There are many aspects of a Chapter 11 bankruptcy that might create confusion for Texas residents who are considering it as an option. Certain terms might be unfamiliar, but are important to understand when moving forward with a reorganization under Chapter 11. These can provide unexpected benefit if the Chapter 11 goes through. One particular aspect of a Chapter 11 that can be useful is known as a "cramdown."
Restaurant chain reopens location in Texas after Chapter 11
Businesses in Texas and across the country often face financial struggles that lead to them considering Chapter 11 bankruptcy. While the mere word "bankruptcy" implies that individuals or businesses are trying to get their financial circumstances organized so they can move on with their lives, it is important to understand the nuances of various forms of bankruptcy. With a business bankruptcy, the reorganization under Chapter 11 is a strategic option that can save the business.
What are collection agencies prohibited from doing under FDCA?
For people in Tyler, overwhelming debt and the fear of financial ruin is just a small part of the stress that accompanies debt problems. In addition to wondering what will happen, the constant harassment from creditors with phone calls, emails and letters regarding the overdue payments can be even more worrying. In recent years, steps have been taken to better protect consumers from these practices used by collection agencies. One way is through the Fair Debt Collection Act.
Medical expenses a leading cause of bankruptcy
Many Tyler residents never imagine that they will need to consider filing for bankruptcy. For a large number of people, personal bankruptcy also equates to a personal failure. They do not want to be "that person" who doesn't pay his or her debts and decides to find a legal way of avoiding them. However, the reality is that there are numerous reasons why a person might face financial difficulty. There could be unexpected life changes, a failed business or medical expenses that make it necessary. It is only then that they realize that bankruptcy is a strategy rather than an avoidance.
