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December 2016 Archives

What do I do when my business is failing?

Whenever a business experiences financial difficulties, and is failing, it is an unpleasant experience for the business owner who has likely placed significant time, money and emotional resources into the business. If the business is struggling, they may wonder what their options are. Commercial bankruptcy is one option to consider for helping the business out of the difficulty it is facing. In general, there are two types of business bankruptcy available for struggling businesses.

Options to help with medical debt and credit card debt

For individuals who are struggling with medical debt and oftentimes related credit card debt, there may be options to consider to help enjoy a fresh financial start and be free of the stress associated with overwhelming debt. Sometimes a vicious cycle of medical debt and credit card debt can lead to falling behind in medical bills and credit card bills.

Logan's Roadhouse emerges from business bankruptcy

This blog discussed the Logan's Restaurant business bankruptcy filing earlier this year and the option for struggling businesses to utilize the commercial bankruptcy process as a way to return to profitability. Logan's Roadhouse restaurant chain, headquartered in Tennessee, recently announced that it is emerging from business bankruptcy. Following the commercial bankruptcy process, the restaurant chain is now smaller and has less debt.

Options for when a business is struggling

It can be overwhelming to have a business that is struggling with debt month after month. It can create anxiety and concerns about creditor actions and the future of the business. What actions creditors may be able to take against the business or against the business owners largely depends on the structure of the business; however, debts such as tax debts are not impacted by the structure of the business, and the business owners can be liable for those debts. Filing for business bankruptcy can also impact creditor actions.

How can Chapter 7 bankruptcy help?

In general, bankruptcy options are available to help protect individuals from overwhelming debt. Chapter 7 bankruptcy is one option for individuals who qualify under the means test that can help them enjoy debt relief and a fresh financial start and future. Chapter 7 bankruptcy allows an individual filing for bankruptcy to eliminate debts by liquidating non-exempt assets to repay them.

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