For many businesses saddled with massive debts in Salem, a Chapter 11 bankruptcy may be their only hope of staying in business while escaping further action from being taken by their creditors. However, it should be remembered that simply filing for bankruptcy does...
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Month: October 2015
Do you qualify as a small business debtor?
For those Salem companies that are looking to bankruptcy as their chance to discharge their debts and start again under a new corporate structure, then the challenge of dealing with creditors’ committees and other parties lies ahead as they work their way...
Debt relief after death
Those overwhelmed by bills in Salem long for the day when debt relief arrives. Many believe that day will only come when they die. According to the results of a national survey reported by CreditCards.com, 18 percent of Americans believe that they will die while still...
What are creditors’ committees?
If you are like most business owners struggling with debt, then your decision to file a Chapter 11 bankruptcy was likely driven by your desire to retain and reorganize your business in order to pay your creditors back over time. Yet the terms of your repayment are not...
Understanding lien avoidance
The primary concern of most of the clients with whom we at the assist in filing a Chapter 7 bankruptcy is what assets they are allowed to keep. In most cases, you are able to keep your home and most of your personal property. Yet what if a...
