When businesses file for bankruptcy, they may often be compelled to sell certain assets in order to pay off existing creditors. This kind of financial reorganization can help businesses to remain competitive and it can aid others in protecting their owners from additional liability. However, it is important for business owners to remain smart about which assets they ultimately opt to sell and which they strive to protect. Failure to be discerning in this reorganization process can have disastrous consequences.
The respected publication TIME magazine recently published a piece profiling a couple who found themselves in a surprising amount of debt over a short period of time. According to the piece, the couple had no debt when they were first married. Yet, over a relatively short span of time, the couple had accumulated $50,000 in credit card debt. This is particularly surprising given that one of the spouses is a debt settlement expert. What went wrong?
The unfortunate reality when it comes to the law is that there are quite a few misconceptions among the public. While many of these misconceptions are relatively innocuous, there are others that can actually prove to be rather harmful.