CommonSense Media is a digital advertising network that was founded by a film producer and describes itself as a "digital alliance" of advertisers and publishers. The company has now filed for Chapter 7 bankruptcy to liquidate all of its tangible and intangible assets. Founded in 2007, the company was a leftist-leaning political organization that featured many news sites and blogs among its creditors. Florida companies, as well as those in other parts of the country, may choose to file Chapter 7 or Chapter 11, depending on their creditor structure and the goals of the bankruptcy. The owner is listed among the 48 creditors as well as the managing director. A meeting of creditors is scheduled to determine what assets may be available to pay the company's debts. The company reportedly has a total of $25,500 in accounts receivable and bank account funds.
Any Florida resident with unpaid medical bills will tell you that medical debt is frustrating. It is not like anyone wants to have unplanned medical emergencies. Yet, when an emergency happens, there is no other choice than to get the medical attention that is needed.
It does not matter how long a company has been in business: No business is immune to financial difficulties. For the owners, this of course can become quite stressful, especially in situations where the business has been in the family's name for quite some time.
While bankruptcy is not necessarily anything a Florida resident hopes for, there are definitely many positives to filing for bankruptcy. This is something a filer should keep in mind when going through the bankruptcy process.
Even when a business is successful in terms of customers or members, the business may still be facing serious financial struggles. Many times, this can lead to a seemingly booming business closing its doors and filing for bankruptcy.
The U.S. Bankruptcy Court in Miami released some promising statistics about the financial state of South Florida: bankruptcies in the area fell roughly 10 percent in November compared to October. Officials say the decline in personal bankruptcies is due to the holiday season, and that a decline can be expected in December as well.
Back in September 2011 we posted about a judge granting singer Toni Braxton a bankruptcy discharge. This came after the award winning singer filed for Chapter 7 bankruptcy in 2010. This was the second time the singer had filed for personal bankruptcy. The first time was in 1998.
One of the home building companies approved to work in Lakewood Ranch in Florida recently filed for bankruptcy. This move has left many wondering just what will happen to the roughly 30 homes the company has already sold but has yet to complete. Of those sold, construction has reportedly not even started on 18 of the homes.
Florida residents have been among the hardest hit financially in the nation. Many of these struggling individuals may be particularly vulnerable to "debt settlement" schemes.
Illness can certainly wreak havoc on a family. The medical bills and strain put on one person to take care of all of the family's affairs can lead to bills going unpaid and debt spiraling out of control.