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When you think of a business that is restructuring for a better financial outcome, do you imagine a large corporation? Maybe you think about a business with 500 employees or a massive factory that produces many of the products people use today. While Chapter 11...
Did you know that Puerto Rico has been involved in a bankruptcy issue for nearly five years? You may not think of states or U.S. territories as places that can go bankrupt, but they can take on debt loads and may have to restructure their debts to stay functional,...
Business bankruptcy can help a company renegotiate its debts if it wants to continue operating or get rid of liabilities when it is about to shut down for good. Companies trying to stay open often have to make drastic changes to curb their costs and improve their...
One of the worst things about a business bankruptcy is letting down your employees, some of whom may have been with you since its inception. But reality must be dealt with, and the answer to that question is that they likely will not receive the wages they are owed...
The general public often assumes that a business bankruptcy is the same as closing a business. There are various terms used, from “going under” to “shutting down," but the implication is usually the same: The company has failed, and bankruptcy is just one step on the...
When you were pulling all-nighters in medical school and working round-the-clock shifts during your residency, you probably never expected that once you had an established practice, you could face financial problems. Even if you were never in the medical field for the...
There are many things that you have to think about when your company is going to file for bankruptcy. One of these is how you will let your employees know what’s going on. While some companies don’t warn employees and just let them find out when the news breaks about...
One of the primary concerns of some business owners when they need to file for bankruptcy is what will happen to the employees. Sometimes these employees have been with them for years and have helped build the company. They might be worried that the employees won’t...