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Simon, Fitzgerald, Cooke, Reed and Welch
Simon Fitzgerald, LLC
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chapter 7 Archives

Real estate developer chooses Chapter 7 for debt relief

As in most other states, the real estate market in Louisiana has its ups and downs. For commercial property owners, this can sometimes cause financial crises that are difficult to resolve. In fact, some real estate investors, such as the developer of a planned luxury condominium complex in another state, wind up seeking immediate debt relief, such as Chapter 7 bankruptcy, when they can't get things back on track. 

Deal falls through, company files Chapter 7 bankruptcy

Louisiana companies often use mergers or acquisitions to rebound from serious financial problems -- blending the companies' multiplies resources, which, in turn, can often help get things back on track. It doesn't always work out that way, however, as made evident by a recent situation involving Rosetta Genomics and another company. After a planned merger deal fell through, Rosetta filed for Chapter 7 bankruptcy.  

Forced Chapter 7 bankruptcy may impact more than one business

Most Louisiana business owners understand that any number of issues can financially make or break a company. Many business owners try to expand their earning potentials and boost their overall productivity and profitability through mergers or acquisitions. Doing so often helps struggling businesses stay afloat -- often, but not always. Others wind up filing Chapter 7 bankruptcy to obtain debt relief and start afresh.                 

Bus company files Chapter 7 when liabilities outweigh assets

In Louisiana and other states bankruptcy is a responsible option to achieve debt relief. Every situation is unique and circumstances must be carefully reviewed before a decision can be made regarding whether Chapter 7 or Chapter 13 is the best choice. Each includes various eligibility requirements that must be fulfilled in order to qualify.  

Things to know about Chapter 7 debt reaffirmation

Many people throughout the nation, no doubt including some in Louisiana, have fallen upon hard times financially. Some will likely be able to resolve their financial problems by adjusting their spending habits. Others, however, face debt situations that have gotten out of control, and they have no feasible means for eradicating their problems. Chapter 7 bankruptcy is often the most viable solution, and in cases where the person who owes money is looking for ways to retain a secured asset, such as an automobile, a reaffirmation agreement may be possible. 

Company files for Chapter 7, closes doors

Owning and keeping a Louisiana business afloat is definitely not for the fainthearted. While there's a natural ebb and flow that occurs with most businesses; a cycling of profitable times with fiscal seasons that aren't as successful. There are also many other challenges that can unexpectedly occur to make or break a business. Sometimes, business owners make decisions to liquidate their assets as a means of seeking immediate debt relief when they can't seem to get things back on track. A business in another state has determined that Chapter 7 bankruptcy is its most viable option.

Questions to ask to determine whether Chapter 7 is viable option

When facing serious financial crises in Louisiana or elsewhere where filing for bankruptcy appears to be the best solution, it's always good to have several debt relief options available. There are two main types of consumer bankruptcy, and one may prove a better option over another in a particular situation. Chapter 7 is known as a liquidation bankruptcy, while Chapter 13 is referred to as a debt reorganization. 

Bon-Ton stores may be headed for bankruptcy

As the nation's business economy continues to fluctuate, many businesses in Louisiana and elsewhere are struggling to stay afloat. In fact, a major department store based in another state is reportedly considering bankruptcy as a means to help overcome its $1.2 billion in debt. Bon-Ton has not formally filed for bankruptcy as of this time; however, sources say it appears the company is heading in that direction.

Creditors file involuntary Chapter 7 petition

Many Louisiana readers may be familiar with one-time billionaire Robert F.X. Sillerman. As an entrepreneur, Sillerman owned various television and radio stations in the 1970s and 1980s and later became a concert and stage promoter. Sillerman founded SFX Entertainment Inc. in 2012 and is currently engaged in a legal battle with creditors who are reportedly trying to force him into Chapter 7 bankruptcy.

Chapter 7 deemed most viable option in rebate company's crisis

A professional horseplayer owns a company that has apparently fallen on hard times financially. Thankfully, after reviewing its options, the company has determined an appropriate means of debt relief. There may be Louisiana business owners currently facing financial challenges and similar problems who will also want to consider Chapter 7 bankruptcy as a possible solution to their financial woes.

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