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Chemist sweeps and mops floors to clear overwhelming debt

Many times, a person will try to keep credit card debts a secret from his or her spouse. However, usually one will have to eventually reveal the overwhelming debt problems to one’s family in Texas or in any other state. This is what one husband was forced to do after the family’s credit card debt had reached unmanageable levels.

His wife was surprised to learn that he owed $89,000 in total debt on 11 credit card accounts. The family’s financial problems began when the wife decided to leave her part-time job in order to begin a family in 1994. However, the couple did not make any financial adjustments required to address the decrease in household income. Nine months later, the wife ended up giving birth to twins, which meant double the expected expenses.

Company withdraws 2 IPOs before filing Chapter 7 bankruptcy

The economy makes a difference in decisions for many businesses. For some businesses in Texas and elsewhere, making certain business moves is dependent upon strong economic conditions. One technology company found this out to be the case when it decided to reverse its decision to move forward with two separate initial public offering efforts. Now, the company, GlassHouse Technologies, has decided to file a Chapter 7 bankruptcy.

The technology firm specializes in providing data center services and is primarily backed by venture capitalist investment. The company had originally intended to move forward with an initial public offering of $75 million in stock shares in 2011. However, GlassHouse decided against this due to uncertainty within the economy. This was the second time the company withdrew an initial public offering; the company withdrew a $100 million initial public offering in 2009.

Overwhelming debt from medical bills can affect credit score

It is important to stay healthy, since a trip to the doctor or a hospital can be a significant and unforeseen financial burden. This has caused many people to be faced with overwhelming debt problems as well as decreased financial stability. However, along with looming medical bills, many people in Texas will find that medical debt can be detrimental to one’s credit score.

Part of the problem is that many people are unaware of the medical debt they owe until it has already been reported on their credit reports. This is what one 67-year-old man found out recently when he realized he owed $640 in unpaid medical debt, which had been sent to collections as well as reported to credit bureaus. The man found this out when he attempted to apply for a credit card offering a zero-percent interest rate. He was planning on transferring balances from his other credit card accounts when the man’s application for the new credit card was turned down.

Trucking company files for Chapter 7 bankruptcy

Having liquidity is usually important in order for a company to maintain business operations. Without cash, many businesses in Texas and in other states may not be able to pay for the labor and supplies necessary to continue operating. This is what happened to one trucking company, which resulted in the business being forced to file for a Chapter 7 bankruptcy.

The trucking company’s lender had suddenly decided to stop funding the company’s everyday business operations. The company, New Century Transportation, immediately began seeking lending from other potential lenders; however, they were unable to secure enough financing to continue operating. New Century Transportation had even considered selling all or a portion of the business as an alternative to filing liquidation bankruptcy.

Married couple overcomes overwhelming debt

Debts from credit cards, mortgages and other types of loans are not always a person’s favorite thing to think about. This is why many people in Texas and other states decide to ignore their growing piles of debt. However, many times, a person will come to a point where he or she can no longer ignore overwhelming debt. This is what happened to one married couple when they finally decided to do something about their debt issues.

The couple had previously lived a life of carefree spending with the wife working in her own optometry practice and the husband working as a teacher. They attributed much of their debt on credit cards due to traveling. Living in a rural area, the couple loved to get away and take trips to other cities and states. Also, due to their high income and strong credit score, creditors were quick to loan them money.

Choosing between Chapter 7 and Chapter 13 bankrutpcy

Just about everybody runs into financial challenges from time to time. Although many people are able to resolve their financial problems and pay off their debts, there are many in Texas unable to take care of their overwhelming debt issues. For these individuals, filing for personal bankruptcy may be the answer. However, it is important to understand the difference between the two types of personal bankruptcies, Chapter 7 and Chapter 13.

A Chapter 7 bankruptcy will liquidate the petitioner’s assets in order to discharge most unsecured debts, which are debts not attached to a specific physical piece of property, such as real estate. Medical debt, credit card bills and many other consumer loans are considered unsecured debt. However, education loans are not included in debts that are dischargeable in bankruptcy, which means consumers will likely have to pay student loans even after a bankruptcy.

Is overwhelming debt from credit cards cause of future problems?

Americans find themselves facing financial problems for a variety of reasons. However, one of the most common causes of financial concerns for American families in Texas is overwhelming debt from credit cards. This can have a highly detrimental effect on one’s credit score, which can result in further problems down the road.

When a person falls behind on credit card payments, it can bring down his or her credit score. Since one’s credit score is used to calculate terms for financing and loans, this can increase the costs of obtaining a loan. This means automobile loans and mortgage rates will increase. Also, insurance premiums will be higher for those with a lower credit rating.

Engineering firm files for Chapter 7 bankruptcy

In Texas, bankruptcy offers an opportunity for a business in financial duress to responsibly close the company, thus allowing its owners to move on to other investment opportunities while leaving the financial problems of the former company behind. One company in another state has filed for Chapter 7 bankruptcy for this very reason. The civil engineering firm known as Lakeshore TolTest lost lucrative foreign defense contracts and was also involved in a corruption scandal.

The company is said to have nearly 10,000 creditors. Its liabilities range from $50 million to $100 million, with assets falling in this same range, according to bankruptcy documents. The company’s website appears to have been taken down, and no one from the company has commented about the bankruptcy liquidation process.

Payment plans can help with overwhelming debt from medical bills

When a person is sick or injured, he or she will be grateful for the opportunity to receive needed medical care. However, after receiving help from medical professionals, consumers will have to deal with the resulting medical bills. Many people may have problems keeping up with payments on overwhelming debt from medical bills in Texas or in any other state.

One of out every three Americans reported having trouble with paying their medical bills, according to recent research. The studies also show that even consumers with insurance are vulnerable to problems with medical debt. This issue also affects consumers of all income levels. Luckily, there are various ways for consumers to alleviate and avoid medical debt.

Bowling alley files for Chapter 7 bankruptcy

It is important for a business to keep up with paying its bills, especially rent for the business location. However, some businesses may find themselves struggling in a rough economy in Texas or in any other state. This could result in a company falling behind on bills such as rent. One bowling alley had experienced this situation, which resulted in a Chapter 7 bankruptcy.

The company, a bowling alley and entertainment center, had been having trouble keeping up with its rent payments. The bowling alley company ended up filing for Chapter 11 bankruptcy in order to restructure debts from unpaid rent owed to a property management company. The landlord company had given the bowling alley company some leeway on paying rent. However, this ultimately proved to not be a final solution.

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