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March 2018 Archives

5 Common reasons for business bankruptcies

Owning your own business is a demanding endeavor. It takes intelligence, perseverance and some luck as well. Just as there are many reasons for business success, there are reasons for difficulties in the pursuit of entrepreneurial gain. Here are five common reasons why a business may head toward bankruptcy.

The Toys ‘R’ Us Bankruptcy And Its Impact

The iconic retailer Toys ‘R’ Us filed for bankruptcy last year and has announced that it will close 800 of its stores in the United States. Customers finding lower prices shopping online or at other big-box retailers have hurt sales during the past several years as the company has struggled with $8 billion in debt.

Do not believe everything you hear about bankruptcy

Chances are that you have heard many of the myths and half-truths floating around concerning the bankruptcy process in California. One of the misconceptions we encounter most frequently concerns eligibility for the Chapter 13 process. Here at Weintraub & Selth, APC, we believe that there is a best-case debt relief option available for every situation. For you, even if you are representing a business, that option could potentially include Chapter 13. 

Mixing personal and business assets: Signs of financial stress

Starting a new business is hard and it's nervewracking. While you didn't plan to fail, you also didn't fail to plan. As a sole owner, you no-doubt looked into the various start-up options to determine which tax entity would offer you protection from personal tax liabilities, as well as asset protection in the event of bankruptcy.

Can Chapter 7 bankruptcy help me?

It doesn't take much for a person to go from barely getting by to being buried in debt. If you are in this situation, know that you are not alone. In fact, millions of people in this country carry some amount of debt because of events like job loss, unexpected medical bills, massive student loan obligations and even divorce.

Using a Chapter 11 bankruptcy to reorganize the business

For many business owners, periods of downtime are just a cost of doing business and the trick is sitting tight until sales pick up. But for businesses facing mounting bills with no end to the problem in sight, Chapter 11 bankruptcy reorganization may be the answer.

Going over the benefits of bankruptcy

You may have found yourself in a difficult financial position for a wide variety of reasons. Perhaps your employer recently terminated your position without notice, or maybe you have been struggling with long-term unemployment or underemployment. Aside from financial problems brought on by work (or a lack thereof), you could be struggling because of a health issue that came from nowhere, leaving you unable to pay medical bills that have piled up. Regardless of the reasons why you are experiencing financial hardship, you should look into all of your options and try to address the situation. Depending on your circumstances, bankruptcy may be ideal and could offer a number of benefits.

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