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Posted on in Bankruptcy

What is Chapter 12 Bankruptcy?

You know about Chapter 7 bankruptcy and Chapter 13 bankruptcy. These are the two types of bankruptcy that individuals facing substantial personal debt can file to take control of their debt. Other types of bankruptcy exist too, like Chapter 11, Chapter 9, Chapter 12, and Chapter 15. Most people are familiar with Chapter 11 bankruptcy because it is frequently discussed in the news. Chapter 11 bankruptcy allows struggling businesses to reorganize in an effort to become profitable again.

Chapters 9, 12, and 15 are the types of bankruptcy that we do not often hear about. These types of bankruptcy are filed less frequently than the other three because the circumstances that put individuals in positions to file them are less common. For example, Chapter 12 bankruptcy is known as Family Farmer Bankruptcy or Family Fisherman Bankruptcy. This type of bankruptcy is designed for individuals who make their income through small-scale farming or fishing.


Sports Authority Fails to Find Buyer, Will Close All Locations

In an earlier post, we discussed the financial troubles plaguing sports equipment retailer Sports Authority. Now, the company has announced that it is closing its doors because it failed to find a buyer interested in keeping the brand and its stores alive. Instead, an auction was held for the company's assets. A group of liquidators won the auction and has begun the process of selling off the company's remaining inventory. Other retailers, including competitors Modell's and Dick's Sporting Goods, bid to purchase and lease current Sports Authority locations.

This is one of the scenarios that can occur when a company files for Chapter 11 bankruptcy. For information about it and other scenarios, speak with an experienced bankruptcy attorney.


What Happens During a Pre-filing Credit Counseling Session?

When you file for bankruptcy, you are required to receive credit counseling from a qualified source. This is to help you gain insight about how debt and credit work, how you got into your particular situation, and to help you develop strategies that you can use to avoid going into unmanageable debt again in the future.

If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, you might be wondering what to expect from your pre-filing credit counseling session. The thought of having to sit down with a professional and discuss personal details of your financial life can be stressful, but remember, it is ultimately to help you come out of your bankruptcy stronger and ready to manage your finances in a healthy, productive way.


Aeropostale Files for Bankruptcy

Following news earlier this year about Quiksilver and PacSun filing for bankruptcy, another once-popular teen clothing brand, Aeropostale, has filed for bankruptcy after suffering financial troubles for 13 consecutive quarters. The retailer listed $354 million in assets and $390 million in debts in its Chapter 11 bankruptcy filing. It has secured $160 million in financing from Crystal Financing, LLC. The company is still trying to find a buyer so it can continue to operate and become profitable once again. As a measure to save money, the retailer is planning to close 113 of its stores in the United States and all of its 41 stores in Canada.

Trends come and go and with these trends, retailers come and go. Some apparel brands, like Nike, have a timeless appeal while others, like Quiksilver, experience ebbs and flows in popularity as the public's tastes change. A key component to a brand's timelessness is its ability to adapt to the public's changing tastes, rather than allowing itself to become “stuck” by failing to move past a specific trend. An example of a clothing brand that failed to move past its initial success is Members Only, a jacket brand that is now associated strongly with the dominant style trend of the 1980s.


Bankruptcy and Student Debt: What You Should Know

Student debt is an issue that plagues hundreds of thousands of Americans. It is an issue most commonly associated with Millennials, adults who are currently in their 20s and early 30s, because of how the cost of college rose exponentially during the past decade amid a sluggish economy and stagnant wages. Young adults across the nation have delayed many of the traditional markers of adulthood, such as moving out of their parents' homes, getting married, and starting families of their own because of the levels of student debt they face.

One persistent myth about student debt is that it cannot be discharged in bankruptcy. Although this is true in many cases, it is often touted as a fact without exception. But the truth is, there are certain circumstances in which an individual can discharge his or her student debt through bankruptcy. Generally, if you can prove that you cannot live without undue hardship without discharging your student debt, you can have it discharged as part of a Chapter 7 or Chapter 13 bankruptcy plan.

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