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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%....
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...
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...
Chapter 12 is a type of bankruptcy that applies only to farmers and fishermen, allowing them to reorganize their debts and repay them in three to five years while still operating their businesses. Since Congress introduced it in 1986, the U.S. Courts noticed that farm...
Thousands of businesses operate in Idaho, and each year a number of them file for bankruptcy. At its core, bankruptcy is the result of a business being unable to resolve or maintain its financial obligations, including debts and standard operating costs. Business and...
The last few years have not been kind to brick-and-mortar retailers in Maryland and around the country. Traditional retailing has been struggling to cope with the growing popularity of online shopping for more than a decade, and a wave of high-profile business...
In Idaho and other states, investing in the stock of public companies can provide wealth-building opportunities and financial goal achievement. However, buying stock comes with a degree of risk, including the chance that a company could go bankrupt. Bankruptcy can...
Business bankruptcy allows a business to either reorganize its debts or liquidate its assets to pay off creditors. Idaho businesses can use three types of business bankruptcy, each with unique features and requirements. Chapter 7 bankruptcy Chapter 7 bankruptcy is...
