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Webster Texas Bankruptcy Blog

What does reorganizing your company's debts entail?

If you own a company that is struggling to stay afloat financially then you may have looked into a variety of debt relief options as a way to stop creditor calls. You may have come across Chapter 11 Business Bankruptcy as an option. It may have appealed to you because it affords you an ability to restructure or reorganize your debts. You may wonder what this involves.

During the reorganization process, you'll be appointed your own company's Chapter 11 bankruptcy trustee. You'll be entrusted to come up with a plan for restructuring your company so that it runs more efficiently.

Wells Fargo in deep trouble for computer glitch claim

An interesting story about the banking company Wells Fargo has emerged. It seems that the company is now facing class-action lawsuits from people who allege that the bank improperly denied loan modifications to people who were trying to save their homes from foreclosure. These individuals all eventually lost their homes to foreclosure, leaving their families with no other option but to move out and move on.

According to the Dec. 22 report, the company is now blaming its mistakes on nothing more than computer problems. Others, however, point to facts which could prove that the company had malicious intentions.

Medical debt doesn't have to result in bankruptcy

Medical debt is something that many people in America deal with. It has gotten worse as time has gone on, since insurance benefits are always changing, and people may not fully understand what is or is not covered. If you get hurt when you're out of network, this can also lead to massive bills that are difficult to even imagine paying back.

The good thing to remember is that there are ways to manage medical debt, and not all of them have to be through bankruptcy. These options, like negotiating rates and having a payment plan, can help you manage the debt more effectively without having to worry about your financial health.

Think about these 3 topics before choosing bankruptcy

The goal, as someone running a business, is to bring in an income. You want your business to succeed and to continue on to grow into a successful, potentially franchised, opportunity. If things don't go as you plan, though, you could find yourself on the verge of bankruptcy.

If that sounds like your situation, you should be sure before you choose bankruptcy. While some forms of bankruptcy keep your business open, others shut you down permanently. Here are three things to consider before you opt for bankruptcy.

Myths about bankruptcy shouldn't hold you back

A personal bankruptcy can be difficult, but you don't have to feel like you're alone. Many people go through bankruptcies each year.

Myths surrounding bankruptcy make some people feel as if they're failures for struggling with debt. That couldn't be further from the truth. Individuals who struggle with debt might have had medical emergencies, high student loans, the loss of a job or other factors play a role in overwhelming debt.

What can you do if you're threatened with foreclosure?

The last thing you want to do is to move out of your home, but with missed payments adding up, you aren't sure you can remain in your home. Foreclosure defense is an option that you should look into.

Millions of people have lost their homes to foreclosure. Foreclosures begin when they miss three or more payments or enough that the mortgage lender is satisfied that the person is not going to pay. At that point, the lender seeks the foreclosure with the goal of getting the people out of the home and selling it to make back as much money as possible.

What do you need to decide before filing for business bankruptcy?

If your business is in financial trouble, one of your options is to enter into a business bankruptcy. As with any kind of bankruptcy, a business bankruptcy has benefits and downsides.

There are a few kinds of bankruptcy you might want to look into. One, Chapter 7, signifies the end of your business as you liquidate your assets. Chapter 11 gives you a chance to reorganize your business, so you can continue operating in the future. Other forms also exist depending on the kind of business you run, but these are the two primary types most business owners look into.

Medical debt: Don't let it control your life

America is no stranger to medical debt. It's a reality that the health-care system often results in people struggling with bills that total in the thousands, if not hundreds of thousands of dollars.

When you receive a bill that is quite costly, it may seem like there is no way to pay it. Even if you pay all you can, it might be an amount you're never truly able to cover. What can you do?

The advantages of bankruptcy are there to protect you

A personal bankruptcy may seem like something that would ruin your future potential, but the reality is that it can set you up for better financial security. Many people make financial mistakes at a young age or fall into financial difficulties as they lose jobs or suffer from health conditions. It's your right to choose bankruptcy if you cannot pay your bills and have fallen behind. It is there to protect people in your situation and to help you build firm financial footing for the future.

There are always advantages and disadvantages to bankruptcy, but the benefits often outweigh potential losses. Take, for example, Chapter 7 bankruptcy. With this form, you have to liquidate your assets. However, you likely won't lose everything thanks to the exemptions provided by the law.

What kind of bankruptcy is best for business?

When you have to file for a bankruptcy, it's painful. You don't want to lose your business, but you also can't continue to go deeper into debt. The good news is that there are different options open to you. In some cases, you may be able to keep your business afloat.

With both Chapter 11 and Chapter 13 bankruptcies, it's possible to keep a business open while the owner restructures its finances. Chapter 11, specifically, is designed to help with the restructuring process, while Chapter 13 allows the individual to pay a monthly amount toward the elimination of debts for three to five years.

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