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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,...
Did you know that you do not have to close down your company even after declaring bankruptcy? By filing Chapter 11, you can stay afloat by restructuring the company's debts and obligations. So, while you may not have total control of the company, operations will...
When someone sees that a business is going bankrupt, they may assume that it means that the business owner made financial mistakes. They took out too many loans or they spent their money frivolously. That individual may also assume that the business didn't have good...
Commercial leases are complex legal instruments. They establish obligations worth tens of thousands of dollars between a business and the landlord that may persist for many years. Commercial tenants often focus on particular terms in their leases, including the...
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,...
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...
When your business is struggling and you think that a bankruptcy may be on the horizon, it’s time to look into the steps you can take to keep your business open and avoid bankruptcy. While a business bankruptcy can be helpful for many people, it isn’t always the right...
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...
If you know that your company cannot afford its current debt total, you may assume that you’ve merely reached the end of the line. You have to declare bankruptcy, sell your assets, let your staff go and close down the company, right? Or is there another option? Is...
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...