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Posted on in Bankruptcy
How to Spot a Debt Counseling Scam

When you are struggling with a large amount of personal debt, you might find yourself considering options that were previously unthinkable to lower your debt amount. Having to file for bankruptcy is a last resort for many people, who first explore options like strict budgeting, taking loans from friends and family members, or selling their possessions. After exhausting these options, some individuals seek help through debt counseling or consolidation services, hoping to alleviate their debt this way instead of having to file for bankruptcy.

If you are facing an unmanageable amount of debt, do not take this latter route until you have spoken with an experienced bankruptcy attorney. In many cases, these kinds of offers are scams. Disreputable individuals see the struggle and desperation that those in debt are facing and capitalize on it, lining their own pockets while pushing indebted individuals further away from financial independence. Do not become a victim of one of these scams. Not all credit aid organizations are scams. There are legitimate groups offering help to those in need – you just need to be able to weed through the scams to find them.

Are the Counselors Certified?

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The United Neighborhood Organization is Potentially Facing Bankruptcy

The United Neighborhood Organization (UNO), the company behind the UNO Charter School Network, is potentially facing bankruptcy. UNO Charter School Network, once the most powerful Hispanic community group in Chicago, will potentially have to close six of its schools to remain financially solvent. These schools serve approximately 4,000 students from elementary through high school.

“We may have no option left than to file for bankruptcy,” CEO Rick Cerda wrote to the Chicago Sun-Times. When a large non-profit company like UNO files for bankruptcy, it is often the people who benefit from that organization's charity who suffer. In this case, this means the students and their parents who used UNO's schools. For a company like this, bankruptcy is a much different process than it is for an individual facing personal debt or a small business owner who is not making a profit. However, there are some similarities between them, mainly concerning the court's involvement to ensure that the bankrupt party's creditors are paid. To learn more about the different types of bankruptcy, contact an experienced bankruptcy attorney.

Selling Schools

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Corinthian Colleges Bankrupt, Liable for $531 in Student Loans

Corinthian Colleges, Inc., the parent company behind various for-profit colleges including Everest University, Rochester Business Institute, National Institute of Technology, and various other colleges and programs, filed for Chapter 11 bankruptcy in 2015. This bankruptcy came after years of investigations into unlawful conduct by the company, with multiple former students and student groups alleging that the company used exaggerated claims and other predatory marketing tactics to lure students into its programs, promising them career success while dispersing private student loans with interest rates as high as 15%.

Corinthian College's campuses in the United States and Canada closed in 2015. Now the company finds itself navigating bankruptcy court and liable for $531 in student loans. Bankruptcy can be a way to eliminate some debts, but it comes with the loss of financial autonomy and a lowered credit score. If you are a business owner considering filing for Chapter 11 bankruptcy, talk about your plan with an experienced bankruptcy attorney before making any drastic moves.

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Posted on in Bankruptcy

I Filed for Bankruptcy: Now What?

You made an important decision about managing your debt. You filed for bankruptcy. Whether you filed for Chapter 7 or Chapter 13 bankruptcy, you sought help from the court to get your debt under control. Now, here you are after bankruptcy. You might not know how to live without debt or how to avoid going into debt again. If this is the case, do not be afraid. You can regain control of your life by learning how to move on from bankruptcy by working with an experienced bankruptcy attorney.

Once you have finalized your bankruptcy, you will need to develop a plan for moving forward with your purchasing and managing any new debt you accrue. If you filed for Chapter 13 bankruptcy, you can continue to use the budget plan you developed with your court trustee as you move forward. Other issues to consider include:

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American Apparel Seeks Chapter 11 Bankruptcy Protection

American Apparel, the popular brand of American-made casual wear, filed for Chapter 11 bankruptcy in October of 2015. The term “Chapter 11 bankruptcy protection” can be a bit misleading – the company did not file for anything that will protect it from bankruptcy. Rather, it filed for the type of bankruptcy that allows a company to reorganize to hopefully become profitable in the future.

Chapter 11 bankruptcy is a type of bankruptcy generally reserved for companies rather than individuals. In some rare cases, an individual may file for Chapter 11 bankruptcy, but usually an individual can only file Chapter 7 or Chapter 13. Business owners who are struggling with high amounts of debt are not tied to Chapter 11 – in some cases, Chapter 13 is a better choice for a small business owner who needs to reorganize his or her operation to repay debt. If you are struggling with any type of debt and considering filing for bankruptcy, discuss your case with an experienced bankruptcy attorney to determine which chapter is right for you and how to move forward with your plan.

What is Chapter 11 Bankruptcy?

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