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Refunds for all After Lily Robotics Files for Bankruptcy

Lily Robotics, a startup that quickly amassed tens of millions of dollars in pre-orders from around the world following its release of a viral video showing its prototype of an autonomous flying camera in 2014, has filed for Chapter 11 bankruptcy protection. After close to three years, numerous loans and investments still could not help the company and its vendors build a drone that worked to the design's specifications.

The company promised refunds to those who pre-ordered the product. Because a working product was not produced and there is no inventory to sell, Lily Robotics is selling another asset to recoup as part of its bankruptcy - its patents and other intellectual property.

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What will the Bankruptcy Process Cost Me?

If you are facing a level of personal debt that has you considering bankruptcy, the prospect of spending any more money might be an immobilizing thought. Thinking that way will only keep you in a perpetual cycle of debt that you cannot escape. Filing for bankruptcy will cost you money, but think of this money as an investment in your future financial freedom.

Before you commit to working with a bankruptcy lawyer, discuss the costs associated with the process with him or her. Be sure to discuss his or her fees as well and receive a quote for all services before you sign any work agreements.

Filing Fees

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For many, the fine line between financial solvency and financial distress is quite thinner than many care to admit. The decline of financial stability often presents the acceptance that bankruptcy may be looming around the next corner.

No state is exempt. In Illinois, the number of bankruptcies filed with the U.S. Circuit District Court 7, reached 116,139 for a 12 month period ending June 30, 2014. Those petitioning for Chapter 7 bankruptcy totaled 80,161 and 35,509 citizens filed for Chapter 13 bankruptcy protection.

These numbers are reflective of typical American households facing unsurmountable debt. However, with the option of quickly contacting an experienced bankruptcy attorney, they can receive assistance with redefining their financial forecast.

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Consumer credit has a colorful past. The ability to say “charge it” was not always in the U.S. consumer's vocabulary. Consumer credit or being able to purchase goods and services without cash on hand had its humble beginnings in the late 19th century.

Since most of the population resided in rural areas, the use of credit was established by local shopkeepers who extended credit to fellow neighbors based solely on reputation alone. This exchange would soon decrease with the industrialization of the country as larger companies pushed the local retailer into the background thus eliminating the extension of credit to the local consumer through reputation alone.

Not until the 1920s did manufacturer's began extending credit to the average American consumer. General Motors forged first with the installment credit model in 1919 with other manufacturer's soon following suit. Credit experienced a rebirth. In 1949, Diners Club arrived on the scene as the first consumer credit card with bank backed credit cards issued for widespread usage in the 1960s.

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You have reached your breaking point. You are in over your head and have decided that filing for bankruptcy may be your only recourse. It has come down to the wire. You can no longer successfully handle your growing debt and need relief.

Your best option is to contact an experienced bankruptcy attorney in your area but until your scheduled consultation, the following information may provide you a headstart.

If you reside in the state of Illinois, under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), you will need to pass a Means Test to determine income eligibility if you are seeking any type of bankruptcy relief. It is in your best interest to discuss all options with a qualified Illinois bankruptcy attorney.

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