Business owners facing debt often prefer paying loyal vendors or local partners before filing for relief. While these payments seem like good management, the U.S. Bankruptcy Code may view them as unfair gains over other creditors. Knowing how these transfers affect a...
Chapter 7
3 signs Chapter 7 bankruptcy may be worth considering in Florida
Sometimes the hardest part of dealing with debt is admitting that the plan is no longer working. A person may have made every payment on time for years, cut back on spending and used every spare dollar toward what they owe. Yet the balances barely move. At some point,...
When to consider Chapter 7 bankruptcy for your Florida business
Declining sales with no sign of improvement can put your business at risk. While every business faces financial challenges, there are times when increasing debt and constant pressure from creditors become overwhelming, leading to sleepless nights and difficult...
3 Chapter 7 bankruptcy realities small business owners must know
Closing a small business is never easy. Many owners invest years of effort, savings and personal identity into their companies. When financial pressures become overwhelming and recovery feels out of reach, Chapter 7 bankruptcy can seem like a last resort. Learning...
Will Chapter 7 bankruptcy force my business to close in Florida?
When business expenses and debt start mounting, bankruptcy may seem to be a path forward. For many business owners in Florida, the question is not whether to file but what happens next. If you are considering Chapter 7 bankruptcy, understanding how it affects your...
How are employees paid if an employer files Chapter 7 bankruptcy?
Companies sometimes have financial troubles that start to affect their ability to remain operational. In some cases, the company may realize that they have to file bankruptcy. There are different forms that they can file, one of which is a Chapter 7 bankruptcy. When...
Can you exempt your business from Chapter 7 bankruptcy?
Chapter 7 bankruptcy allows you to get rid of most of your unsecured debts. However, it also liquidates your nonexempt assets to pay off your creditors. If you are a business owner considering a personal Chapter 7 bankruptcy, you might be worried about losing your...
Can you discharge student loans through bankruptcy?
Student loans have become a significant financial burden for many Americans. If you are struggling with student debt, you might wonder why these loans get a different treatment from other types of debt in bankruptcy proceedings. It is crucial to understand why student...
Can I lose my home after filing for bankruptcy?
For property owners, filing for bankruptcy may sound scary. This process helps address overwhelming debt by organizing assets and paying off creditors while receiving the court's help to determine relief options through discharges and other arrangements. This process...
How does filing for Chapter 7 affect your employees’ 401(k)?
As a business owner considering Chapter 7 bankruptcy, you might feel concerned about your employees' future — particularly their 401(k) plans. Bankruptcy does have implications for these defined contribution plans. But fortunately, government protections exist for...
