If your business is struggling to stay afloat and you want to shut your doors, then it may be time to think about entering into a Chapter 7 bankruptcy. A Chapter 7 business bankruptcy lets you liquidate your assets to cover the debts you owe. However, you do need to...
Year: 2020
Important decisions face those contemplating bankruptcy
Declaring bankruptcy is not a decision to be made lightly, and many Texas residents who are experiencing financial difficulties struggle for some time with the dilemma of how best to proceed. Different types of bankruptcies provide different methods of handling debt...
Signs that signal a business is in financial trouble
Every business owner wants their company to be successful. It’s often very difficult for them to accept the signs that their company is in financial trouble. The issue with this is that they might ignore the financial trouble for so long that the company crashes, and...
Can filing for Chapter 11 in Texas help save your business?
The CEO of J.C. Penney announced that the company has filed a draft asset purchase agreement with two property owners that are interested in a sale. If the deal is completed, J.C. Penney might be able to exit Chapter 11 proceedings before the holidays. The potential...
Bouncing back from business and commercial bankruptcy
In the Texas and across the United States, most business and commercial bankruptcies occur due to an economic downturn or lack of business friendly laws in a particular state. During a bankruptcy proceeding, the federal court requires the business owner or the company...
Once-profitable coffee companies are restructuring in Chapter 11
There are many great things Austin is known for, and one of those is access to great coffee. Like many large cities, Austin offers a variety of local roasting operations and independently owned coffee shops staffed by artisans who are passionate about their craft. In...
Which bankruptcy option is right for your small business?
As an Austin small business owner, if you are considering bankruptcy, you have two options: Chapter 7 or Chapter 11. Each has its advantages and disadvantages. Chapter 7 The upside is that you clear most of your debts. You will still need to pay overdue taxes, any...
No business is bankruptcy-proof
It may be easy to think of your business as one that is safe from bankruptcy. Maybe you have a company history stretching back decades. Maybe it feels like the business is too big to fail. Perhaps you offer things that you believe consumers will always want or need,...
What are some alternatives to a business bankruptcy?
Individuals and businesses who find themselves swimming in debt often think that bankruptcy is their only option for resolving their financial problems. It's not the only choice that they have, though. Businesses can consider receiverships, compositions and...
What’s a bankruptcy preference claim?
You own a business, and that business needs to keep its cash flow moving at all times in order to stay afloat. Naturally, when a long-term client or customer doesn’t pay their hefty bill, that’s a problem. You start making phone calls and get gradually more insistent...
