Financial problems happen. When individuals and businesses are faced with financial issues, it is usually faced with a plan to overcome them. However, debt could become overwhelming, making it difficult for a new budget to fully address them. While the bankruptcy process is frequently thought of as a process to avoid, it can be a very beneficial step to take to obtain a fresh financial start.

When businesses are faced with financial problems, Chapter 11 bankruptcy is often utilized. During this process, a business is able to develop a plan to help them pay off their debts. Based on recent reports iHeartMedia presented a new plan to the bankruptcy court and an attempt to exit the bankruptcy process.

One of the changes in this new plan is a split from Clear Channel Outdoor Holdings or CCOH. Until they are able to exit the bankruptcy process, the current CEO and COO of iHeartMedia will remain in their current roles at CCOH. It was confirmed last month that iHeartMedia has overwhelming support from creditors for its plan to exit bankruptcy.

More than 90 percent of the creditors and the shareholders approved the Chapter 11 reorganization plan they presented. If the plan is put in place, it is expected to shrink its debt from $10.3 billion to $5.8 billion. As of now, the bankruptcy court has approved this plan, which will result in the company exiting bankruptcy.

The bankruptcy process can require numerous steps and approvals. Because it can become a complex matter, it is vital to stay well informed. This can help ensure one takes the proper steps to protect themselves and their financial future.