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Tampa Bankruptcy And Reorganization Blog

Can I use credit cards during bankruptcy?

Many people decide to file for bankruptcy in order to get a fresh start from their debts. When they are in the process of paying off their debts; however, they may want to have credit cards as an extra form of financial security.

Having credit cards is convenient, and it can feel like it eases the pressure when it comes to sticking to a monthly budget. However, credit cards are, in legal terms, a type of debt. Therefore, they should be minimized, not maximized, during bankruptcy.

How can my debts be discharged in bankruptcy?

Many people are in great need of a relief from their debts and want to find a way to get a fresh start from their finances. Many of these people usually consider bankruptcy as a last resort, perhaps thinking of it as a curse or a heavy burden.

It is important to realize however that bankruptcy does not need to always be this way. It is there to help people who have become tangled in debt, and there are many benefits that can help a person or business to get relief from their debt.

Solutions to financial distress as a farmer

As a farmer, keeping on top of your business, especially when the industry is uncertain, can be very difficult. Many farmers are building up debts that they struggle to have full control of, and they suffer under a great deal of stress and pressure as a result.

One solution that has the potential to work for many farmers in different situations is filing for bankruptcy under Chapter 12. Chapter 12 bankruptcy has been designed primarily with the farming industry in mind, and therefore, has ways for farmers to find a solution for their financial distress.

Debunking 3 common myths about bankruptcy

If you file for bankruptcy, you’ll lose all of your valuable possessions. If you file for bankruptcy, you are considered a failure. If you file for bankruptcy, your financial future will be ruined.

These are just three of the many misconceptions about bankruptcy. Despite their inaccuracy, many people continue to believe them. Let's take a look at the actual facts behind these three common bankruptcy myths.

Do you get a tax refund if you filed for bankruptcy?

The last year hasn't gone as well as you'd hoped, financially speaking, and you've decided to file for bankruptcy. However, you're still hoping that you'll at least get a nice tax return when you file. Are you still eligible for the return if you're working your way through the bankruptcy process?

You are. In many cases, those who file their taxes properly and are owed a refund will still get that refund.

Liquidating a business through Chapter 11

If you are the owner of a small business and want a fresh start from your debts, then you have many options open to you. It is important to remember that by filing for bankruptcy, you are not admitting defeat, but instead taking action to strategically move forward.

Of the small businesses that do opt for a bankruptcy filing, many decide to file with Chapter 11 over Chapter 7. This can be because Chapter 7 generally requires that the business shuts down completely and goes through a full liquidation process during the filing.

Farming economics and bankruptcy

Running a farm is difficult business, and times are changing quickly. It is unfortunate that hard working farmers are subject to swiftly changing consumer demand, and it can be impossible to change supply and business models as quickly as the market changes conditions.

It is important, therefore, that farmers keep tight control of their cash flow and finances. There are many things that farmers can do to make their finances more secure. Sometimes bankruptcy can be a good option for farmers that want to be clear of their existing debts. The following are some best-practice financial tips for farms.

Getting a fresh financial start in the new year

In a new year, many people think about how they can improve their financial situation for the year to come.

It is common for people's resolutions to include saving money or getting out of debt. In many cases, the best way for a person to get out of his or her debt is to file for bankruptcy.

Using Chapter 11 as a strategy

2017 brought a number of high-profile Chapter 11 bankruptcy filings into the spotlight. Companies like Seadrill Limited (a deepwater drilling contractor) and Walter Investment Management Corp. (mortgages) lead the pack with debt of $21.7 billion and $16.8 billion, respectively. Other high-profile companies include Toys “R” Us, Gymboree, Charming Charlie, Gander Mountain and Payless. Also, the Commonwealth of Puerto Rico—after Congress passed a special statute—put a plan in place to restructure an estimated $73 billion of debt.

But does filing Chapter 11 always mean the end? Companies often adopt a bankruptcy strategy to continue research and development to find new revenue streams while pushing back litigants. When a corporation files for Chapter 11, an automatic stay is triggered.

Chapter 11 advantages for small business debtors

Chapter 11 bankruptcies are excellent tools available to both small business debtors and other consumer debtors. They offer relief from unmanageable debt to those who qualify. However, the procedure does not treat all groups of debtors equally, and offers a number of advantages to small business debtors over others. Depending on the nature of the bankruptcy and the small business, Chapter 11 offers several distinct advantages, streamlining the process and usually reducing the overall costs.

On of the most important advantages that a small business debtor may enjoy is oversight of the proposal, refinement and implementation of a repayment plan by the US Trustee rather than by a creditors' committee. While this is an advantage that comes at the cost of increased scrutiny from a government entity, it allows debtors to propose and refine repayment plans that are primarily beneficial to their needs.

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