The Small Business Reorganization Act came into force in February this year (2020). It makes it easier and cheaper for small businesses to file for Chapter 11 bankruptcy. A small business needing to file for bankruptcy has two options: Chapter 7 or Chapter 11. Filing...
Month: June 2020
Business bankruptcy: Is Chapter 7 a good idea?
While many businesses flourish with seemingly little effort, there are many more that have financial struggles. If your company falls into that second category, it’s imperative that you think carefully about how you’re going to handle the situation. Is a Chapter 7...
Chapter 11 bankruptcies can save businesses
Texas residents may associate Chapter 11 bankruptcies with major corporations like General Motors, American Airlines and Macy’s, but small business owners may also seek debt relief by filing a Chapter 11 petition. While the vast majority of people who file for...
Asset transfers within 2 years of bankruptcy can inspire lawsuits
Filing for business bankruptcy can be a lot more complicated than filing for personal bankruptcy. For one thing, you will have more obligations, such as pension plans and employee wages to ensure you cover or discharge. Your creditors may also be businesses who have...
