If you've recently declared bankruptcy due to financial trouble, the last thing on your mind is probably obtaining a new line of credit. However, there may be some scenarios in which emergencies arise while your business is going through bankruptcy. Depending on your...
Business Bankruptcy
What debts are dischargeable in a business bankruptcy?
More and more businesses are feeling the pinch of high inflation, supply chain issues and the aftermath of a pandemic. The landscape of business as we knew it in the past has changed, leaving some businesses struggling to stay afloat. Many business owners are looking...
How to prepare for your business bankruptcy court hearing
Starting your own business and managing it on your own terms can be an exciting, rewarding endeavor, but there's always the risk that one day, you may have to deal with the serious matter of bankruptcy. If that day comes, you don't want to be caught unprepared when...
Filing bankruptcy as an LLC may not protect all your assets
If your LLC fails, you may choose to file for bankruptcy. While this offers some level of protection, an LLC bankruptcy filing only protects personal assets against creditors, meaning business assets are not immune to liability. It's important to understand which...
What happens to your LLC or partnership if one partner files for bankruptcy?
In Florida, an LLC or partnership can be forced to dissolve or reorganize if one partner files for bankruptcy. However, the court will work with the remaining partner to ensure that the business continues to run smoothly while the bankrupt partner works their way out...
The effect of inflation on bankruptcy filings
Business owners are currently dealing with 40-year high inflation rates. Combined with the pandemic, this has caused consumers to restructure the way they purchase, moving away from brick-and-mortar businesses to those offering online goods and services. People are...
The role of a trustee in Chapter 7 and Chapter 13 bankruptcy cases
Almost every consumer bankruptcy case has a bankruptcy trustee or an administrator with different roles and obligations. The court usually appoints the trustee, who plays a significant role in overseeing the debtor's bankruptcy estate in a bankruptcy case. According...
Are there alternatives to filing for business bankruptcy?
A variety of factors may lead a company to consider filing bankruptcy. A business concept might not have taken off or thrived as well as initially expected. A company may have experienced a recent downturn in business due to changes in the market. There may also be a...
What bankruptcy options do small businesses have?
Business owners around the country have faced unprecedented financial challenges over the past two years. In such cases, it is important to be able to envision pragmatic solutions to insolvency. These may involve debt restructuring or even liquidation in today’s...
Will my business filing for bankruptcy impact my personal credit?
Going through bankruptcy as a business owner can generate feelings of uncertainty regarding the future. What's more, that worry is compounded when questions arise regarding your personal assets and financial situation. One of those concerns is whether or not your...