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Chapter 11 bankruptcy filed by apparel retailer

Styles for Less, a teen apparel store based in another state, recently filed for bankruptcy. The Chapter 11 bankruptcy filing was executed in an effort to keep the business afloat at a time when many retailers are struggling financially. Internet commerce is being blamed for the decline in business of many retailers throughout the United States, including in Massachusetts.

Styles for Less reported having assets totaling between $10 million and $50 million. Its liabilities are reportedly in the same range. It is anticipated that the company will strive to get rid of its debt and come out of bankruptcy as a stronger, healthier business.

Marital debt can be major source of conflict during divorce

Spouses typically do not plan to get divorced. However, divorce is sometimes inevitable, and the process can quickly become complicated and overwhelming. One aspect of divorce in Massachusetts that can be particularly complex is how to handle marital debt.

An important step when tackling debt during a divorce proceeding is figuring out how much debt has to be addressed. This can be done by ordering a personal credit report, which outlines what accounts a spouse has both jointly and individually. This is particularly critical for the spouse who was not responsible for writing checks and handling the finances during the marriage, as he or she may not be familiar with the couple's financial situation.

Plastics company files for Chapter 11 bankruptcy

A plastics company in another state recently decided to file for bankruptcy. Its Chapter 11 bankruptcy filing comes as the company finds itself with more liabilities than assets. A company in Massachusetts that is struggling with large amounts of debt may be able to take advantage of this type of bankruptcy protection, which can offer benefits long term.

In the case of the plastics company, the company has a large plant in another state that remains unfinished. The billion-dollar plant was in the last stages of a project spanning 412 acres. However, according to court filings, the company had been struggling financially for a large part of the year.

A smoother divorce is possible with preparation

A marital separation in Massachusetts can be hard to process for several reasons, including emotional ones. However, one of the biggest sources of conflict during a divorce proceeding is finances. Two individuals who marry each other naturally allow their finances to intertwine, and unraveling those financial ties can be a major challenge and have consequences that last decades.

One of the best ways of addressing finances during divorce is to take advantage of divorce mediation. Although mediation may be helpful in other aspects of a marital split-up, such as for addressing child custody and visitation, it can be particularly important when dealing with finances. Part of the reason for this is that through mediation, a couple can decide how they would like to split their assets without further court intrusion.

Businesses seek protection in Chapter 11 bankruptcy

The company that owns Romano's Macaroni Grill recently decided to file for bankruptcy protection. The decision was made because the restaurant is financially struggling as fewer people seek to eat at sit-down restaurants. Like Romano's Macaroni Grill, companies in Massachusetts who are having trouble making financial ends meet may be able to take advantage of Chapter 11 bankruptcy.

Romano's Macaroni Grill has seen fewer customers because more of them are eating at faster and cheaper chains. In addition, younger customers generally prefer to eat meals at restaurants that are not chains. In fact, Ruby Tuesday, another sit-down chain restaurant, agreed to selling the restaurant for a whopping $146 million and made private since altering the restaurants and menu was not enough for it to increase its sales.

Different child custody arrangements possible

When two parents in Massachusetts get divorced, their divorce decree will spell out which parent will get to keep their shared children. It will also detail how visitation will work. Two types of custody that are important to take into consideration when working out a child custody arrangement during divorce are legal custody and physical custody.

Physical custody is typically given to the parent with whom the children will live the majority of the time. However, even in this situation, the custodial parent usually shares legal custody with the non-custodial parent. Legal custody gives a parent the right to make important decisions regarding the children's health care, education and religion, among other issues.

Family home may cause conflict during divorce process

During divorce proceedings in Massachusetts, a big decision that a couple may have trouble making is how they will handle the marital home. Typically, they both may have emotional ties to the residence. A couple of options for dealing with the marital home during the divorce process is to sell the house or to simply have one party keep the home.

Keeping the home may be a viable option for the spouse who will end up having physical custody of the children. After all, if the children can stay in the same home during and after the divorce, the transition that comes with the breakup of a marriage may be easier for them to navigate. However, keeping the house can be challenging from a financial standpoint.

Island Air carrier files for Chapter 11 bankruptcy

An aircraft carrier in another state recently decided to file for bankruptcy protection. The Chapter 11 bankruptcy protection was sought with the goal of helping the company, known as Island Air, to continue its normal operations while dealing with some legal troubles involving its aircraft lessors. This type of bankruptcy protection can be helpful for companies in Massachusetts and elsewhere that are facing overwhelming financial and legal problems.

In the case of Island Air, the company said it had been working on negotiating leases for its aircraft with the company's lessors. However, the lessors suddenly served the company on a recent Thursday with notices regarding the termination of the leases. In these notices, the lessors demanded that the airplanes be surrendered.

Creditors helping businesses going through Chapter 11 bankruptcy

In today's economic climate, many retailers are finding it hard to keep their doors open. After all, they are facing stiff competition from online retail transactions. As a result, many retailers are taking advantage of Chapter 11 bankruptcy protection, but more retailers in the United States, including in Massachusetts, are now receiving helping hands from vendors, creditors and landlords to stay in business after bankruptcy.

Before this year, the majority of retailers who went bankrupt ended up not being able to recover during the process. These companies include the likes of The Limited, American Apparel and Sports Authority. Companies and investors acquired these companies' assets, including their intellectual property, but did not want to keep the businesses going because they did not want to take on expensive store leases. Instead, they usually tried to revamp these brands online.

An important question during divorce has to do with the house

For those embarking on the process of ending a marriage in Massachusetts, figuring out what exactly to do and when to do it can be exhausting. Getting advice from friends may seem helpful, but with various friends and family members having their own unique experiences, the information obtained from them may only muddy the waters. One area in particular that may cause confusion during divorce is determining whether to stay in the marital home.

Deciding whether to keep the house is both a financial and an emotional decision. Determining one's priorities is the first step in making this decision. The decision to stay in the marital home is often based solely on emotions, with those getting divorced failing to take into consideration its economic consequences.

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