A drop in consumer spending, difficulty finding staffing or even problems with your supply chain may have affected your once-profitable business. It may only take a few weeks for a company to go from generating revenue to deeply in the red and unable to pay their...
Running a successful business requires paying attention to daily operations while maintaining a focus on long-term growth. Sadly, even the most intelligent and experienced business owner may not be able to predict factors such as supply shortages, economic downturns...
Absent a unique catastrophe, people rarely become insolvent overnight. Most of the time, the slide into bankruptcy starts out slow and picks up speed only once the situation becomes truly unmanageable. Sometimes a debtor will route a big payment to one or more of...
Bankruptcy trustees have an important role. They act as a sort of neutral third-party who is there to balance the interests of both the debtor seeking protection and their creditors. To that end, trustees are given “avoidance'' powers that allow them to negate or...
Chapter 11 bankruptcy is a kind of bankruptcy that allows a business to reorganize its affairs. It can reorganize its debts and assets so that it can continue operating in the future. It’s normal for businesses to file for Chapter 11 bankruptcies when they need time...
By the time someone opts to file for bankruptcy protection, they have probably been dealing with considerable collection attempts from their creditors. Many understand that the bill collectors are just trying to collect what’s due on an account, but this is often a...
Despite its negative connotations, bankruptcy laws are some of the most helpful laws for U.S. citizens. Declaring bankruptcy offers an individual a second chance at financial success when economic hardships become too much to bear. Although bankruptcy does offer many...