There are several common misconceptions about filing for bankruptcy, one being that only large companies or people with extreme wealth end up in situations that require bankruptcy filing. There is also the misconception that “regular” people only fall into bankrupt circumstances after irresponsible spending and racking up reckless debt. In reality, bankruptcy affects a diverse number of people and businesses with varying incomes. If you are struggling with your debts, Behm Law Group, Ltd. is here to help you through the steps of filing for bankruptcy in Mankato, MN.
Because bankruptcy affects people and businesses of all wealth and sizes, it’s important to look at different cases of bankruptcy. If you are struggling with your own bankruptcy, other cases may help you better understand your own situation. If you’re worried you’re falling into a bankrupt state, you may benefit from learning about other cases that are happening today.
Minnesota-based iron ore processing company, Magnetation LLC, announced the possible shutdown of one of its three plants across the state. The company has slowly lost financial security, and without the support of another financier or a third party buyer, Magnetation LLC will have to officially enter bankruptcy court by the end of September.
Because the company filed for bankruptcy in May of 2015, they are currently working with government agencies to establish an agreement that will protect stakeholders and any employees affected by the dissolution of this company branch.
After an attempt to turn out-of-use tobacco warehouses in Durham, NC into apartments and spaces for various uses, this former Minnesota Timberwolves NBA player now owes his creditors (other financiers and project managers) around $14 million in investments and loaned project money.
The events leading up to Laettner’s situation involve a lot of money, but, monetary scale aside, they are similar to many other cases we see with our clients here in Mankato, MN.
Even though the bankruptcy situations with Magnetation and Laettner seem far from the circumstances most people find themselves in, there is a lot that can be taken away from the problems of others. If you have questions or are considering filing for Bankruptcy in the Mankato, MN, area, contact Behm Law Group, Ltd. at (507) 387-7200.