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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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Shreveport Bankruptcy Law Blog

Iconic company in another state announces debt relief plan

In Louisiana and elsewhere, hard copy newspaper companies are struggling. Analysts say most people nowadays read news online rather than pay for subscriptions to newspapers that are delivered in person. A publication that has been in business since 1868 recently announced that it was filing for bankruptcy as a means to acquire immediate debt relief.

The Reading Eagle is owned by one of the wealthiest families in America. In addition to its longevity in the newspaper industry, it is also known for its intern employment of famous author John Updike in the 1950s. The company currently publishes 37,000 daily circulation papers as well as 50,000 Sunday newspapers.

Credit card debt a major problem for many Americans

Most people use a credit card to make daily purchases, and some Louisiana consumers even consider their credit cards to be their emergency funding option in case of a large and unexpected expense. Reliance on purchasing things on credit has led to a record amount of credit card debt. Americans now carry a total of around $870 billion in credit card debt, and many cannot keep up with their payments.

Seasonal patterns play a role in the amount of credit card debt. Many consumers come out of the holiday season with more debt, which is normal. However, there are now more than 100 million more credit cards in use than there were in use about 10 years ago during the last major recession. Statistics also indicate that around 37 million credit cards are at least 90 days past due, and and credit card limits continue to rise.

A debt relief option that can help alleviate tax debt

Some Louisiana residents enjoy substantial refunds on their tax returns. Others, perhaps including some business owners, wind up facing heavy tax debt that they might not be prepared to meet. Especially if a business is already struggling financially, such crisis can prompt an immediate need for debt relief.

A popular downtown dining restaurant in another state received a tax bill that threatened to put the owner out of business. However, by filing for Chapter 11 bankruptcy, he was able to secure a restructured payment plan while keeping his doors open for business. As opposed to Chapter 7 bankruptcy, which typically dissolves a business, Chapter 11 allows management, workers and payroll to remain the same while managing collection actions and reorganizing payment plans.

Which debt relief option will help you a beat financial crisis?

Trying to find a Louisiana resident who has never experienced financial problems in life is like trying to find a needle in a haystack. Most adults have, at some point, encountered financial challenges. Overcoming such problems often hinges upon the type of debt relief option the person chooses. It is not uncommon for people going through tough times to feel worried and overwhelmed, especially if they are not sure where to turn for support.

Most financial crises are temporary, which will come as good news to those who are currently struggling. The first step toward getting life back on track is remembering that the person involved always retains a certain amount of control over the situation. Pausing to clearly identify the specific problem can jump-start a financial restoration plan.

Debt relief: Payless files Chapter 11 bankruptcy

Louisiana consumers who like to buy nice looking shoes for low prices often shop at Payless. The discount shoe mogul has stores spread across the country. However, financial crisis has been a main theme in the store's recent past and, apparently, the present as well. In fact, the company is seeking debt relief in the form of Chapter 11 bankruptcy.

Because it is the second time the store has sought this type of financial protection, many people are jokingly referring to it as a Chapter 22 bankruptcy. Payless is not the only company to file for Chapter 11 twice. Unfortunately, 16,000 workers will lose their jobs, since more than 2,000 stores will be closing in the United States and Canada.

Debt relief issues: What prompts bankruptcy most often?

In Louisiana and most other states, the global, national or local economy can have a significant impact on the financial stability of individual households. Most people would agree that they have enjoyed financial gain and have also waded through some rough financial waters through the years. The latter can take a heavy toll, often leaving those afflicted in need of immediate debt relief.

Thankfully, there are numerous forms of bankruptcy that provide strong solutions to serious financial problems. Each specific plan contains eligibility requirements that must be fulfilled before applying. Which type of program a person chooses depends on his or her current financial situation. While each person's circumstances are unique, researchers find that many people share common ground when it comes to the kinds of issues that most often lead to bankruptcy as a debt relief solution.

Rebuilding your credit after bankruptcy is possible

One of the biggest concerns that many people have when they consider filing for bankruptcy is the impact it may have on their credit score and their ability to borrow in the future. Choosing to use bankruptcy is not something that any person should take lightly, but it is important to understand that the law looks at bankruptcy as a tool individuals can use to find debt relief and give themselves a fresh financial start.

If you are worried that declaring bankruptcy means that your financial life is effectively over, this may be from a key misunderstanding about the process and its intended effects. It is true that those who use bankruptcy suffer serious restrictions in the process, but these restrictions are temporary. Once a bankruptcy procedure is complete, then a person is free to move forward with a much lighter load of debt.

When credit card debt threatens financial stability

Many Louisiana residents are doing their best to stay afloat financially. Any number of circumstances can cause difficulty just to make ends meet. It can be tempting to swipe a credit card when cash flow is short; however, this often sparks credit card debt that winds up making one's overall financial situation worse.

Many people have had to use credit cards to pay medical bills or to keep food on the table when a primary breadwinner in a household loses a job. For others, using a credit card was their only means for paying taxes. Trouble starts when plans to pay off a monthly balance do not pan out. Some people respond to offers they receive in the mail for debt consolidation programs but such offers are often schemes with hidden fees that leave people wondering why they just seem to keep owing more and more.

Are disabled veterans being forced into Chapter 13 bankruptcy?

Louisiana is home to many disabled U.S. military veterans whose sacrifices and courageous service has helped protect and preserve the United States as a free nation. Many people in this state and others are upset about federal bankruptcy laws, saying the current regulations are biased against disabled military veterans facing serious financial distress. It seems that existing laws often force disabled veterans to choose Chapter 13 bankruptcy because their disability benefits disqualify them for liquidation debt relief.

Chapter 13 bankruptcy is a valuable tool for many people who have means to pay back debt. The program allows them to create reorganized payment plans to retain ownership of their assets while continuing to make payments that are feasible to their current financial statuses. There are reportedly many disabled veterans, however, who would benefit from Chapter 7 bankruptcy, a more immediate form of debt relief, as Chapter 13 often takes three to five years to process.

Gymboree seeking debt relief for the second time in two years

Louisiana parents who go to malls to buy their children's clothing are likely familiar with the Gymboree brands. The parent company owns Janie and Jack as well as Crazy 8 but has fallen under serious financial strain as it tries to compete with online shopping venues. The company recently announced that it will be filing for debt relief for the second time in the past two years.

A Gymboree spokesman noted that other stores, such as Gap and The Children's Place, have been selling lower-cost clothing, which has had negative consequences for the company. In 2017, the company filed for bankruptcy and shut down 350 stores. It continued downsized operations in this state and many others across the country.

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