Businesses in Texas and across the nation that are having financial issues or simply need to find a way to get their financial situations under control are well-advised to understand that Chapter 11 bankruptcy is a viable option. While there is an unavoidable fear with a business bankruptcy, it should be seen for what it really is: a tool to get back on stronger ground. A reorganization under Chapter 11 is a useful strategy for any business, even those that might, on the surface, appear to be successful with solid business contracts with established entities.
Can I tell a collection agency to stop calling me?
Texas residents who are experiencing financial problems will frequently resist taking action for fear of how the creditor will respond. Collection tactics used by creditors and collection agencies are the foundation for consternation and fear on the part of the debtor. Fortunately, there are steps that can be taken, such as a bankruptcy proceeding. However, there are times when the collection agencies will continue making contact with the debtor. Knowing the law and a debtor's rights to tell them to stop making contact is an important part of the process.
What are the different types of creditor claims in a Chapter 13?
For Texans, making the decision that the financial challenges they are facing have become too difficult to overcome and filing for Chapter 13 bankruptcy is not taken lightly. However, it is a comforting truth that Chapter 13 is a strategy to get out from under onerous financial issues and move forward. Chapter 13 is for those who earn wages and will repay the debt within three to five years. There are certain terms that must be understood with this filing. That includes the three types of creditor claims on debt. They are priority, secured and unsecured.
Chapter 7 bankruptcy and a second discharge in Texas
Texan residents who receive a discharge in bankruptcy as a form of debt relief are not immune to again experiencing financial problems in the future. Simply because there was a successful filing of a Chapter 7, Chapter 11 or Chapter 13 bankruptcy, it will not automatically mean that the person will be safe forever. Circumstances can arise in which the person will need to file for Chapter 7 bankruptcy again. A question that comes up for these individuals is whether they are able to receive a second discharge in a later case. Knowing how this works and the rules that the courts have put into place is an imperative before moving forward.
Famous entertainer completes his Chapter 11 bankruptcy
On the surface, Tyler residents who are experiencing financial problems might not find a kinship with wealthy and famous people who are also having their financial turmoil. However, when people who are prominent decide that they need to file for bankruptcy protection, it can provide a roadmap - albeit on a lower scale - for those who are experiencing financial issues of their own. This is particularly true if it is a business bankruptcy. While larger businesses will have issues that smaller businesses will not, these can be compared in terms of the owners and the scale of the business.
Knowing debtor protections against a creditor lawsuit
Texas residents who are in debt and are no longer able to make their payments might face the threat of a lawsuit from creditors. Understanding creditor's rights as well as protections that a debtor has can help in knowing what to do when this situation arises. People who are not aware of their options when they are being pursued by a creditor might take the threat of wage garnishment, strident collection practices and other actions seriously and allow it to dominate their lives.
Oil services company files for prepackaged business bankruptcy
Texas residents who are running a business often run into financial issues that make it necessary to consider a Chapter 11 bankruptcy. This is not necessarily an attempt to end the business, but to have a debt reorganization to come back stronger than before. One method that is used for filing for Chapter 11 bankruptcy is a "prepackaged" plan. Understanding the various aspects and benefits of a Chapter 11 business bankruptcy is imperative before deciding on the right alternative.
Texas saw increase in Chapter 11 bankruptcy in 2016
Texas businesses that are having financial trouble or that are seeking ways to stay in business on firmer financial ground may be thinking about a business bankruptcy. A business owner might recoil at the idea of Chapter 11 bankruptcy because of the unwarranted stigma surrounding it. However, there are a great number of businesses that have used Chapter 11 as a tactic to move forward and come back stronger than ever. Others have gone on with other businesses and been in a better financial situation.
Important information a creditor must provide to a debtor
People in Texas who are having trouble with debt will often feel fear and concern not just over what they are facing in their personal finances, but with the seemingly endless phone calls and letters they are expecting from creditors trying to collect the debt. While there are certain creditor's rights when it comes to this, there are also rules they must follow. Knowing those rules can help to avoid over-the-line tactics that some unscrupulous and aggressive creditors will use in attempts at collection.
What personal debt relief options are available to me?
Are you one of the many Texas residents struggling to meet their debt obligations? It is okay. It happens. If you are in a financial pickle, you may want to know what debt relief options are available to you. The truth is, there may be a few options, depending on the specifics of your situation.
