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Every business goes through good times and bad. And sometimes the bad lasts a little longer than expected. But you know things will turn around, and you just need some extra time to catch up. However, you understand that your investors and suppliers need payment, too....
Laws require businesses to provide almost complete transparency regarding financial and business decisions leading up to filing bankruptcy. Unfortunately, some will try to hide money or assets through fraudulent transfers before filing. While rare, owners, officers or...
The troubled Bally Sports network filed Chapter 11 bankruptcy on March 14 in the U.S. Bankruptcy Court for the Southern District of Texas. This news was unsurprising after it first missed a $140 million payment on its $9-plus billion debt. The missed payment and...
Business bankruptcies skyrocketed during 2020, but they are at historically low rates this year. According to the Administrative Office of the U.S. Courts, filings for the fiscal year ending on June 30 were at their lowest point since 1985. They were down 17.7%...
Chapter 11 bankruptcy allows businesses to reorganize, shed excess debt and restart operations from a more favorable ground. It also arranges for the payment of some debts to creditors in an orderly, hierarchical fashion. The creditors with the strongest claims get...
Your business was going well until the pandemic. Since then, you’ve been getting by on loans, savings and the skin of your teeth. If you have done your best to make a fundamentally sound company work but the pandemic has you dead in the water, you might still be able...
Business was tough enough before the pandemic. Now, many businesses are facing a cascade of troubles. Vendors and suppliers are slow or unable to fulfill their contracts. Your rental properties aren’t paying. Expenses haven’t gone down, but income has dropped off. And...
If your business is struggling, you may find that your debts become too much for you to handle. In this case, it might be the best idea to file for bankruptcy protection. Many businesses decide to file for Chapter 11 bankruptcy. You may hear people call it...
If you have watched a small business suffer through bankruptcy, or if your own business has ever explored bankruptcy, you may want to update your files on the topic. Chapter 11 reorganization has new possibilities thanks to the Small Business Reorganization Act of...