Brand apparel retailer sought bankruptcy protection

A Chapter 11 bankruptcy was recently filed by California-based company Pacific Sunwear after experiencing income losses for several years, an article of CBS News reported on April 8.

According to reports, the novelty apparel retailer has been affected by socio-economic factors like some of their competitors. Pacific Sunwear sought bankruptcy protection, hoping to continue business by working with a private lending company. Company CEO Gary Schoenfeld stated that the filing will help them cover approximately $140 million annual occupancy cost and long-term debt amounting to $90 million. The lending company, on the other hand, will shell out $20 million and convert Pacific Sunwear’s two-thirds of debt into equity. Pacific Sunwear currently has over 600 stores in 50 states including in Raleigh, North Carolina.

Like many national companies, the lawyers of the Bradford Law Offices, PLLC understand that some businesses in Fayetteville are dealing with financial issues. If you believe you are in this frustrating situation, we may offer you legal assistance if you have decided to file for bankruptcy. Call our office today at (919) 758-8879 to find out how we may possibly help you regain your financial footing.

Hospital hoping to recover after filing Chapter 11 Bankruptcy

A healthcare company based in Magee, Mississippi has decided to file for Chapter 11 Bankruptcy, an article of Becker’s Hospital CFO reported on April 2.

Reports stated that Pioneer Health Services, which owns hospitals in several states including North Carolina, decided to file for bankruptcy due to financial issues such as the increase in use of “high deductible health plans,” failure of insurance companies to settle payments on time, and other factors related to investment. Danbury-based Pioneer Hospital of Stokes assistant CEO, Pam Tillman, stated that the Chapter 11 process will allow them to pay their creditors in a timely manner and retain their existing vendors. Hospital employees will continue to get their pay during the bankruptcy transition, Tillman claimed. The process may last up to two years and Tillman is hoping to get positive results. Pioneer Health Services also has hospital facilities in Mississippi, Virginia, Tennessee, and Georgia.

The lawyers of the Bradford Law Offices, PLLC in Fayetteville believe that financially-struggling companies deserve a second chance to find their financial footing. If you have decided to file for bankruptcy, we may offer you legal assistance to ensure a smooth process in an unstable time. Learn more about your options today by calling (919) 758-8879.

Young Americans are frequently plagued by credit card debt

Many young Americans who pay their monthly credit card balance are actually paying for interest rates accumulated from their previous balance, a recent article in Fortune reported.

According to a study conducted by the Federal Reserve Bank of Boston, many Americans who are in the 25-50 age bracket are primarily paying off the interest of their previous credit card balance. An article from Bloomberg also noted that people who heavily rely on using their credit cards often continue to do so throughout their lives. Additionally, people tend to use more of their credit cards if they are given a high credit limit. For Americans in the 20-30 year old age window, credit card limits have increased by about 450 percent and debt has increased by 300 percent. Boston College Professor Scott Fulford explained that younger Americans often view credit limit as “savings” that they use for emergencies.

At the Bradford Law Offices, PLLC, we understand that many young people get into trouble because of unmanageable credit card debt. If you are in such a situation, we want to help you explore all of the legal options available to you for getting a fresh financial start. Learn more about your options from us by calling (919) 758-8879 today.     

Luxury boat maker in bankruptcy process

The luxury catamaran manufacturer in North Carolina that sought bankruptcy protection in November 2015 is expected to be sold in an auction, The Virginian-Pilot reported on January 20.

Reports said Gunboat International is scheduled to be auctioned in Raleigh this coming April. Bankruptcy papers revealed that the manufacturer of luxurious two-hull sailboats has a total of $15.6 million in debts owed to over one hundred creditors. Gunboat listed its assets at $1.1 million.

The company, which has been operating for fifteen years, filed for bankruptcy due to the expensive cost associated with building their huge catamaran sailboats as well as loss of profits due to defective work done by one of their manufacturers, over which Gunboat reportedly pursued legal action. Details of the auction of Gunboat will be available for potential investors in February.

The lawyers at the Bradford Law Offices, PLLC in Fayetteville represent struggling business owners who have decided to file for bankruptcy. We can help walk you through this complex legal process so that your interests are protected as you seek financial stability. Call our office today at (919) 758-8879 to learn more about your options.

Solving financial problems through debt negotiation

Some individuals in Fayetteville who are facing the stress of financial hardships may be hesitant to file for bankruptcy as they feel this is an extreme options. While bankruptcy can significantly reduce the amount of frustration associated with money problems, another options for some may be debt negotiation. Through this process, individuals may be able to come to new terms with their creditors in order to reach a new payment plan.

While some companies offer debt negotiation services, a bankruptcy lawyer like the ones at the Bradford Law Offices, PLLC can help ensure that your best interests are a priority in the negotiation process. Through debt negotiation, our attorneys may be able to help you:

  • Reduce interest rates
  • Reduce the total amount owed
  • Extend the repayment deadline
  • Reschedule your payments

Through this process, we may be able to help you negotiate a new deal that will allow you to pay back your debts at a rate that is comfortable for you.

If you live in the Fayetteville area and are dealing with financial hardships or overwhelming debt, call our legal team at the Bradford Law Offices, PLLC by calling (919) 758-8879 today.

Determining Eligibility for Chapter 7 Bankruptcy

Unfortunately, Chapter 7 bankruptcy relief is not available to everyone. To file for Chapter 7 bankruptcy, you must be able to show that your income is less than the median average for households of similar size in your state by completing something called the means test. In the means test, you will be asked to provide information that details all of the income that comes into your household. If this amount is less than the medium income for households of your size in your state, you are likely eligible to file for Chapter 7 bankruptcy.

However, even if you earn more than the median income for households that are your size, you could still be eligible to file for Chapter 7 bankruptcy. In addition to examining your income, the means test will also take into account your regular household expenses. Your household income minus certain living expenses will result in what is known as your disposable income. If your disposable income is less than the median disposable income for other households of your size in your state, you will likely pass the means test and be able to file for Chapter 7 bankruptcy.

If you are struggling with an unmanageable amount of debt, you should reach out to a Fayetteville bankruptcy attorney at the Bradford Law Offices, PLLC, about whether Chapter 7 bankruptcy is right for you. If you are not eligible for Chapter 7 or if it is simply not right for you, our legal team can help you explore all of the options available to help you deal with your debt. To speak with a bankruptcy lawyer about the particulars of your situation, please call our offices at (919) 758-8879 today.

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