An owner, who operated a number of businesses, including restaurants in Florida, recently filed for Chapter 7 bankruptcy. His wife is also listed as a joint debtor. As of now, his Swisshelm Group, Inc., answering machine message claims the office is closed for good.
While filing for bankruptcy is certainly a difficult decision for many business owners, partnerships and corporations, the truth is that a bankruptcy can actually be a very positive move that can greatly benefit a business in the long run.
Anyone can end up needing to file for a personal bankruptcy. And while it happens quite often, some are still shocked when a famous celebrity finds themselves struggling and also needing to file. With so much money, people often wonder just how they ended up with more debts than assets.
Months ago we posted on the fact that American Airlines had filed for bankruptcy. At the time, the airline cited the increase in fuel costs as one of the reasons for the filing. Now, another airline -- Direct Air -- has also filed for Chapter 11 bankruptcy. The company is also citing the rising costs of fuel and operating as the reason for the need to file.
While some people look forward to tax time with the hope of getting back some money, others actually dread it because they fear they will not be able to pay back what is owed.
The recession has led to many once thriving businesses to seek out bankruptcy protection in order to either reorganize or discharge debts that have accumulated over the years.
When a family income is reduced by the loss of employment, underemployment or an unforeseen increase in medical expenses, they can end up getting behind on their mortgage payments. And while bankruptcy is one way to halt a foreclosure, a mortgage modification can also help a person avoid foreclosure.
A well-known commercial real estate broker from Florida has filed for bankruptcy amid a run of financial setbacks suffered during his time as a real estate developer. According to his Chapter 7 bankruptcy petition, the man carries a specified debt of $3.2 million and several other debts where the amount owed is unknown. The man left the brokering business several years earlier and spent time as a developer. But, after some business setbacks, he returned to his former profession. In a prepared statement, the broker said that the real estate collapse in Florida was a major contributing factor to his financial struggles. He also brought up the fact that bankruptcy protection was the only viable option left in order to get out of debt and take control of his finances.
Over the past several months the total amount of consumer debt has increased. And while some may take this as a good indicator of our nation's rebounding economy, many also worry that people are setting themselves up for financial catastrophe by pilling on more credit card debt, and other debts, than they really can afford.