In the 1990s Robert Kiyosaki wrote the book "Rich Dad, Poor Dad." The book, which gave personal financing tips, put the author on the New York Times Best Seller list. He also went on to write other books regarding finances, including "Midas Touch" and "Retire Young, Retire Rich."
In our current economy, we all know it can be rather hard trying to find a new job. Unemployment rates are high and many companies are in the position of cutting back instead of adding new jobs. This in turn has led to many falling behind on bills and many others losing their homes to foreclosure.
In 2007, more than a year before the real estate market was rocked by the recession, an island developer corporation set to work building a Palm Beach mansion. Now, five years later, the 27,000 square foot home on 2.5 acres of lakefront property sits vacant. The limited liability company, which is controlled by the developer corporation, recently filed for Chapter 11 bankruptcy.
With the current economy we tend to focus on the companies that have had to file for bankruptcy due to financial struggles. Of course this is hard for the owners, many times having to shut down a business they had run for years and years. But, along those same lines it's also important to keep in mind that there are the people who have worked at these businesses. Often, after the business bankruptcy they find themselves trying to find a new job, which -- again due to the economy -- isn't always easy.
In many cases, when liabilities become more than assets it is a good time for a business to look into what debt relief options may be available. In some cases this leads to the complete liquidation of a business, but in others it can mean the time to reorganize and build up a foundation for a stronger financial future.
With the recession of 2008 there was a sharp decrease in fine wine sales. This economic slump combined with a weak grape harvest the following year has led to a limited supply of wine that is actually available for sale. In turn, this had led some wineries into the kind of financial hardships that a business bankruptcy aims to cure.
Financial challenges can hit any business or organization, even those nonprofits working to provide education and support to others. However, just like any other business, decisions made years earlier in how to run an organization can end up coming back and really financially hurting the livelihood of a group.
Recently a company filed for Chapter 11 bankruptcy in an attempt to stop the sale of a rental cottage in Anna Maria, Florida. The company, 3610 Gulf of Mexico LLC, is owned by a real estate agent.
Changing demand can negatively affect a once thriving business. This can lead to unintended debts and the need to file for Chapter 11 bankruptcy in order to restructure.
Several years ago the economy took a turn for the worst and the U.S. was declared as being in a recession. This led to a number of Florida residents struggling to keep up with credit card and mortgage payments. Thousands of people -- who were normally very responsible with their money -- ended up filing for bankruptcy.