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April 2015 Archives

Frederick's of Hollywood closes stores, files for bankruptcy

Mall shoppers in New Hampshire and around the country will no longer be able to find any Frederick's of Hollywood stores as the company has filed for bankruptcy and closed all of its brick-and-mortar locations. On April 19, Frederick's of Hollywood Group Inc. filed for Chapter 11 bankruptcy in Wilmington, Delaware. The company listed $36.5 million in assets and $106 million in debt.

Chapter 7 on private student loans

New Hampshire residents may be interested in learning more about the effects that Chapter 7 bankruptcy can have on certain private loans. Some of these loans may be discharged by Chapter 7 bankruptcy in as little as three months, and debtors won't face any tax liability for the discharge. Debtors may be relieved to learn that lenders are no longer able to recover an outstanding balance once the statute of limitations has passed.

Benefits of filing bankruptcy

Many people in New Hampshire are facing the endless problem of mounting debt. As they are forced to take more short-term loans and credit card debts to keep up their day-to-day expenses, their monthly minimum payments continue to grow, and their ability to meet them continues to fall. Even a minor interruption in their financial picture can have drastic consequences.

Supreme Court examining mortgage liabilities

After the events in the New Hampshire real estate market over the last several years, many homeowners in the state are in possession of a home that is worth less than they paid for it. This can have dire effects on the debtor's ability to repay the mortgage, as the mortgage may be taken out for more than the value of the home on the open market. Mortgages such as these are referred to by the term "underwater," and they are the subject of a current case brought before the United States Supreme Court.

Start Your Case Today

Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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