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If you need to file for bankruptcy for your business, the goal may be to discharge your debts and keep the business afloat. In some circumstances, you may file for bankruptcy while dissolving or closing the business to resolve its outstanding debts. As the owner or...
You hate to admit it, but your business has been tanking for a while. This past year appeared to be the final nails in the coffin. But what bothers you the most is your employees. Can you continue to pay them during your bankruptcy process? Much of your employees’...
If you have to close your small business, the goal should be to try to close it without any remaining debt. Unfortunately, the reality is that closing without major debt isn’t always possible. If you owe large debts, then bankruptcy may be the right solution to...
You may assume that economic issues across the country have forced more businesses to close their doors. However, reports indicate that this hasn’t happened and that bankruptcy on the whole is down. For instance, the U.S. courts reported that there were 22,482...
Boy Scouts of American (BSOA) has been rocked by controversy in recent years for the cover-ups regarding sexual abuse detailed in secret records going back to 1944. With the deadline for victims to file a claim approaching, the organization looks like it will surpass...
One of the things you’ve probably heard about bankruptcy is that it can have a negative impact on your credit score. That can be true, depending on how low your score is due to missed payments and the level of your debt. However, one thing to remember is that your...
Henry Ford said, “Failure is simply the opportunity to begin again, this time more intelligently.” In order to begin again, most companies will need a little financial forgiveness. Filing for Chapter 11 bankruptcy could be the difference between survival or failure....
It can be easy to associate the term bankruptcy with negative connotations. Some business owners may believe that they have failed their company or their families and that, in choosing bankruptcy, they are waving the white flag of surrender. But that is simply not the...
One of the most difficult things for a business owner to realize is that their company isn’t going to remain solvent. When this happens, there are only a few options that might be viable. They might be able to rework the budget to account for the shortfalls or...
Businesses facing serious financial troubles can benefit from the fact that many have been there before. If you represent a business or you are the owner of one, know that there is nothing wrong with filing for bankruptcy. Not only is it a common move for...