If your business is struggling financially, you may be worried about whether or not you will be held personally liable for the debts of your business. The answer isn’t exactly clear — it largely depends on how you formed your business. Here’s what you need to know about owing business debt and how bankruptcy may be an option to help relieve you of that debt.
If your business is struggling with debt, can you file a Chapter 13 bankruptcy, or are you limited to other types of bankruptcy? Find out what your options are.
As of April 1, 2016, changes to the U.S. Bankruptcy Code, announced by the Judicial Conference of the United States in February, became active. Cases filed after this date are subject to the updated bankruptcy code. While the changes are minute overall, businesses who are planning to file bankruptcy may find themselves more affected by these changes than they anticipated. Here’s what you need to know.
It’s not uncommon for Florida business owners to face a lot of debt, especially when they’re first starting out. However, if you’re considering filing for business bankruptcy, things are getting serious. You may be wondering if your personal assets are on the line, or if they will be protected from liquidation. The answer isn’t always clear, but you can get help from an experienced business bankruptcy attorney.
The thought of declaring bankruptcy for your business is a frightening one, yet sometimes it is the bankruptcy that can save a business. How your business is allowed to move forward depends on which type you file. Here are the differences between a Chapter 7, a Chapter 11, and a Chapter 13 bankruptcy and how an attorney can help you choose.
We all know Abraham Lincoln (1809-65): 16th U.S. President, the man on the penny and the $5 bill, on Mount Rushmore or seated in the Lincoln Memorial in Washington, D.C. However, what you may not know is that Lincoln not only led the country through the American Civil War and abolished slavery, but also practiced debtor/creditor and bankruptcy law.
There are many different types of creditors that a business may deal with, especially when declaring bankruptcy. Here are 6 different types of creditors and what to do if your business is struggling with debt.
If you and your family are overwhelmed with debt and don’t have a high income, you may be a good candidate for a chapter 7 bankruptcy. In a chapter 7 bankruptcy, your possessions are typically liquidated in order to make payments towards your debts, and any remaining debt after this process is usually discharged. This can give you a clean financial slate that allows you to start over.
Owning and managing a business can be difficult, especially in a changing economy. It is not uncommon for businesses to experience a decrease in profits, leaving them unable to meet their financial obligations. Chapter 11 bankruptcy may be a viable options for struggling Florida businesses to reorganize their debt and potentially continue operations. Here’s what you need to know about this type of business bankruptcy.
Although it is a rare scenario, some businesses will be forced into filing for bankruptcy. Since bankruptcy can seriously affect your business, it’s important to understand how this can happen and what your rights are if creditors take action against you and attempt to force you into filing bankruptcy. Here’s what you need to know.