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Miami Bankruptcy Law Blog

Yay! Life! LLC files for bankruptcy

Sometimes, small businesses can't keep up with the demand for their services. Other times, they struggle to make enough money to keep their doors open. Regardless of the reason for a small business's struggles, if the business can't stay profitable, the owner may want to consider filing for liquidation bankruptcy.

That's what the sticker maker Yay! is doing now. Yay! Life! LLC has been producing stickers, refrigerator magnets and car magnets for years, but it claims it now owes $183,546 to creditors and has only $31,391 in assets. The company, which was founded in 2010, was created to celebrate all things that made people say, "yay!" in life. The company produced key chains, bumper stickers, and more. It was even featured in Oprah Magazine.

Debt in America: A problem across generations

Right now, Americans are in debt at an amount of approximately $14.1 trillion, based on the 2019 Consumer Debt Study by Experian. That number is made up of debt from credit cards, student loans, auto loans and mortgages. On average, each American carries a personal debt of around $90,460.

Who carries the most debt in America?

If foreclosure is looming, consider bankruptcy

You love your home, but you've really struggled to make payments on time. Your mortgage went up when your property values started to increase, and that increase in your mortgage took a toll on your budget. Where you used to pay $900 a month, you now have to try to come up with $1,200. It's a big jump.

While an increase does mean that your property's value is higher than in the past, it has still put a major strain on your finances. You've already missed one mortgage payment, and you don't want to put more stress on yourself by missing another. What should you do to stop foreclosure?

Chapter 7 or 13 bankruptcy could be a way out of your debt

Debt relief may be something you're looking into if you've lost time at work or lost your job recently. Having great amounts of debt can make it hard to get your finances back on track when you're only able to work part time or find piece work to bring in an income.

One amazing idea for getting your debts under control could be bankruptcy. If you've tried consolidating your debts, negotiating with creditors and taking other steps to pay what you owe but have had no luck, then a bankruptcy can be a good choice.

Want to avoid bankruptcy? These 3 tips could help

You have always been good with your money, but when you lost your job during the recent economic downturn, you were suddenly put in a frustrating, position. You had enough money to pay your bills, and unemployment helps you cover the essentials. Unfortunately, you don't have enough to pay down your debt or make all of your minimum payments on time.

This is not a unique story, so it's important for you to know that there is help for people like you in this situation. Bankruptcy is one possibility, but it's not the only one. Here are three other options you may want to try before turning to bankruptcy to get out of debt.

Is a debt jubilee a good idea? People's opinions vary

Today's economy is not perfect, and one of the things that people are discussing as a solution is a debt jubilee. A debt jubilee is not a unique idea. It's the concept that the country's debt could simply be written off and eliminated. Yes, it would likely hurt creditors, but it would be a significant relief to debtors.

This idea has been around since around 2,300 B.C., where it was first seen in what is now modern-day Iraq. Back then, when a new ruler took over the throne, debt jubilees would be used to eliminate past debts among the people.

Get started with your Chapter 7 bankruptcy

Chapter 7 bankruptcy is a good way to get out of debt when you can't see any other way out. If trying to work more, getting a consolidation loan or taking other steps to manage your debt doesn't work, then bankruptcy may be the right choice moving forward.

When you file a Chapter 7 bankruptcy, you will start by filing a petition with the bankruptcy court in your area. You will need to provide the court with:

  • A statement of your financial affairs
  • A schedule of your current expenses and income
  • A list of your liabilities (debts) and assets
  • A list of unexpired leases and contracts
  • A certificate of credit counseling

What can you do to get out of debt?

When you think about the amount of debt you have, does it make you worried about ever catching up? Do you worry about what would happen if you suddenly lost a job?

Maybe you're already behind on payments. If so, you may be worried about being able to catch up after all the fees and interest have been added on. You don't deserve to live in fear because of your finances. Debt relief options exist that can help you get out of debt and live more comfortably within your means.

Missing payments doesn't always lead to foreclosure

Every month, you find it hard to make ends meet. Last month, you couldn't even pay your full mortgage. You covered what you could, but it wasn't what you owed.

This month isn't looking much better, and you can't make up what you missed last time. You're not sure what to do, but you know you won't be able to pay. Are you going to lose your home?

Should you file for bankruptcy with your spouse?

You and your spouse have been struggling with debt for a while, but when you had to add on thousands in medical debt because of a car crash, you nearly lost all hope. You were just starting to feel that you were making progress, and now it's all lost. You're frustrated and tired of dealing with the situation.

If your circumstances are like this, then you need to know that you're not alone. Many people in the United States struggle with significant debt. Bankruptcy could be the right answer.

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