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September 2017 Archives

Two construction companies file for Chapter 7 bankruptcy

Two construction companies that have been struggling financially for some time have filed for bankruptcy, according to business news. Both companies filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in the month of August. Connecticut business owners will recognize this as being an intelligent and prescient financial move on the part of both businesses, as Chapter 7 bankruptcy can help to ease the burden of debt for struggling companies. 

Appliance store files for Chapter 7

A popular appliance store has closed its doors, according to business news sources. Prestige Appliance, based in another state, filed for Chapter 7 bankruptcy on Sept. 7 in a United States Bankruptcy Court. As some Connecticut residents are aware, this move is meant to free the business owners from the constraint of a company's accrued debt and use its assets to pay down creditors. 

Chapter 7 bankruptcy vs. debt settlement company

Falling behind on the bills is not a pleasant feeling. In fact, it may seem as if the debt will smother the borrower, making it difficult to sleep or affecting one's ability to relate with loved ones. When overdue debt reaches the point where creditors are calling, accounts are in the hands of collectors and credit scores are damaged, a Connecticut borrower may reach out in desperation. While Chapter 7 bankruptcy may be an option, some may try other methods of debt relief that may only make matters worse.

Chapter 7 can provide a fresh start within months

Life can be full of unanticipated twist and turns, some of which can be extremely challenging. Some Connecticut consumers may not realize that circumstances can drive them into situations that force them to consider filing for Chapter 7 bankruptcy. It is important to understand that such a step is a reflection of the situation rather than a reflection of the individual.