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As a business owner, it is clear to you that your debt is not manageable at its current level. You have been thinking of ways to eliminate it. One that you keep coming back to is declaring bankruptcy. However, your business is still getting customers and making sales....
A business declaring bankruptcy affects different people, including employees. It can be challenging to inform your employees about such a decision, but it’s necessary because it will affect them. For instance, wages may be delayed, and being laid off may be possible...
Cash flow is tight, and you are exploring all options, including bankruptcy. A significant portion of your operating capital comes from customer deposits for future goods or services. What rights do these customers have, and how will courts treat their deposits in...
Business insolvency is often confused with bankruptcy. While they are two different things, insolvency often precedes bankruptcy. It doesn’t have to, though. Learning more about what insolvency is can help business owners who are trying to restructure their debt...
When a business struggles to stay afloat, the fine print of existing contracts can become a major concern. As you consider bankruptcy, you may wonder whether these agreements will remain enforceable or become void. The reality is that bankruptcy can have a significant...
Chapter 7 bankruptcy allows you to get rid of most of your unsecured debts. However, it also liquidates your nonexempt assets to pay off your creditors. If you are a business owner considering a personal Chapter 7 bankruptcy, you might be worried about losing your...
Personal guarantees are not legally mandatory for commercial leases, but many landlords request them for additional security. Generally, signing a personal guarantee means you will accept responsibility for your business’s financial obligations if it fails to meet...
Filing for Chapter 11 bankruptcy marks a challenging but hopeful turning point for many business owners. While this legal protection gives you room to reorganize, it brings up crucial questions about your ongoing responsibilities. Among your most important concerns,...
There are many challenges inherent in pursuing business bankruptcy. For example, leaders within an organization have to choose the type of bankruptcy to pursue. They may have to negotiate while restructuring or prepare to liquidate certain assets as part of the...
Student loans have become a significant financial burden for many Americans. If you are struggling with student debt, you might wonder why these loans get a different treatment from other types of debt in bankruptcy proceedings. It is crucial to understand why student...