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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...
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 ups and downs for small business owners have largely been “downs” for the last couple of years, so it’s perfectly understandable that a lot of companies -- yours included -- need to file for bankruptcy. That’s rather cold comfort, however, when you’re trying to...
Negotiating a commercial lease can be an important step for business owners. Your lease may last for years and could tie you to a property even after your company continues to grow and needs more space. The long-term lease often required to secure a commercial space...
Chapter 7 bankruptcy is an important tool for people facing insurmountable debt. When the monthly costs and expenses exceed the monthly income, when collectors are calling regularly and when you are trying every month to figure out which bills not to pay in order to...
If you have reached the point where you want to file bankruptcy for your business, you may not be able to cover all of your costs every month. Especially if you can no longer operate the company as you once did, choosing to close your physical location might be a...
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...
You take on a lot of risk when you start a business. You often have to leave your job or cut back your efforts at career development to focus on the new company. You invest your time and money in something that may never repay your efforts. Even your personal...