Another Hit to Retail, Payless Files Chapter 11 Bankruptcy

All of this adds up to traditional retail that was unprepared for shifts in consumer attitudes, rising wages, online availability of everyday goods, crappy community planning, and vulture capital greed. The retail crunch is going to leave a lot of people holding the bag, still with bills to pay, families to feed, and needs to cover.

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What is a Stalking Horse Bid?

Bankruptcy is a complex legal procedure and there are a number of different aspects to each different case. One of those aspects can be the so-called “stalking horse bid.” This type of strategy is an initial bid from an interested company on a bankrupt company’s assets.

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How Bankruptcy can Help Your Credit

To understand just how bankruptcy can help with your credit, first you need to understand how long certain items stay on your credit report. For entries such as late payments, charge-offs, collections, tax liens, judgments, and foreclosures the magic number is seven. These items stay on your report a full seven years. Another troublesome thing is that “hard inquiries” remain visible for two years and can cause your score to dip for as much as six months.

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Bankruptcy vs. Paying Off Debt

There are people who think that bankruptcy is the worst fate ever. It’s not, and nobody gets to the point where they’re considering filing for bankruptcy without a lot of lost sleep.

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Do You Need an Attorney to File Bankruptcy?

Now, as to the DIY “kits” – usually forms and a bare-bones instruction book – and software that’s out there purporting to be an alternative to filing your bankruptcy. Even if your robolawyer is this guy, I don’t think it’s going to work.

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The Zero Down Bankruptcy: Why I Do It and Nobody Else Does

This is why I started to offer something called a Zero Down Bankruptcy to my clients. I got into this profession because I wanted to help people, and this helps my clients to have a successful bankruptcy, pay their fees on a set schedule, and to get relief from the debts that are grinding them down.

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How to Recover from Bankruptcy?

As for the steps you can take to recover from bankruptcy, you will be relieved to know that as long as you manage your finances responsibly – paying bills on time, building new credit – that the bankruptcy will have less impact on your credit until it falls off entirely.

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