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...
Year: 2020
J.C. Penney to enter into Chapter 11 bankruptcy protection
When a business that most people know and love goes into bankruptcy, it can be a shock. Many do, though, when financial difficulties place too much of a strain on their organizations. A lack of in-store shopping, low profits and poor selection can all impact stores....
Chapter 11 bankruptcy allows a business to renegotiate debt
Business and economic circumstances can change in a heartbeat, leaving a once-profitable business struggling to get by and pay for rent and workers. If your business has recently experienced a significant downturn in income, you may not be able to make all of the...
Recessions can cause businesses to fail
Sometimes, the reason your business faces bankruptcy has literally nothing to do with you. People often assume that filing for a business bankruptcy is an admission of failure. That couldn’t be further from the truth. For instance, let's assume that the country goes...
Chapter 11’s automatic stay can give your business a much-needed breather
No Austin business owner enjoys contemplating bankruptcy, but when their company is facing insurmountable challenges, filing for bankruptcy may be the only life preserver the business has available to get back to financial safety. In Chapter 11 bankruptcy, a business...
Thinking about bankruptcy? Chapter 7 or 11 may be right for you
You’ve been running your business for years, but over time, you’ve seen fewer profits. You wish that it was easy to resolve the issue, but you can’t seem to figure out what’s going wrong. You’ve come to a point where you think you’re going to have to close, but you...
Proofs of claim in personal bankruptcy cases
When individuals and families in Texas and around the country file for bankruptcy, the bankruptcy trustee will determine whether the petition deals with an asset or a non-asset case. When the petitioner has assets exceeding federal or state exemptions, creditors can...
Will small business bankruptcy impact your personal assets and credit?
If you’re a small business owner in the Lone Star State, you may be worrying about how your company’s bankruptcy may affect your personal finances like your assets and credit score. Here are some important details you should know. The personal liability for business...
A recession is coming: That could lead to a wave of bankruptcies
The economy has essentially been in freefall for weeks, and it is unclear when it is going to recover. While the economy always operates in waves, this has been a very quick decline, and it has business owners worried about what the future holds. In fact, we’re at the...
Chapter 11 bankruptcy: Using a stay
Your small business is your pride and joy, and you’ve always hoped that it would be something you could pass on to your kids. Unfortunately, difficult financial times have affected you and made it hard to pay your contractors, employees and others. Chapter 11...
