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Small Business Bankruptcy Archives

Don’t forget about business credit score

In today’s world, it is getting increasingly common for people to pay attention to their personal credit score and how to protect and improve it. It is important, however, for small business owners to remember that this is not the only credit score that can have major implications for their future.

How can a confession of judgment hurt my business?

Entrepreneurs have fallen victim to a growing scam that uses a legal document as a weapon to strip away funds from growing companies. The fraud also relies on the New York court system and an owner’s eagerness to expand into new markets.

What is loan stacking and why can it be a problem?

Small business owners sometimes encounter challenges when it comes to getting financing for their company. For example, they might not get approved for as big of a loan from the bank as they were hoping for. When this happens, some business owners might be tempted to stack loans.

How much business debt is too much?

Debt can serve some very important purposes for businesses. For many companies, it can be a critical source of financing for getting off of the ground or growing. In a 2017 survey, around 77 percent of polled small business executives pointed to money from financial institutions as being important for small business success.

Can you keep your business if you file bankruptcy?

Filing bankruptcy can be an extremely difficult time for businesses. Will the business be able to stay open? Will employees be laid off? These questions can be overwhelming and depend on which type of bankruptcy a business chooses.

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