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January 2015 Archives

Orange County-based clothing retailer files Chapter 11 bankruptcy

Many of our Escondido readers are probably familiar with the teen-oriented clothing retail chain known as "Wet Seal." There are several Wet Seal locations throughout the local area, and the company is actually based out of Orange County. But, it appears that this company, which has retail locations throughout the country, is facing some serious financial difficulties. As a result, the company recently filed for Chapter 11 bankruptcy.

What is a Chapter 7 "no asset" case?

Any of our Escondido readers who are familiar with previous posts here know that Chapter 7 bankruptcy can be an excellent debt solution when all other options just don't seem right. This type of personal bankruptcy is known as "liquidation" bankruptcy, because the filer is supposed to list all of their assets, which are then sold and the proceeds applied toward outstanding debt. But what if a bankruptcy filer doesn't have any assets? Or, what if all of the filer's assets fall under the wide range of bankruptcy exemptions?

An overview of state exemptions in a California bankruptcy filing

One of the most overriding fears that many people have when they think about filing for bankruptcy is the fear that they will lose everything. Most people don't really know a whole lot about the bankruptcy process until they begin to look at it as a more serious option for their financial troubles, so they rely on what they have heard from others or on what they think they know.

What are the key steps in a Chapter 11 bankruptcy?

Many of our Escondido readers know from seeing previous posts here that Chapter 11 bankruptcy is an option for businesses that want to turn around a financial situation that is getting out of hand. Chapter 11 is known as "reorganization" bankruptcy. Our readers also probably know that the bankruptcy process can be long and complicated. But what are the key steps in a Chapter 11 bankruptcy filing?