Last week's post discussed how the ultimate goal of any debtor in a bankruptcy proceeding is to get a discharge from the court saying that some or all of the debtor's creditors can no longer legally attempt to collect on the outstanding debt.
In bankruptcy proceedings, "discharge" means to permanently relieve an individual or business of a debt obligation. Each part of the bankruptcy code - Chapter 7, 11, 12 and 13 - handles discharge and debt relief a little differently. However, procedures under all chapters share certain common features.
The famed Mandarin Oriental Boston hotel is headed for the auction block. If a US bankruptcy judge approves the sale, it could bring much needed cash to the hotel's financially strapped owners.
For years, the Massachusetts company known as Karmaloop was the midwife to hundreds of urban clothing startups across the country. Through online marketplaces, it connected the trendiest American apparel companies with eager buyers from around the world. Now, after a series of expansions that perhaps left the company overexposed financially, Karmaloop seeks to reorganize its operations in Chapter 11 bankruptcy proceedings.
One of the most common questions people going through bankruptcy ask is, will I lose my home? After all, debt relief is much less attractive if you lose the roof over your head in the process.
Millions of Massachusetts residents who find themselves awash in consumer debt may be in for a pleasant surprise. The nation's three largest credit reporting agencies - Equifax, Experian and TransUnion - have announced changes that could directly impact consumers whose credit scores have been damaged by large credit card debt, medical bills or other financial obligations.
Small businesses form the backbone of the Massachusetts economy and inspire many an American dream. However, very few ideas or businesses succeed from day one. Sometimes, debt relief under Chapter 11 bankruptcy is a necessary bridge to greater success.
Credit card debt is an issue that plagues many Massachusetts consumers. Many are still feeling the sting of their holiday spending. Others may be struggling with unemployment or other financial challenges. Whatever the situation, credit card debt can be overwhelming and even embarrassing to some people. Getting out of debt may seem impossible, but by taking baby steps, it can happen. The trick is to have patience, since it won't happen overnight.
Some readers of this Massachusetts bankruptcy blog may be familiar with the marketing slogan, "One size fits all." Products and services that are given this designation are intended to work for any person, regardless of the many qualities that make him or her unique. While one size fits all promotions may work in some industries and markets, it is not a good policy when it comes to consumer debt relief.
Readers of this Massachusetts bankruptcy blog may have spent the last few weeks preparing their 2015 resolutions. Each year people traditionally make plans to improve their health, wealth and happiness as the previous year ends and the new one begins. By now some may have fallen off of the resolution wagon and reverted back to using credit cards and other deferred payment options that enable their old spending ways. For people struggling to make ends meet and crippled by medical, home or credit card debt, our law firm understands that this can be a devastating occurrence.