Boscov's Bankruptcy Puts End to 10 Stores
Filling a bankruptcy like the one that Boscov's filed will help a person to eliminate debt by allowing an individual or company to not be contacted by creditors but the individual or company has a set payment that they must meet, this is a Chapter 11 bankruptcy.
In Chapter 7 bankruptcy, an individual or company eliminates all of the debt that is filed but it also can create more problems for them by making it harder to obtain credit or take out a loan.
When Boscov's bankruptcy took affect each company that was filed on the Chapter 11 bankruptcy was notified of the proceedings with the paper work filed in court that states for the companies to not contact or harass the company of Boscov, this is also done in a Chapter 7 bankruptcy.
If a company contacts the Boscov then they will be in fault of breaking the court order that was set forth by the judge and will have to pay the consequences. If the companies need to communicate with Boscov's after they filed a Chapter 11 bankruptcy they would need to contact their attorney first so that the attorney for Boscov's can be contacted.
In a Chapter 7 bankruptcy no company that is filed on the bankruptcy may contact that individual or company for any reason.
There are many reasons that Boscov's could have filled the Chapter 11 bankruptcy but the reasons that they gave made sense since some of the companies stores were causing them to go under.
If you need to file a bankruptcy then you should contact an attorney or at least consult with one about your options. A Chapter 7 and Chapter 11 bankruptcy is different in many ways and there are other ways out of a bankruptcy but if you feel that there is nothing more that you can do, bankruptcy might be the right choice in your situation.
Published by Rosa Hayes
Rosa is a full time student at OCCC with a major in political science. She is currently the author of many articles on parenting, life skills, family, and careers as well as many other things. View profile
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7 Comments
Post a CommentTo: Saul Relative
Hey idiot, learn your government before speaking, The Democrats control congress.
when is this dive closing????
I agree with Amy what stores will be next, super reporting!!
I do feel bad for the people who are going to be laid off. It is a sad thing to think that hardly anyone thinks of the little man and the ones who suffer the most from stores closing like this.
Not familiar with this company, but I'm not surprised to hear of more store closings. Who has money to spend on new retail products? (Buy secondhand!)
Banks, financial institutions, companies reporting record losses, bankruptcies... Look familiar. Blame it on your president. It began on his watch. It went down on his watch. What he and his rubberstamping buddies in that do-nothing Republican Congress wrought will take decades to set aright. They should all be put on trial for breach of contract -- he and his cronies swore to protect the United States. This is not protection...
I think we'll see more companies going under as time goes on.