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...
Business Bankruptcy
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...
Are your personal assets at risk if your business goes bankrupt?
When a business declares bankruptcy, it can be scary for the owners. All of their hard work has gone down the drain, and they may not know what will happen next. One of the biggest questions on people's minds is what happens to their personal assets? Will they lose...
Notifying employees of a company’s bankruptcy
Companies don’t always produce the income they need to cover the bills. While this is just a normal part of business, it can be problematic if it occurs over a prolonged period. The business owner may soon realize that they’re going to have to do something to take...
What business owners should consider before filing for bankruptcy
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...
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...
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....