Every year, Americans throughout the country file for Chapter 11 bankruptcy in order to find debt relief. Whether the person filing for Chapter 11 bankruptcy is an individual or a small business owner, those who move forward with a successful bankruptcy plan are often able to turn their financial situation around. In Salem, New Hampshire, people who are considering an individual bankruptcy or business bankruptcy should thoroughly evaluate their situation before filing, make sure they understand the ins and outs of the bankruptcy process and address their debt as soon as possible.
People in New Hampshire may be interested to learn about how Energy Future Holdings is doing now that the company has been in Chapter 11 bankruptcy for a year. The company, which filed its petition in April 2014, submitted a proposed reorganization plan to the court on April 14, along with a motion for a confirmation meeting. They additionally proposed mediation with creditors regarding an alternative plan.
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.
As New Hampshire business owners may know, there are times when a company's profits decrease, and the owner may be losing money. When this happens, the business may fail. In order to reverse the course of events, it may be possible to take positive steps to reorganize one's business and pay back creditors at the same time.
People in New Hampshire may be interested to learn that David Cassidy, of "Partridge Family" fame, recently filed a petition for bankruptcy. His filing under Chapter 11 will allow him to reorganize his finances as well as his life, according to a statement he released.
New Hampshire residents may be interested to learn of the recent bankruptcy petition filed by clothing retailer Wet Seal. The bankruptcy petition was announced by the company on Jan. 16. A week prior, the chain announced it was closing nearly two-thirds of its retail stores, or 338.
Much like in other states, bankruptcy in New Hampshire means that the person or business making the filing has accumulated an overwhelming number of debts that cannot be matched by assets. There are different types of bankruptcy filings, however, and Chapter 11 bankruptcy has a specific set of instructions for filing.
Chapter 11 bankruptcy is a federal bankruptcy plan designed generally for assisting businesses with reorganizing their corporate or partnership structure in order to pay creditors back over time. It is seen as a temporary measure to help the business stay in operation. These are generally called "reorganization" bankruptcies rather than "liquidation" bankruptcies.
A New Hampshire staffing agency is facing bankruptcy due to growing debts that it says are related to ongoing management disputes at the Market Basket chain of supermarkets. American Resource Staffing Network Inc., based in Bedford, has filed a petition for relief according to documents submitted to the U.S. Bankruptcy Court in Manchester. The filing states that the firm, which handles payroll for more than 1,000 people, is facing debts of $10 million. ARSN itself has 41 employees.
If you have visited a mall or shopping center in New Hampshire, then you may have shopped in or walked past a Coldwater Creek store. This women’s clothing retailer has filed for Chapter 11 bankruptcy and has undergone liquidation sales and proposed their bankruptcy exit strategy. However, it does not seem as though the creditor committee with interests still pending in the five-week case are willing to let the company proceed.