Hostess Brands Inc. made international headlines when, after negotiations with the Bakery, Confectionary, Tobacco Workers and Grain Millers International Union failed again, they announced that Hostess was closing its doors and going out of business. Due to the fact that Hostess felt it could no longer meet the demands and requirements laid out in their Chapter 11 restructuring, they petitioned the court to simply liquidate all of their assets and dissolve the business. When the bankruptcy judge presiding over their case received their request, he responded by letting them know they missed a key step of going through mediation with the union. To comply with the judge's request, Hostess and union representatives went through mediation on November 20th. In the end, neither party was able to come to a mutually-beneficial agreement, so Hostess has now returned to again ask the judge to authorize the company's liquidation.
Although many people do not view bankruptcy as a viable option regardless of their financial situation, there are benefits to bankruptcy. Depending on the financial stress you are under, and the ability or inability to pay off your mounting debts, bankruptcy or an alternative to bankruptcy may be right for you. That is why, if you have found yourself with insurmountable debts, creditors banging on the doors, and no real solution in sight, we recommend you consult with an experienced bankruptcy lawyer at the Law Offices of Marshall D. Schultz right away. Whether you need to file for Chapter 7 or Chapter 13 we are here to answer any questions you may have, analyze your current financial situation and advise you on the best course of action to pursue. Our firm has over 25 years experience representing clients in all manner of bankruptcy situations and we are dedicated to helping you successfully navigate through the entire bankruptcy process.
If you have questions about bankruptcy, or have been asking yourself, "Is bankruptcy right for me?", you should not hesitate to contact a Detroit bankruptcy attorney at our firm today and schedule an appointment for a confidential consultation.