Staying competitive in the world of business often requires anticipating trends and being ready to meet consumer demands if and when those trends arrive. This is a gamble, of course. Correctly predicting a trend in consumer behavior can really be profitable, while an incorrect prediction can be financially disastrous.
After careful consideration, a business owner might determine that filing Chapter 11 bankruptcy is the right path for them. It will allow them to keep running their business operations but help them relieve their debt as well.
For a business struggling to stay afloat, bankruptcy is often the best option to achieve a clean slate. But, what happens when part of your debt is past-due federal taxes? Despite what you may have heard before, businesses can eliminate a portion of their federal tax debt through bankruptcy if they meet certain conditions.
Many business owners across Los Angeles and Southern California reasonably assume that reaching out to a bankruptcy attorney for debt-linked assistance will result in guidance that promotes the upsides of a bankruptcy filing.
In today’s world, no company is immune from the pressures of market competition, regardless of how long that company has been around. Even time-tested ideas like flower and gift delivery can prove to be unprofitable if the company encounters an unforeseen problem or makes an unsuccessful business decision.
One thing that can have big impacts on a company's success is what equipment it has. There are many industries in which having up-to-date equipment is critical for a business when it comes to staying competitive. Getting the machines, devices and technology one's company needs can be expensive. So, it is not uncommon for business owners to take on debt to buy new or upgraded equipment.
If you own a business that’s in financial trouble and headed toward bankruptcy, you need to decide whether to file Chapter 11 or Chapter 7. Pursing a Chapter 7 will mean the end of your business and the liquidation of assets, but the process will be over relatively quickly and efficiently. Chapter 11 allows you to restructure and keep your business open, but it is a much longer and more complex process. And it isn’t always successful.