A lot of individuals in Texas have faced the quandary of whether to file for bankruptcy in recent years. As readers of this blog likely know, the typical forms of bankruptcy pursued by individuals are Chapter 7, which involves debt relief through the liquidation of all but exempt personal assets to pay off creditors, or Chapter 13, which involves obtaining court approval of a plan that repays a portion of unsecured debt over a set time frame and sees the balance erased at the end of that time horizon.
Crowds of people are hitting grocery stores. Instead of buying preparations for Thanksgiving meals, however, they are buying Twinkies. Last week, Hostess declared that it would need to liquidate and could not continue its Chapter 13 bankruptcy plan.
You have put your time and money into your business. You want it to succeed, but it is challenging in this financial climate. You face significant personal and business debt. What should you do?
American Airlines is hopeful that its Chapter 11 bankruptcy reorganization plan will help the company emerge from the bankruptcy quickly and more profitably.