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Lafayette Bankruptcy Law Blog

You can avoid wage garnishment with early planning

You knew you were behind on your credit card payments. In fact, they went to collections. Despite that, you thought you could handle the debt when you were in a better financial situation.

The truth hit harder and faster than expected. You recently found out that the credit card company had a case against you in court, and the judge ordered your employer to garnish your wages. Now, you can't afford your rent, insurance or other things you need.

America's 2nd largest radio company files for bankruptcy

Often, when a Louisiana resident hears of a company filing for bankruptcy, they imagine a retailer or a chain restaurant. Though bankruptcies can certainly benefit these entities, many other types of businesses may find financial relief from bankruptcy as well. For example, a radio company in another state recently chose to file Chapter 11.

Cumulus is a radio company based in the southern United States and has been named the second largest radio company in America. It owns 446 radio stations across the country. After the purchase of another broadcasting company, however, Cumulus has suffered a decrease in ratings and an increase in debt. Though recent measures by executives have cut out unnecessary expenses, reports indicate that the company still faces about $2.3 billion in debt.

Individuals may have several options for debt relief

Because of the convenience, consumers in Louisiana and around the country use credit cards on a regular basis. While credit cards can be an efficient way to shop or pay bills, the convenience can also lead to financial troubles. When consumers overspend, they may eventually find themselves with significant debts. There may be several options for individuals to find debt relief.

The first step for most is to take stock of all debts and all assets. By determining exactly what is owed and what is available to pay off the debt, a person can ascertain the best way to start saving. For some, simply limiting credit card use and creating a strict budget may be enough to get finances back on track.

TechShop files for Chapter 7 bankruptcy

Many different factors can contribute to a company's decline in profits and accumulation of debts. When Louisiana owners find their businesses suffering from overwhelming debt, tough financial decisions must be made. Open-access workshop company TechShop recently made the choice to file for Chapter 7 bankruptcy.

Though Chapter 11 bankruptcy is the form most often associated with businesses, Chapter 7 is also a viable option for eliminating debts. Under this form, a company's non-exempt assets are liquidated in order to pay debts. While this does not typically allow the business to remain open to consumers, it does grant it the opportunity to rid itself of its debts.

Those seeking debt relief may have multiple options

Many individuals in Louisiana and across the country regularly worry about the state of their finances. There can be many different ways people may amass debts, including losing a job, having an unexpected medical crisis or even simply overspending a budget. Fortunately, there are likely multiple options available for those interested in pursuing debt relief.

For some, strict budgeting is an easy way to begin cutting back on spending and putting money toward paying off debts. Choosing to pay off the the credit card with the highest interest rate first is often a good step. Another option is to take on side jobs. This can bring in more income that can also be added to monthly payments.

When facing foreclosure, bankruptcy could help

There is nothing worse than the thought of slipping behind on your mortgage payments. If you're unable to catch up, it could lead to foreclosure at some point in the future.

Before it gets to this, you may want to discuss your options with your lender. For example, they may agree to a loan modification in an attempt to get you up to speed and to help you avoid the same issues in the future.

Styles for Less files for Chapter 11 bankruptcy

Many businesses in Louisiana and across the country have found their profits diminishing over the last few years. This seems to be particularly true for the retail industry. To help cope with these losses and to better organize their financial structure, many businesses choose to file Chapter 11 bankruptcy. Teen apparel chain Styles for Less recently made the decision to file.

Like other similar retailers, Styles for Less cites the rise of online shopping and industry discounting as major factors in their profit decline. The company is said to have a range of $10 million to $50 million in both assets and liabilities. Representatives for Styles for Less believe this move will be beneficial in eliminating debt and providing a healthier financial structure.

Romano's Macaroni Grill files for Chapter 11 bankruptcy

When Louisiana business owners find their companies failing to perform at expected standards, owners may have to make difficult financial decisions. To help deal with their economic woes, many companies are turning to Chapter 11 bankruptcy for a fresh start. Casual Italian dining chain Romano's Macaroni Grill recently chose this solution.

Officials say that Romano's owes more than $23 million in secured debt. As is the case with many other casual dining restaurants, the company believes that a downturn in the industry, as well as increased competition from faster and cheaper alternatives, has been a considerable factor in its financial issues. Romano's executives stated that by utilizing the features of this bankruptcy, they will be able to maintain operations and preserve about 4,600 jobs.

Bankruptcy may solve debt problems for many

Debt can be a tremendous burden for many individuals in Louisiana and across the country. Whether resulting from overspending with credit cards or unexpected medical expenses, debt can have a significant impact on a person's life. Those fighting this battle may have many different options available to them, from stricter budgeting to bankruptcy.

Some people may be able to relieve themselves of debt through setting a budget, only charging what can be easily paid off each month and avoiding carrying balances from month to month. Others may benefit from a balance transfer credit card where interest rates do not accumulate and debts may be more easily repaid. Switching to paying for daily necessities with cash may also help people realize how much money they spend, leading to less splurging.

Island Air recently filed for debt consolidation bankruptcy

Business owners, whether in Louisiana or elsewhere in the country, must do what is best for their companies in order to keep making a profit. When finances fail to turn out as expected, many proprietors make the decision to file for bankruptcy. A small airline company called Island Air has recently chosen to file.

Island Air, which is currently in the process of negotiating aircraft leases with its lessors, decided to make the move to file for Chapter 11 bankruptcy. By choosing this form of bankruptcy, the airline will be able to reorganize its finances without shutting down its business. The president and CEO of the company stated that he believes the restructure will lead to a stronger business with a steady financial future.

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Lafayette, LA 70508

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