Bankruptcy Can Happen To Anyone! Even One Of the Most Well Known Baseball Teams in the US!

12-Jul-2011 The prospect of filing for bankruptcy can be both overwhelming but also embarrassing. With today's economic climate bankruptcy is becoming more common then ever. In fact, it was just reported that the Dodgers have filed for bankruptcy. Their situation is so serious that NBC Sports HardballTalk reported that they filed for bankruptcy 3 days before payroll was due and the Dodgers do not have the money to pay it.

Frank McCourt, owner of the Dodgers filed for Chapter 11 bankruptcy. Chapter 11 bankruptcy does for businesses what chapter 13 bankruptcy does for individuals. A common term used to describe chapter 11 and chapter 13 Chicago is "reorganization". Commitments to making payments to creditors over time helps the organization or individual save money and restructure their finances. Once the agreed upon payments have been met the debtor will be discharged of remaining debts.

There is a requirement that the business or individual will bring in enough income to make these payments towards their debts. It appears to be the difficulty for the Dodgers that they do not have this income. In an article by NBC Sports HardballTalk, McCourt is hoping that a TV deal with Fox TV could pull his team out of their financial crisis. However because the Dodgers are a Major League Baseball team it is certain that the MLB may have other plans for the team than owner McCourt. Due to the fact that the bankruptcy court will keep the creditors interests in mind it is possible that McCourt will be ordered to sell the team.

Similar to the Dodgers, well known Chicago restaurant Giordano's filed for chapter 11 bankruptcy recently. When successful businesses need to file for chapter 11 bankruptcy there are a lot of factors that could have gotten them there. A qualified attorney is the best resource to guide a business through the bankruptcy process.

An individual who is considering chapter 13 bankruptcy in Chicago should speak with a chapter 13 bankruptcy lawyer right away. Most bankruptcy lawyers today will offer a free legal evaluation. This is your opportunity to meet with a chapter 13 bankruptcy lawyer in Chicago Illinois and discuss your financial situation and potential for a successful chapter 13 filing.

If you and your lawyer determine that chapter 13 is not a good fit for you then it may make more sense to file chapter 7 bankruptcy. Chapter 7 Chicago involved liquidation of your assets.

Whatever type of bankruptcy you file do not be embarrassed. With Giordano's and the Dodgers filing bankruptcy you are in good company.

Chang and Carlin
The content found on the Chang & Carlin site is not legal advice and is purely for informational purposes. The information contained herein is not a substitute for the advice of an attorney and does not create an attorney-client relationship. If you are interested in obtaining information about chapter 7 bankruptcy, chapter 13 bankruptcy, foreclosure services, real estate legal services, you are encouraged to call our law firm at 866-790-8601 or Request a Free Legal Evaluation. Chang and Carlin serves clients in Chicago, Schaumburg, Joliet, Warrenville, Waukegan, Illinois.