Financial issues are not relegated to the individual debtor in Texas. They can extend to businesses and even to businesses that seem to have a strong client base and business model. With this in mind, it is not unusual for people who are struggling to consider a business bankruptcy. Filing for Chapter 11 bankruptcy is a viable option for some businesses. For those who think that it is an admission of failure, the perception is wholly inaccurate. In fact, it can assist with getting back on a better foundation and helping the business to survive and thrive as it otherwise would not have.
Overcoming a troublesome financial situation with bankruptcy
In Texas and across the United States, a growing number of people are finding themselves in financial trouble due to medical expenses, credit card debt and numerous other reasons for them to accumulate unpaid bills. For many, this could be embarrassing to the point that they are trapped on a treadmill, not knowing what to do. They do not want to take the step of filing for bankruptcy, but they are not getting anywhere in trying to pay down their debts no matter how hard they try. What they must understand is that bankruptcy is a viable option to get back onto stronger financial ground.
Can Chapter 13 bankruptcy be converted to Chapter 7?
When a person in Texas is facing financial challenges and makes the decision to file for bankruptcy, the individual might not be fully knowledgeable about how the process works. One aspect that is often confusing is when a Chapter 13 can be converted to a Chapter 7. The petitioner can decide to do this or it can be done by the U.S. trustee. The law for bankruptcy covers this and it can be beneficial for a debtor to understand when and how this can be done as steps might be taken to prevent it or it might be preferable to make the change.
Creditors want retailer's bankruptcy converted to Chapter 7
Bankruptcy can be a complicated and intimidating prospect for individuals and businesses in Texas and across the United States. Knowing whether or not the financial challenges have reached the level at which filing for bankruptcy is the best possible option, which classification to use and other issues often arise to muddle the decision and make it difficult to move forward. Those who believe that Chapter 7 bankruptcy is right for them need to understand the difference between Chapter 7 for businesses and the individual, and how creditors might respond to the filing.
Three potential changes to debt collection practice regulations
Harassing calls from debt collection agencies are not uncommon. Unfortunately, a large number of people experience these calls for debt that they don't even owe. According to the Consumer Financial Protection Bureau, 40 percent of all reported complaints about debt collection practices are the result of attempts to collect on debt that the consumer does not even owe.
