This gives large companies a chance sell off some assets and readjust their debts.
RadioShack, which has 4,000 stores in the U.S, just filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
According to a RadioShack news release, the electronics retailer has reached an asset purchase agreement to sell 1,500 to 2,400 of its stores in the U.S. to Standard General, with the rest closing up shop.
While Chapter 11 can be used for companies like RadioShack, many individuals can find debt relief under this option as well.
In fact, there are many options people can choose from when deciding to file for bankruptcy.
While it can be very emotional during this time, understanding which chapter best fits your needs is crucial.
Bankruptcy lawyers are here to help and guide you and your family through the bankruptcy process.
“This goes to show that even once great companies can find themselves struggling with debt” said Lawrence ‘D’ Pew, Pew Law Center founder. “The great news is that big companies are not the only ones that can find assistance in eliminating their debt. Our goal at the Pew Law Center is to provide the gift of peace and freedom through the elimination of debt to all of us regular Joes.”
If bankruptcy is something you’re considering, seek out help before it’s too late. You’re not alone in this financial battle.