Excellence. Empathy. Resolve.
Business bankruptcy cases in the United States have been on the rise lately. In fact, total bankruptcy filings have gone up, when looking at the year ending on September 30, 2023, by a full 13%. But business bankruptcy cases rose even faster, increasing by around 29%....
The nation has seen some tough economic times over the last few years, and many businesses are still in financial distress. Business bankruptcy filings rose almost 30% in one year alone. While filing for Chapter 11 may feel daunting, the process can help struggling...
Every business owner hopes to achieve some financial stability by doing something they enjoy. Running a business isn’t easy and owners may become overwhelmed by financial obligations. Owners may need to file for bankruptcy if they are not profitable. There are many...
If you are an entrepreneur, you probably understand that financial hardship can hit your business at any time. An ex-employee can sue you for wrongful dismissal and win a significant amount of money in damages. Or, your business can bear the brunt of an economic...
Filing for bankruptcy is a stressful and difficult process, but it could be the only viable solution to getting your company’ back on track. Filing for Chapter 11 bankruptcy allows you to restructure your finances while keeping the doors to your business open. Before...
A business declaring bankruptcy is different from an individual doing so. In addition to the procedures followed, a business owner will inform several parties about the decision, including their employees. Telling your employees that the company is going bankrupt can...
Chapter 11, or reorganization bankruptcy, usually applies to businesses seeking to relieve debts but wishing to continue operations. This process involves preparing and implementing a reorganization plan approved by the court. Under this bankruptcy type, the court...
Chapter 11 allows bankrupt businesses to reorganize in order to resume financial stability under the court’s supervision. The process includes submitting a list of assets and debts owed to creditors, called the Schedule of Assets and Liabilities. Creditors whose...
Debtors could seek relief from their financial liabilities through discharge after filing for bankruptcy. If a debt is dischargeable, the debtor could lose legal responsibility to pay for it. The court could issue a discharge order for specific types of debt,...
People and businesses could have varying reasons for filing bankruptcy. Doing so could help repay outstanding financial obligations or debt, allowing them to refocus resources on their primary needs. However, not all bankruptcy cases are the same. Sometimes, they...
