Blog about Filing Bankruptcy in Washington DC and Maryland

How to Rebuild Credit and Get Loans after Bankruptcy

Credit is somewhat of an ironic thing. The best way to get it is if you already have it. If you don’t have it, it can be difficult to obtain. Bad credit begets bad credit, which makes it harder to get loans, and the ones you do get can have expensive payments, leading to you falling behind on payments, leading to – you guessed it – worse credit. It is a black hole that can suck you in if you are not attentive to it, and like black holes, it can be impossible to pull yourself out once you’re in too deep. Bankruptcy can make a bad credit problem worse – for a long while. So, how does one dig themselves out of a credit pit after exiting bankruptcy? Start small. Credit cards are an excellent way to rebuild credit long-term, as long as you know how to be responsible…
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Bankruptcy Success Stories: Gymboree and More

Gymboree Group Inc., the owner of children’s clothing chain Gymboree, recently announced it was emerging successfully from Chapter 11 bankruptcy. Earlier this year, Gymboree downsized the number of stores it has, shedding just under 350. It entered into bankruptcy with a plan, was approved by creditors and is now on track to begin repaying its debts. Now, the company must maintain market share and profitability in an increasingly competitive retail environment. Business Bankruptcy Success Stories Some companies, upon filing for bankruptcy, simply fade away into the annals of failed business history. But bankruptcy can be a very valuable tool to help a business owner preserve the company. Here are some examples of successful business bankruptcies and where they are now. American Airlines filed for bankruptcy, as many major airliners have at one point or another, in 2011. Three years later, American finished a merger with U.S. Airways Group to form…
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Will the Toys ‘R’ Us Bankruptcy Hurt Other Companies?

It was only a few weeks ago that Toys ‘R’ Us announced it would file for Chapter 11 bankruptcy, just shy of the holiday season. But Toys ‘R’ Us may not be the only company to suffer as it takes this step to restructure its debts. For toy manufacturers Hasbro and Mattel, Toys ‘R’ Us is the second biggest customer (behind Wal-Mart). Will the bankruptcy hurt those companies? When the first rumors started to swirl regarding a potential bankruptcy filing by the retail toy giant, shares for Mattel and Hasbro fell slightly. But when the rumors turned out to be true, Hasbro and Mattel bounced back. And going into the holiday season, it seems they will do just fine. The two companies have lowered their dependence on brick-and-mortar toy stores as online shopping becomes more and more popular. However, some questions remain. Mattel and Hasbro are Toys ‘R’ Us’ second…
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