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...
Business Bankruptcy
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....
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...
The reasons businesses actually go bankrupt
When someone sees that a business is going bankrupt, they may assume that it means that the business owner made financial mistakes. They took out too many loans or they spent their money frivolously. That individual may also assume that the business didn't have good...
Will your business face bankruptcy if you can’t find employees?
There are many reasons for business bankruptcy, from taking on too much debt to changes in the market conditions to the introduction of a competitor in the same space that you didn't expect. In some cases, bankruptcy also happens simply because the business idea was...
5 steps to take when your business is in financial trouble
When your business is struggling and you think that a bankruptcy may be on the horizon, it’s time to look into the steps you can take to keep your business open and avoid bankruptcy. While a business bankruptcy can be helpful for many people, it isn’t always the right...