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bankruptcy for failing businesses

My wife and I made the decision to open a residential cleaning business. We needed enough money to get the equipment, do a bit of advertising and get the licensing and insurance to protect ourselves and our customers. For about two years, things went very well, but then, things took a terrible spin for the worst after we hired a few employees to help us with the workload. Since then, we have gone bankrupt and have gone back to working full time jobs. If you are struggling with your business and considering bankruptcy, this blog can give you some answers to the many questions that you have.

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bankruptcy for failing businesses

    Is It A Big Deal If A Creditor Doesn't File A Proof Of Claim In A Chapter 13 Bankruptcy?
    In a chapter 13 bankruptcy case, the debtor makes payments to the court who then distributes that money to the creditors the individual owes. To get paid, however, creditors must file a proof of claim with the court. If they don't, they won't receive any cash. While this may seem like it will benefit the debtor in some way, here's why it could actually cause problems in the future and what to do to fix the issue before it does.

    What To Know About Bail Bonds And Bankruptcy
    You may have found yourself in a tricky situation recently due to trying to help someone get out of jail before their court hearing. If you recently got a bail bond for a family member or friend, and they then decided to leave town and avoid showing up for court, chances are that you now have to pay a hefty price to the bail bondsman. You may be wondering if bankruptcy is a way to help you get out of this debt.

    Will Filing For Chapter 7 Eliminate All Your Credit Card Debts?
    One of the top causes of debt problems people face is owing money on their credit cards. If you owe a lot of money on yours and cannot seem to even make a dent in your balances, you might be at the point where you should consider bankruptcy. Using Chapter 7 bankruptcy could provide relief for the debts you owe on your credit cards, and there are several important things to understand about Chapter 7 and its effects on credit card bills.

    3 Important Things You Should Understand About Chapter 7 Bankruptcy
    A lot of people find themselves in debt to a point where they seek help, and one type of help you can seek for debt issues is bankruptcy. If you decide to pursue Chapter 7 bankruptcy, you should understand the following three things before you file. Not Everyone Is Eligible to Use this Chapter To use Chapter 7 bankruptcy to find relief from bills you owe, you will first need to find out if you are eligible.

    5 Signs You're Ready To Declare Bankruptcy
    There comes a point where enough is enough. You've been up to your eyeballs in debt for years. You've tried various repayment plans, you've restructured your debt a few times, and yet you still can't make ends meet. What's left is to take the plunge and declare bankruptcy. This is a big step, and it's only one you should take when you're confident that you're ready and that no other option will work.

    Bankruptcy Lawsuits: What To Know
    When you declare bankruptcy, you are putting in place a series of actions rather than taking a single action. Whether it be chapter 7 or chapter 13, the filing in federal court opens the doors for several different legal actions that could delay or affect the way your case is settled. Read on to learn more a few of these adversarial bankruptcy situations. The Course is Smooth In the vast majority of cases, your bankruptcy is nearly unremarkable from beginning to end.

    Dealing With An Injury When You Are Already Of The Brink Of Financial Collapse
    More people than not are living from paycheck to paycheck. This is a precarious lifestyle, especially if you are not able to save for possible issues that can come up in the future. Finding yourself injured when you are on a paycheck to paycheck lifestyle can be particularly painful. Not only will you have medical bills, but you will have to take days off of work which can severely decrease your income.

    Tips For Managing Your Business's Debts
    Taking advantage of being able to access capital markets can be an extremely useful option for businesses. However, it can be possible for a business to quickly find itself overwhelmed with debts that must be repaid. In these situations, the business may struggle with paying these debts, and this can lead to the enterprise being unable to take advantage of opportunities. Debt consolidation can be an excellent strategy for avoiding these situations, but business leaders are often uninformed when it comes to using this important option.