The fate of Dallas, Texas-based Energy Future Holdings, which filed for bankruptcy in April this year, has become uncertain once again. With two loans already approved by a bankruptcy court, the company was on the verge of finalizing a plan to restructure its debt and thus get closer to emerging out of bankruptcy. The approval of a third loan would have made this process a certainty. But opposition from some creditors, who felt the plan gave higher preference to other lenders, has forced the company to think of alternatives.
In the business world, filing for bankruptcy suggests that a change of strategy is required in terms of how financial aspects of the business are run in order to survive. Following a bankruptcy, it is clear that some of the policies adopted were simply not in the best interests of the company. No matter what the cause, a responsible business owner will likely take the blame and try to remedy the situation, even if at significant personal costs. This is by no means a permanent situation, as many Tyler, Texas, residents know, with owners likely to regain their financial status when the business recovers.
A serious illness in the family can be a devastating experience for everyone involved. While the person with the illness has to undergo necessary medical procedures and sometimes rehabilitation, the rest of the family tries to provide as much support as possible. Often, the family also has to ensure that the medical expenses are met, and this can leave several family members struggling with medical debt.
Most Texans want to have enough money saved in their retirement accounts before they retire. But financial insecurity can lead to an inability to budget and save for a time when a person may not be able to earn. Unfortunately, it seems that many more people nowadays may not be able to save for their retirement due to various financial challenges.
Money is required for almost everything, whether it's to host a birthday party or to make a child happy with a favorite toy. However in tough financial situations, paying for everything through cash may not be possible and, as a result, many people end up making purchases with their credit card. Even if it is not purchases, sometimes unexpected healthcare costs may also affect finances of the family.