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Augusta GA Bankruptcy Law Blog

Solar power firm with over $780,000 in debt goes bankrupt

When someone who is struggling with debt wants to secure a fresh financial start, they may have a number of options. From Augusta to Richmond and throughout the state of Georgia, Chapter 7 bankruptcy is the best way for some people to tackle their overwhelming debt, while others opt for a strategy that suits their situation better. Before filing for Chapter 7, people who are in this position should closely evaluate the process and take the right approach.

A solar power firm based in Maine recently filed for Chapter 7 bankruptcy, citing more than $780,000 worth of debt. A lawyer for the company, which also cited insignificant assets, said it is not likely that any of the company's funds will be distributed.

Resort files for Chapter 11, future unclear

Whether a homeowner is determined to prevent foreclosure or a business owner is looking for a fresh start, filing for bankruptcy helps many people eliminate debt. In Augusta, Georgia, anyone in this situation may want to explore their bankruptcy options and find a debt relief strategy that will work best for them, such as Chapter 13, Chapter 7 or Chapter 11. Whether they are fed up with creditor harassment or just want a fresh start, bankruptcy could give them a new outlook on life.

Shortly before celebrating their 39th anniversary, an Orlando-based resort and dance club filed for Chapter 11 bankruptcy protection. It is not clear what the future holds for the resort, which cited $15.5 million worth of debt.

Evaluating the pros and cons of Chapter 13, Chapter 7 bankruptcy

A number of decisions must be made when filing for bankruptcy, such as determining which type of bankruptcy is most ideal and deciding when to file the petition. It is important for people who are looking for debt relief in Augusta and throughout Georgia to take a close look at all of their options before moving forward. For some, a Chapter 13 bankruptcy is the best way to find a fresh financial start, while others are better off addressing debt through Chapter 7 or by taking another route altogether.

Chapter 13 bankruptcy is often referred to as reorganization. It allows people to renegotiate their debt with their creditors and set up payments that are more reasonable. There are many reasons why people choose to file for Chapter 13, including:

Older adults with credit card debt more likely to be depressed

When someone is struggling to pay off their credit cards, they could face a wide variety of hardships, such as dealing with the credit card company, high interest rates and creditor harassment. Additionally, their credit card balances may cause emotional problems and make it harder to get through daily life. In Augusta, Georgia, people who are going through this should do everything they can to free themselves of this burden as soon as possible.

Researchers at Rutgers University studied adults aged 51 and older to evaluate how they were impacted by unsecured debt. According to researchers, roughly 30 percent of people in this age group have unsecured debt. They also said that those who carry considerable unsecured debt are much more likely show signs of depression.

Clearing up common consumer bankruptcy myths

Filing for bankruptcy is often an ideal way to eliminate debt and tackle stressful financial challenges. However, from Atlanta to Augusta, some people in Georgia are unsure of how to approach filing for bankruptcy and believe in certain consumer bankruptcy myths. Unfortunately, some of these myths get in the way of putting an end to creditor calls once and for all. As a result, anyone considering bankruptcy as an avenue towards debt relief should take a close look at the process before determining how to move forward.

An article published on USNews.com explored various myths that people have with regard to consumer bankruptcy. The first myth mentioned made reference to the notion that those who turn to bankruptcy are not responsible with their money. While this is true in some cases, many people find themselves in a difficult financial position because of job loss, separation from a spouse or health problems. After all, burdensome medical debt, spousal support and a host of unexpected hurdles often lead to financial hardships.

Bankrupt window maker owed over $800,000

In the wake of economic turmoil, a changing business environment and other factors, some businesses throughout the country are struggling with debt. There are a number of ways companies approach this problem and many choose to file for bankruptcy protection. For some businesses in Augusta, Georgia, Chapter 7 bankruptcy could be an ideal solution to their debt woes and help them find a fresh financial start. However, before filing a petition they should research Chapter 7 for businesses and be sure to take the right course of action.

A Maine-based window company that recently filed for Chapter 7 bankruptcy will liquidate their assets. The business owed over $800,000 to over 30 creditors, including almost $280,000 to a bank. The bankruptcy filing comes after declining sales, which fell by over $1.5 million over a three year period, according to the company's president.

Woman imprisoned for lying during numerous Chapter 13 filings

Filing for Chapter 13 can be a great way for some people to eliminate their financial challenges. Whether they want to reduce interest payments, stop foreclosure or have a fresh financial start, people who want to reduce debt may want to consider Chapter 13 bankruptcy. However, in Augusta and across Georgia, it is important for anyone who decides to take this route to ensure they review their case thoroughly and approach the Chapter 13 process correctly.

In 2013, a 54-year-old woman from Texas pleaded guilty to lying during her numerous Chapter 13 bankruptcy filings. She was released on bond, but authorities recently apprehended her at her home after she did not appear at a sentencing hearing scheduled for July 9, 2014. The indictment claims she did not provide crucial information in her court filings, from her social security number to her previous bankruptcy petitions.

Personal bankruptcy filings decline nationwide

Financial challenges arise for many reasons, such as a struggling economy, unemployment, medical expenses and unpaid bills. However, regardless of what may have contributed to someone's financial hardships, it is important for them to find debt relief quickly. In Augusta, Georgia, some people are able to clear their debt through bankruptcy protection, while others may take a different approach. Failing to address debt promptly can be problematic, which is why anyone in this position should take action.

Across the country, personal bankruptcy filings have dropped notably in recent years. While a 12 month period ending in March 2009 saw 1.2 million filings, the number of filings fell to 1.04 million in 2014 over the same timespan. Over the course of these five years, personal bankruptcy filings in the United States have fallen by 14 percent.

Using credit cards to shop for kids returning to school

Creditor harassment, outrageous interest and other financial challenges can make life hard for those with debt. In Augusta, Georgia, anyone who has unmanageable credit card debt should try to prevent their financial problems from worsening and take a close look at every option available.

With the school season approaching, many parents are getting ready to start shopping for clothes and supplies for their children. However, there are many things they should take into consideration before making purchases, especially if they plan to shop with credit cards. With proper budgeting and preparation, people can prevent costly financial problems.

Chapter 7 filing impacts workers in three states

Filing for Chapter 7 or any other type of bankruptcy could be one of the most difficult decisions a business owner has to make. However, if they are buried in overwhelming debt and don't know how to resolve the problem, it could also be one of the best. When the process is approached properly, Chapter 7 bankruptcy can help businesses that are facing serious financial challenges in Augusta and throughout Georgia finally put their debt behind them.

A construction company that recently filed for Chapter 7 bankruptcy protection laid off more than 280 employees and is now closed. The layoffs have impacted workers in Kentucky, Colorado and Michigan. Two days before they shut down, the company closed their construction business but said that their structural steel business would continue operating .

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