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Verity Health System of California Inc. files for bankruptcy

Struggling companies and business owners may benefit from filing for Chapter 11 bankruptcy, which allows the business to remain active while the company reorganizes and works to pay off their creditors. Verity Health System, a nonprofit company in charge of six California hospitals, recently filed for bankruptcy, citing significant debt and loss in cash flow. The hospitals, located in the Bay Area and Los Angeles and employing 6,000 people as of 2017, primarily serve low-income communities.

Bankruptcy filings increase among elder adults in the U.S.

Many elderly adults in the United States are struggling with large amounts debt that they cannot afford to pay off. While they may have been able to pay their bills during their working life, it can be much more difficult for them to make ends meet in retirement. Long Beach residents find can quickly find themselves struggling to keep their head above water in these instances.

Different types of bankruptcy have their advantages

Most of us will go through financial difficulties at some point in our lives. If you find that your financial struggles are becoming overwhelming, filing for bankruptcy may be one option. Making the decision to declare bankruptcy can be one of the hardest decisions you ever make, but it will be worth it to be able to eliminate most of your debt and move forward with a clean slate.

Am I eligible to file for Chapter 7 bankruptcy?

Debtors in Long Beach who are experiencing financial challenges might think they have no method to get back on stronger financial ground and get a fresh start. When bankruptcy is suggested, they might believe there is a stigma with it that they are not fulfilling an obligation or are doing something wrong. The reality, however, is that bankruptcy is a legal and reasonable strategy to improve financial standing. For individuals, Chapter 7 is a solid option, if they are eligible. The goal of Chapter 7 is to give debtors who have run into financial trouble an opportunity to get a fresh start. After the debts are discharged, the debtor will no longer be responsible for them. If there are liens on properties, a Chapter 7 bankruptcy does not clear it.

What is a Chapter 11 bankruptcy filing?

Financial problems have a tendency of sneaking up on us and growing uncontrollably. This can make it a very overwhelming experience for any individual or business dealing with this situation. While it is possible to take the initiative to work through money issues on your own, they often tend to develop into a bigger creature than one can handle. Thus, it is common for businesses in California and elsewhere dealing with debt problems to seek out assistance to fully understand their options.

Why debt settlement companies aren't good bankruptcy alternatives

When we encounter financial problems, this can be very troublesome. In some cases, crunching numbers and a shot-term budget can clear us of these issues. However, for some California residents, this can become a much larger issue. When debt becomes overwhelming, we seek out options when our own initiatives do not work. The word bankruptcy can be scary, causing many to seek out alternatives.

Understanding when it is a good time to file for bankruptcy

Dealing with debt is anything but easy. Even in small forms can be detrimental for residents in California and elsewhere. However, before seeking debt relief, an individual should take the time to fully assess their situation and whether or not it is the right time for them to file for bankruptcy. While bankruptcy might be the ultimate answer to their debt problems, debtors should take the time to fully understand the process and how it could impact their current and future financial situation.

Helping you navigate the bankruptcy process

Financial problems tend to enter the lives of individuals in California and elsewhere. While these issues could be minor and very temporary, other individuals are dealing with major debt that causes them serious financial disruptions. Although bankruptcy is often avoided or used as a last resort measure, it should be known that bankruptcy could provide positive financial outcomes, even giving an individual a fresh financial start.

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