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As the owner of a small business, it can be difficult to imagine closing your doors. However, if you’re struggling to bring in a profit and aren’t able to pay bills on time, then you may be considering bankruptcy. Small businesses are struggling in the United States,...
Many people use the terms “bankruptcy” and “insolvency” interchangeably. While neither is where any business wants to be, it’s important to understand that they are two different things. A business is considered insolvent if it’s unable to pay its bills when they’re...
Two of the most important aspects of a Chapter 11 bankruptcy is when the Court confirms your reorganization plan and you sell off some of your company's major assets to pay off your creditors. The liquidation of this property is referred to as a "363 sale". You may...
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...
The year 2020 ushered in many problems for business owners in Jacksonville, Florida. These issues continue to affect local companies, making it hard for them to remain in business. In some cases, the only solution for these problems is to file a Chapter 11 business...
Many small businesses in Florida struggle to keep their doors open during economic downturns. They want to save their business, but a traditional Chapter 11 bankruptcy may fail to meet their needs. Those who haven't been able to benefit from a Chapter 11 and were left...
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...