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December 2015 Archives

How does Chapter 11 bankruptcy work?

As a business owner goes through the steps of establishing his or her business and growing it, the individual often turns to an attorney in order to make sure he or she is following all the laws related to that business. While one hopes to have their business operating smoothly from that point on, many businesses reach bumps in the road for a wide variety of reasons.

Women’s apparel label seeks Chapter 11 protection

While many might see bankruptcy as a bad word, it can actually be a wonderful thing for those who really need it. For example, Chapter 11 bankruptcy doesn’t mean the company is nearing its demise. It’s actually a great way to protect a company from creditors and give that company a chance to reorganize so it can pay those debtors off and come out stronger in the end.

Last year's snowstorm forces newspaper company into bankruptcy

Businesses end up having to file for bankruptcy for a variety of reasons. Some may have to do with poor decision-making while others may have more to do with the economic climate. But what about the actual climate, as in our weather outside? For one company in New York, the weather actually proved to be devastating financially.

Offering business owners a second chance at success

Inherently, an individual who sets out to own all or a portion of a business is a risk-taker. Among business owners the mantra of no risk no reward is a constant and even the most successful business models and business owners may experience financial hardships. From economic downturns to emerging markets and technologies, for better or worse, in today's global economy everything is interconnected.

The risks to business owners of personally guaranteeing a business' financing, part II

In our last blog post, we began discussing some of the factors that business owners must consider and investigate when deciding whether or not to personally guarantee a business' financing. We mentioned the importance of determining one's personal liabilities with regard to repayment if a business falls on hard times and defaults on a loan. We also discussed how one's personal credit score can take a hit if a business fails to make credit card payments.

The risks to business owners of personally guaranteeing a business' financing

According to the U.S. Small Business Administration, the roughly 28 million small businesses in the U.S. account for approximately 54 percent of total annual U.S. sales. For a small business owner, ensuring for the success and growth of a business is often a labor of love and one that comes with many obligations and sacrifices.