Major Companies File For Bankruptcy in Modesto, Should You?

In the last week, three major companies — Saab, Solyndra and NewPage — filed for bankruptcy protection from creditors after falling on difficult times. So, if major, multi-million dollar corporations need bankruptcy protection, do you? As a homeowner or even just a consumer with large loans and unexpected bills that are piling up, is bankruptcy in Modesto right for you? For many people, it is the right choice. For others, seeking a loan modification, credit counseling from a non-profit center or other options may be a solution. But the decision shouldn't be made lightly. If you are struggling with finances and considering this step, consult with an experienced Modesto Bankruptcy Attorney in order to determine what options may work best in order to get you the financial freedom you deserve. The 64-year-old Swedish automaker Saab halted production in June and has applied for court protection from creditors in order to reorganize. The carmaker wants a court-run restructuring. NewPage is the largest North American coated paper maker. The Ohio-based company has $4.2 billion in debt it seeks to restructure as suppliers have cut off credit, leaving the company up in the air. Competition from other nations and the rising costs of its main components — energy, chemicals and pulp — have made times tough for the company. Finally, Solyndra, a solar power company, became the third such company in recent weeks to consider bankruptcy. Now, there are questions about whether a potential buyer for the company is in the United States, which could drive jobs elsewhere. European governments have cut subsidies and Chinese manufacturers have increased production, hurting U.S.-based companies. All these companies are seeking court-based help for their financial woes and piles of debt. The average consumer has tens of thousands of dollars in debt as a result of credit card use, a mortgage, car loans, student loans and even medical bills. For many, the debt has simply become too much to handle. Private job loss has hit many in Modesto and with California's government ever so shaky, state jobs may continue to fall as well. These are difficult times and difficult times often call for difficult decisions. One such decision may be whether bankruptcy is right for you. If you have piles of debt and can barely make minimum payments, have a house that you've fallen behind paying for or just got slammed with an extended hospital stay or were diagnosed with an illness, bankruptcy may be a smart move. Drowning in debt is frustrating, yet bankruptcy allows consumers to get back on track after following through with the process. It protects you from creditors and loan sharks and lets you start over, eliminating much or all of the debt you owe. Don't continue to skate by month-to-month or deal with pesky creditors calling. Get freedom.

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