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August 2015 Archives

Retailer USA Discounters files Chapter 11 bankruptcy

For many companies in Salem and throughout the rest of the U.S., the difference between financial struggles and solvency can be just a little bit if bad press. Businesses, particularly retailers, rely on their reputations to bring customers through their doors. For many of those companies who’ve suffered from scandal, litigation, and other forms of bad publicity, their tarnished images ultimately lead them to bankruptcy court.

Divorce and bankruptcy

For many couples both in Salem and throughout the rest of the U.S., financial struggles are among the top reasons for divorce. In some cases, those struggles may not only prompt a separation, but also bankruptcy. When divorcing couples are facing bankruptcy, the most common question that most ask is whether they should file before or after they are divorced.

What is an involuntary bankruptcy?

If you’re like most in Salem who are contemplating bankruptcy, you may view it as a way to keep your creditors from pursuing any further action against you as you attempt to get back on to a firm financial footing. Yet could your creditors, if they wanted to, essentially push you into bankruptcy in order to collect on what you owe them? The idea of involuntary bankruptcy may seem completely foreign to you, but in certain cases, creditors can use it as debt collection tool.

The tax implications of a Chapter 7 bankruptcy

When Salem residents incur massive debts, often the most viable solution is to declare a Chapter 7 bankruptcy. Indeed, many across the country turn to this form of relief every year. According to, over 124,000 bankruptcy cases had already been filed through February of this year. However, there are certain debts that cannot be discharged through a Chapter 7 bankruptcy. Certain types of taxes are included among them.

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