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Chapter 7 Archives

Considering Chapter 7 bankruptcy for debt problems

Bankruptcy is not an uncommon practice in American life, particularly during periods of economic instability. The average Connecticut resident likely contributed to the estimated $13 trillion in American consumer debt accrued by the end of 2017, and some may find themselves among the estimated 733,000 individuals and businesses that will file for Chapter 7 bankruptcy this year. Thankfully, bankruptcy is a viable and -- at times -- necessary strategy to handle serious debt issues. 

Filing for Chapter 7 bankruptcy is not the end of the world

Many people believe filing for bankruptcy is a negative financial move, leading to poor credit and a nigh-insurmountable fiscal challenge. Connecticut residents should be aware that a Chapter 7 filing does not have the long-lasting effects that films might have one believe. In fact, it can be one of the most financially responsible decisions an individual or company can make. 

Former baseball player files for Chapter 7

It is often widely disseminated that people file for bankruptcy as a result of poor decisions or poor planning. While this is sometimes the case, Connecticut residents need look no further than the case of Jack Clark, former power hitter for the St. Louis Cardinals, who is currently filing for Chapter 7 bankruptcy after a successful career and string of jobs post-baseball. Debt can affect any American in an adverse way, and bankruptcy is sometimes the most fiscally responsible way back to financial stability. 

How Chapter 7 bankruptcy can affect credit

Bankruptcy is often portrayed as a "last hope" for individuals or businesses facing overwhelming debt. But Connecticut residents should be aware that a great deal of misinformation is also disseminated about how bankruptcies like Chapter 7 influence an individual's credit score. While the news is not always uniformly positive, in the long run bankruptcy can turn out to be the best financial decision an individual can make. 

Toys R Us prepares for Chapter 7

After a long and challenging battle to internally reorganize in order to fight mounting debt, one of the most recognizable companies in America is looking seriously at shutting many of its doors for good. Connecticut residents are familiar with Toys R Us, the retail giant that has provided clothing, accessories and of course toys to young Americans for decades. The company is in the midst of preparing to file for Chapter 7 bankruptcy and plans to shut down as many as 20 percent of all stores in the United States. 

Music festival files for Chapter 7 bankruptcy

A famous jazz festival in a western state is ending a half-century run, according to business news. The society that runs the festival has filed for Chapter 7 bankruptcy, citing insurmountable debt. Business owners in Connecticut who run into tough financial times can rely on this form of bankruptcy to help them eliminate some of their debt by liquidating assets to repay creditors

Chapter 7 bankruptcy filed by famed university

A community remains shocked after a famous post-secondary educational institution has closed its doors due to debt and lack of funding. Educators here in Connecticut may be familiar with St. Gregory's University, the only Catholic university in Oklahoma, which has recently filed for Chapter 7 bankruptcy. It is hoped the filing will help the school administration to maintain some of the heritage associated with the 143-year-old school. 

Music college files for Chapter 7 bankruptcy

A well-known college of music has closed its doors after filing for bankruptcy in federal court. Connecticut musicians may be familiar with the McNally Smith College of Music, a private college in a neighboring state. The company intends to use the Chapter 7 filing to liquidate its assets to pay down existing debt, a tactic commonly used by struggling businesses. 

Restaurant location closes, files for Chapter 7 bankruptcy

In a move that was sure to disappoint fans of the famous San Francisco original, Tadich Grill in the nation's capital have closed their doors for good. The owners of the satellite location filed for Chapter 7 bankruptcy after controversy surrounding family politics allegedly hurt their business. Here in Connecticut, the same opportunity to reduce or even wipe out debt exists for business owners facing struggles of their own. 

Dry cleaning chain files for Chapter 7 bankruptcy

A popular chain of dry cleaners based in a neighboring state is closing its locations following a bankruptcy filing, according to business news. Sort LLC, the parent company of a dry cleaning company in Massachusetts, has filed for Chapter 7 bankruptcy. The company is currently working to ensure all customers' belongings are returned to them. As some Connecticut business owners can attest, filing for bankruptcy in the face of serious debt can sometimes be the most fiscally responsible decision an owner can make.