Financial problems can befall any person or organization, including some of the world’s largest companies. Take Sears for example.
Sears Holdings Corp filed for bankruptcy this fall in its efforts to stay in business, according to a Reuters story. After a century of massive expansion and huge success, the retail and catalog giant, known early on as Sears, Roebuck and Company, fell into decline, and it has been unprofitable since 2011, according to Reuters.
How about your financial situation? If you are struggling with serious debt, you may be able to take advantage of bankruptcy protection and get relief from your creditors.
How Chapter 11 will (hopefully) help Sears
Bankruptcy can allow a business to restructure its debts and continue to operate. In October, Sears filed under Chapter 11 of the U.S. Bankruptcy Code, petitioning a federal court in White Plains, New York, to allow it to obtain $300 million in financing, according to Reuters. As part of its survival plan, Sears expects to close hundreds of stores, sell off certain assets, get more financing and make leadership changes.
How a Chapter 7 or Chapter 13 bankruptcy could help you
If you feel hopeless about your debt, you are not alone. Whether your financial struggles stem from a job loss, a divorce, an illness or another difficult situation, you may be able to get serious relief with a Chapter 13 or Chapter 7 bankruptcy.
If you qualify for one of these forms of bankruptcy (or another form), you may be able to do one or more of the following:
- Discharge your credit card, personal loan and/or medical debt
- Prevent bank foreclosure on your home
- Deal with stressful tax debt
- Unburden yourself from many forms of debt and gain a fresh start
A professional can advise you
Every situation is different. Get legal advice if you think you might be a good bankruptcy candidate.