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.
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.
Student loan debt has become an increasing problem for borrowers and the economy of Massachusetts and throughout the United States. One in three students has loans, making student loan debt an even bigger problem than credit card debt. Students are struggling to make ends meet as they graduate from college with a large amount of debt and are unable to find a job that pays enough to cover their loans. Often, students are unable to find debt relief and need to declare bankruptcy.
Many people in Massachusetts who go to college do so in hopes of obtaining a lucrative job after graduation. Unfortunately, due to the economy and other outside forces, many people are no longer able to make their student loan payments and soon find themselves being harassed by debt collectors. However, the U.S. Treasury Department is trying to take some steps that will help student loan debtors in these situations.
When someone has a significant debt burden, that person may feel inundated by lenders and repayment plans. Oftentimes a payment may be difficult to make because of income constraints and high monthly bills. In Massachusetts, someone who is seriously delinquent on their loan may face harassing creditors. This can hamper both quality of life and financial freedom. For those who are seeking debt relief needs, bankruptcy can be an option to consider, especially when delinquent mortgage loan rates rank high in Massachusetts.
There are a variety of different options for businesses who are struggling financially. In Boston, a person who owns a business may undergo financial difficulty from a downturn in profits or a seasonal business cycle. If someone is struggling with business debt, there are options available. One of those is Chapter 11 bankruptcy. But, what is Chapter 11 and what can it do for you?
A lackluster economy can be a source of struggle for Massachusetts's residents. It can be financially impossible to cover the expenses of daily living. One of the worst things that can happen to individuals and families is a home foreclosure. An important tool for those living in Massachusetts to prevent foreclosure is to consider filing for bankruptcy. Being overwhelmed by debt can make life difficult. Often collection calls will come at work and at home. With poor economic prospects in some areas, finding financial tools can help with a fresh start.
Debt relief for a business can be a critical financial tool for a company that is running into cash flow problems. This can occur when business is slowing down, debt interest payments are high or other problems with liquidity. Chapter 11 bankruptcy in Massachusetts can help with debt relief as a business continues operations and gets back on track. It can help ease relations with creditors and develop a repayment plan that will fit for both sides of the business.
Many Massachusetts residents find themselves searching for a fresh start in their financial lives during the holiday season. Quick fixes like winning the lottery are the dreams of many. Being in debt, of course, can add high levels of stress to a time meant for enjoyment. If one is looking for debt relief, and didn't win the Mega Millions lottery, one practical fix might be to file for consumer bankruptcy.