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January 2013 Archives

New study predicts millions will die in debt

Credit card debt may be a serious issue for those in Wisconsin, causing many to seek out bankruptcy protection to relieve themselves of harassing calls from creditors and overwhelming debt loads. Credit card debt is a common occurrence, with millions of Americans affected, and according to one university's research, many people may actually die still owing significant amounts.

Family farm declares Chapter 7 bankruptcy

No matter how long a business has been around or how innovative its ideas were when it first started out, at some point it could face the possibility of going under. At that point, its assets will likely be sold off or divided among creditors in a Chapter 7 bankruptcy or a Chapter 11 bankruptcy.

Golden Guernsey bankruptcy leaves schools dry

A bankruptcy entered into by a business occurs for the same reasons that an individual would file, for protection from creditors and a reasonable discharging of debts. For those companies who are facing an overwhelming amount of debt, Chapter 7 bankruptcy protection stops creditor actions immediately. If the company is still doing business when the filing is made, though, it could lead to work stoppages. This is the case in a recent bankruptcy, which has left Wisconsin schools looking for alternate sources of milk.

Wausau business finds debt relief in closing its doors

Debt can creep up on any business, regardless of how long it has been in operation or how ingrained it is in the community. When that debt becomes overwhelming, the business does have a few debt relief options available. However, one of the most final actions that a longtime member of the community can take is to close its doors. One Wausau, Wisconsin, business found itself facing that final option this week after experiencing foreclosure on the property earlier in 2012.

Bankruptcy court approves paper company's financial restructuring

Chapter 11 bankruptcy is a type of bankruptcy filed by businesses that need to restructure excessive debt and reorganize their assets. The process generally culminates in a court-approved restructuring, as was the case recently in Wisconsin. NewPage Corporation, the largest maker of glossy coated paper in the United States, recently received court approval for its restructuring plan, which will enable it to exit Chapter 11 bankruptcy.