The U.S. Supreme Court recently issued a controversial decision about creditors filing claims in bankruptcy proceedings after the legal deadlines have passed to collect those debts in lawsuits. This holding may affect our clients on both sides of the issue: creditors seeking to collect on older debts as well as consumers filing bankruptcy for relief from crushing debts, some of which may have become stale.
Retail businesses that operate largely in traditional malls and standalone stores, rather than growing their online presence, may find it more and more difficult to compete. After all, the costs of major real estate holdings and commercial leases can drive up the retail prices they must offer, lessening competitive strength.
Today let's shine some light on credit card debt. People do not share their credit card balances with friends and family members, considering it private. Some see the use of credit cards as a sign of weakness, but consider that credit cards have allowed some people to survive through tough times like job loss or medical crises.
Last time, an overview of the Chapter 11 process was discussed to provide you with some necessary information regarding the process and what it can do for your business. This article will delve a little deeper into what you can expect if you pursue this option to help resurrect your small business.
It takes a lot to make a small business succeed. From a strong business idea to securing investors to earning a profit, success often does not come cheaply or quickly. Over time, you may find that your business is no longer able to manage financial obligations effectively. You are behind on payments, creditors are starting to call, and you ultimately see no way out.
Clients often come to us with complex money problems that can include potential loss of homes through foreclosure when monthly mortgage payments become impossible because of unemployment and other factors. While the number of foreclosures nationally in May 2017 had dropped 19 percent over the previous year, New Mexico ranked number 8 of all states for the number of foreclosures, according to ATTOM Data Solutions as reported by credit.com.
Countless individuals have experienced periods of financial struggle throughout the course of their lives. In some cases, these periods may be short-lived, while in others, it can be difficult to see the light at the end of the tunnel. Perhaps you are experiencing similar challenges, and you are feeling crushed under the financial weight of debt.
Some of our clients come to us for advice about how to handle staggering levels of student loan debt. We educate them about options for relieving the pressure of monthly student loan payments, such as those discussed in this previous post.
Medical debt is an important topic in the news right now because of the activity in Congress around whether to repeal the Affordable Care Act, also called the ACA or Obamacare. We talk about medical debt in our blogs because of the impact it has on our clients who talk to us about legal options for dealing with it, including possible bankruptcy.
In April, the Albuquerque Journal reported that five Payless ShoeSource stores will close in New Mexico, including one in Albuquerque. This decision was made in connection with the company's Chapter 11 bankruptcy filing.