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May 2019 Archives

Manufacturer cites materials price increases in Chapter 11 filing

Of all available forms of business bankruptcy, Chapter 11 is the only one that allows for restructuring of a jointly-owned business, LLC or corporation (Chapter 13 restructuring is only available for sole proprietorships). Although the Chapter 11 process can be difficult, it is an opportunity to revive a business that may still be viable despite unanticipated hardships.

Is student loan debt eligible for bankruptcy?

People continue to struggle with student loan debt. The only form of debt that causes more hardship is mortgage debt. Student loans beat out credit card debt and surpass health care expenses. Unfortunately, unlike credit card debt and health care expenses student loan debt is not as easy to manage.

Pros and cons of Chapter 11 bankruptcy

As a business owner, juggling mounting debt, calls from creditors, the threat of losing your business and more can be overwhelming. Whether your business is a sole proprietorship, partnership, LLC, corporation or more, you may question what the best route forward is when finances dwindle and your options seem scarce.

A closer look at liquidation for business owners

A common term associated with filing Chapter 7 bankruptcy is "liquidation." Many California business owners understand the term well. After all, businesses do not have to file bankruptcy to liquidate their assets. However, it can be difficult to know where to start when it comes to filing bankruptcy and proceeding with liquidation.

Popular restaurant files Chapter 11 after rapid expansion

The business world is full of adages that encourage risk-taking (“nothing ventured, nothing gained”) and seizing opportunity (“strike while the iron is hot”). But this advice, while well-intentioned, needs to be tempered by appropriate caution. Even when a business is a booming success and continued growth seems inevitable, fortunes can change quickly.

Watch out for wasted spending as a small business owner

There are all kinds of expenses that can come up in connection to running a business. Some of these costs are needed to put a company in a strong position to compete and succeed. However, some are unnecessary and end up bringing little benefit to a company.

Choosing between Chapter 11, Chapter 13 and Chapter 7 bankruptcy

Any business can encounter problems that seem insurmountable. When that happens, business owners have a serious decision to make: should we declare bankruptcy? Filing for bankruptcy helps individuals and businesses get a clean financial slate, but not every form of bankruptcy works for all businesses. For businesses, the right choice depends on how the company is organized – sole proprietorship, corporation, LLC, or otherwise.

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