Filing for bankruptcy is a scary option for many. If you own a rental property, it can be particularly daunting. You do want to lose this source of income, but you know you need help with your debt.
In a business reorganization bankruptcy, an insolvent company reorganizes the structure of its business operations through a sale of assets and renegotiating the terms of loans and other debts owed. Under § 363 of the bankruptcy code, a debtor may sell all or part of its assets in an auction under the direction and approval of the court and creditor’s committee.
Here's one way to unload unmanageable debt and try to build for the future - sell a division that's still attractive to buyers, yet could cause problems down the road. Sears Holdings Corp. CEO Eddie Lampert has put the retailer's notable appliance brand Kenmore up for sale.
If your business is struggling to stay ahead of creditors and pay employees, a small business loan could be the answer. But will you qualify?