Tag Archives: DebtHelp

Bankruptcy Tips: How Does a Reorganization Plan Help My Business?

Generally, businesses have around 120 days after filing Chapter 11 bankruptcy to complete a bankruptcy reorganization plan, and another 60 days after that to have their plan approved by the court. While businesses are developing a reorganization plan, they are protected by an automatic stay, which protects their company from collection activities, like lawsuits, bank levies, foreclosures and repossessions. In addition, businesses can continue to operate as normal while crafting their reorganization plan, and may be able to defer installment payments, including rent. In some cases, businesses can receive an extension if they need more time to create their plan. Recently, Westinghouse Electric Co., which has filed Chapter 11, requested an additional three months to finish ironing out the details of their reorganization plan. Westinghouse, a nuclear technology firm, does business with over half of the world’s nuclear power plants. As such, the company needs more time to create a…
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How Do I Avoid Making Mistakes When Paying Off Debt?

Paying off debt can be very difficult. As a result, it can be easy for people to develop tunnel vision while they attempt to pay off their debts. In such cases, people can focus so intently on paying off their debt that they fail to recognize pitfalls associated with the process. What Should I Not Do When Paying Off Debt? The Daily Herald recently featured an article on about how people can pay off their debt without making unnecessary sacrifices that lower their quality of life. Don’t Go Overboard with Saving Money – Understand the difference between good debt and bad debt. For instance, certain types of student loan debts are considered good debt, meaning it does not need to be paid off quickly. Therefore, in some cases, you can pay off debt in moderation, and as a result, not miss out on things that could help you in the…
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What Should I Know Before I File Bankruptcy?

If you or your business is facing financial difficulties that you will not be able to overcome, you may need to consider filing bankruptcy. Making the decision to file bankruptcy is a huge step that should not be taken lightly. Therefore, before you file bankruptcy, you should do some research first to ensure you know what you are getting into. What Do You Need to Know Before You File Bankruptcy? Entrepreneur published an article regarding advice individuals and business owners should know before filing for bankruptcy: Make a Business Plan – If you own a business, before you file bankruptcy, create a business plan. The business plan should cover what you will do if you keep your business or if you sell your business as a result of the bankruptcy. A business lawyer or bankruptcy attorney can help you properly structure your business plan. Savings – Save as much money…
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What Are Some Alternatives to Bankruptcy?

People who have serious debt may be considering filing for bankruptcy. Most people will only want to declare bankruptcy in severe circumstances, as it has a negative association by many, and stays on your credit report for years after. However, bankruptcy is a great solution to start building up positive credit after financial troubles for many people. Before declaring, exploring alternatives to bankruptcy may be recommended. Alternative Options to Bankruptcy Debt renegotiation: Many loan providers may let you negotiate more affordable loan terms so you can meet your payment deadlines. You can ask for lower monthly payments spread out over a longer length of time. Debt consolidation is the process of rolling multiple debts into one debt with a lower interest rate. For example, combining credit card debts onto one card with a lower rate, can help people repay debts. Credit Counseling: Many non-profit agencies are dedicated to help people…
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Why Does New Jersey Have Such a Big Gambling Problem?

According to a study completed by Rutgers, New Jersey has one of the highest gambling disorder rates in the country, at almost four times the national average. Having access to many casinos, like the ones in Atlantic City, does not help people struggling with gambling. Gamblers with the most severe issues often gamble at casinos with slot machines and video poker. Online sports betting is not covered under gambling restrictions, making it easier for users to lose money. Fortunately, there are many effective ways to start eliminating debt and stop bad gambling habits. Help for Gambling Addiction in New Jersey Council on Compulsive Gambling of New Jersey: This program offers free gambling disorder help groups, hotlines, prevention programs, and intervention and outreach programs. Gamblers Anonymous: This organization locates gambling meetings with other gamblers near you based on location, and offers hotlines and recovery programs. There are a multitude of other…
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