As a business owner, facing the fact that your business is struggling is challenging. This is especially true if you have worked tirelessly to make it a success. Unfortunately, many factors may have resulted in your business facing the reality of filing for...
Year: 2022
Should you tell your employees you’re struggling financially?
You’re a conscientious employer and have been for years. You pay a fair wage and ensure a comfortable working environment. In return, your employees work hard for you. Through no fault of your own, your company is struggling financially. You’ve had to adapt, make...
Business bankruptcy: Should you liquidate or restructure?
Your once-booming business may currently be a pale shadow of its former self. The better days may be behind it as you struggle to remain current with your debts and other financial obligations. When you are finally at the edge, it may be time to make the hard...
Can a small business use Chapter 11 bankruptcy?
When you think of a business that is restructuring for a better financial outcome, do you imagine a large corporation? Maybe you think about a business with 500 employees or a massive factory that produces many of the products people use today. While Chapter 11...
Does increased competition lead to bankruptcy?
One of the things that potential business owners consider carefully when they decide to start a business is if they have a lot of competition in that space. Most businesses have some competition, as evidenced by cities with hundreds of similar restaurants, but owners...
Do you have to pay the rent if your business declares bankruptcy?
When you started your business, you signed a three-year lease. You thought it would be a very successful company and you would address an extension when that term ended. However, it's now been two years and you've realized your business needs to declare bankruptcy....
Business bankruptcy: Chapter 7 vs Chapter 11
Sometimes, things may not work out for your business. You may find it impossible to meet your financial obligations, and filing for business bankruptcy may be the only way out. However, you may be unsettled about the type of bankruptcy you need to file for your...
Chapter 11 bankruptcy and cutting labor costs
When your business is in financial straits, filing for Chapter 11 bankruptcy is an option, especially when you do not want to cease operations. Unlike with a Chapter 7 bankruptcy that practically liquidates your business, filing for Chapter 11 gives you a chance to...
Businesses of all sizes, even governments, can need bankruptcy help
Did you know that Puerto Rico has been involved in a bankruptcy issue for nearly five years? You may not think of states or U.S. territories as places that can go bankrupt, but they can take on debt loads and may have to restructure their debts to stay functional,...
Common myths about Chapter 11 bankruptcy
Did you know that you do not have to close down your company even after declaring bankruptcy? By filing Chapter 11, you can stay afloat by restructuring the company's debts and obligations. So, while you may not have total control of the company, operations will...