a reorganization bankruptcy that allows the filing party to reorganize their debt rather than liquidate assets to repay creditors. Different bankruptcy options fit different situations so it helps to be familiar with what all the options are when seeking debt relief. If the filing party earns more than the median income in their state, based on their last six months of income, they will need to file for Chapter 13 bankruptcy protection, whereas, if they do not, Chapter 7 bankruptcy protection might be the best option for them.

Texas-born restaurant chain to reorganize under Chapter 11

The restaurant business can be incredibly challenging. Changing tastes and trends can leave a restaurant or even an entire chain suddenly in dire financial straits, even when entrepreneurs identify the right combination of location, menu choices, suppliers, branding and all of the other elements that go into a successful operation.

Back in 2012, two German students met while studying at the University of Texas at Austin. They went on to open a Mediterranean restaurant called Verts Kebap near campus. The restaurant went through a few name changes over the next five years and a shift from a "street food" menu to more upscale food before landing on Noon Mediterranean. It also expanded to dozens of locations and relocated its corporate headquarters to New York City in 2017.

Senior citizens increasingly filing for Chapter 7 bankruptcy

Tyler residents aged 65 and older who are struggling financially are not alone. Data show that more senior citizens are seeking debt relief by filing for bankruptcy than ever before.

The reasons for this, according to a recent study, go deeper than just the fact of an aging population. They have to do with the ways in which older Americans are saddled with the burdens of rising health care costs and, at the same time, fixed incomes. These factors have led to significant increases in both the number of older Americans filing for bankruptcy and the number of senior citizens with cases currently in bankruptcy proceedings.

What is repossession and what can you do to stop it?

Facing overwhelming debt can have many negative consequences for your life. In addition to phone calls from creditors, letters and other types of contact from debt collectors, you may also face the threat of losing your personal vehicle to repossession. If this is happening to you, it can be helpful to understand what will happen and what you can do to fight back.

Texas readers may know repossession happens when a company moves to take back an item you purchased on credit. Most of the time, a creditor may move forward with repossession after several missed payments, but it can happen after just one. In many cases, repossession often pertains to vehicles.

How Chapter 13 can help someone with a lingering car debt

One of the things Tyler, Texas, residents frequently are willing to take out a loan on is a new or gently used car. After all, relatively few families are blessed with having the thousands of dollars in savings that it takes to purchase a vehicle when they need one, and cars are an essential part of daily life for most residents of this city.

The bad news is that a car loan, much like a mortgage, is what is called a secured debt. This means that in the event of financial hardship and bankruptcy, a Texan may well be able to escape a lawsuit over the car loan, but they still have to return the vehicle or make the payments, payment which, oftentimes, put a real pinch on already tight budgets.

As shopping malls struggle, Brookstone files for Chapter 11

Tyler residents are likely familiar with the sight of a Brookstone store in a shopping mall or airport. The company started over 50 years ago as a mail-order business selling rare tools and other devices, opening its first physical storefront in the early 1970's. It soon grew into a purveyor of all manner of quirky home products and was an especially popular staple of the thriving shopping mall scene throughout the 1980's and 1990's.

As consumers shifted more of their spending away from malls, however, Brookstone struggled. It first filed for bankruptcy four years ago and was acquired by a Chinese company that kept most of its stores open. Recently, Brookstone filed for bankruptcy for a second time, listing debts of between $100 million and $500 million, with assets of only $50-$100 million.

Understanding auto loans and how to stop repossession

Owning a car is a necessity for most Tyler residents these days. It's not unusual for families to need more than one car, when parents need to drive to work, take the kids to schools and activities, and run errands at nights and on the weekends. With those cars frequently come auto loans, and when borrowers run into trouble with their loan payments, repossession can result. Let's take a look at some basic auto loan and repossession facts according to the Consumer Financial Protection Bureau.

Lenders do have the right to repossess your vehicle if you fall behind on your payments. They must do so without "breaching the peace." This means they cannot break into your home or garage to get the car, they cannot threaten you and they cannot physically force you to surrender the car if you refuse. If they do breach the peace during repossession, you won't necessarily get your vehicle back, but you can sue them. An award for damages could reduce the amount you will still owe your lender.

Credit card debt: Issues that are often causal factors

Perhaps you had been working for the same company for 10 or more years. You and your spouse may have even managed to set aside a little nest egg, dreaming of retirement one day or to take a beach vacation with your kids.  

If you're one of many workers in Texas who showed up at the office only to learn that your boss decided, without warning, to make your position obsolete or to cut overhead costs by letting a few people go, you may have felt shocked, dismayed, betrayed and worried all at the same time. If that situation led to substantial credit card debt and financial crisis in your home, you are definitely not alone in your struggle. The good news is that there are support options available.

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