Different bankruptcy resources can help both struggling businesses and consumers. Several Payless shoe stores will soon close their doors in Tennessee after the retailer announced recently that it will close all of its stores in the U.S. The shoe chain is expected to file for Chapter 7 liquidation bankruptcy later in the month. Nearly 30 of the 2,700 Payless stores in the United States are located in Tennessee. The shoe chain decided to liquidate after it was unable to find a buyer for the chain.
Chapter 13 bankruptcy provides one path for struggling consumers to enjoy debt relief. While there are different personal bankruptcy options for struggling consumers in different situations, Chapter 13 bankruptcy is just one option to understand but can help struggling consumers reorganize their debts and enjoy a fresh financial start.
Despite the fact that thousands of people file for bankruptcy every year in the United States, there are still a lot of misconceptions about the practice. For example, a lot of people assume anyone who has to file for bankruptcy is irresponsible with money. The reality is that many people simply need help restructuring their debts after falling on hard times.
Bankruptcy exemptions are an important aspect of Chapter 7 personal bankruptcy protection to be familiar with. Chapter 7 bankruptcy protection involves liquidating assets to repay creditors but not all assets must be liquidated and that is important to know.
When home and car owners fall behind in mortgage and car payments, the fear, stress and anxiety can be overwhelming. Overwhelming debt can be difficult for struggling consumers to face each day which is why they should at least be familiar with legal protections and options available to them.