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...
Chapter 11 and Chapter 7 business bankruptcies
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...
Remington returns to Chapter 11 bankruptcy
Every so often, shocking news breaks about a well-known company filing for bankruptcy. Remington remains a popular fixture in Texas gun stores and around the United States, yet the company recently filed for Chapter 11 bankruptcy protection. Chapter 11 bankruptcy is a...
What if my creditors bother me after I file for bankruptcy?
People who have filed for bankruptcy, often mention the relief of not having to worry each time the mail arrives or an unknown number calls. Like a wrestler tapping the canvas to concede defeat, filing for bankruptcy ends the immediate battle and allows you to get...
The Small Business Reorganization Act
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...
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 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...
Chapter 7 could be the right kind of bankruptcy for your business
When you think about Chapter 7 bankruptcy, do you imagine a bankruptcy for a business or an individual? Often, this kind of bankruptcy is seen as something that consumers use, but the truth is that it can be beneficial for businesses as well. If you’re struggling with...
