About Me

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.

Archive

bankruptcy for failing businesses

2019

3 Reasons To Consider Bankruptcy To Deal With Credit Card Debt
Outside of student loans, credit cards are one of the leading causes of individual debt. Credit card companies are really good at giving people offers and high credit limits, all in an effort to get people to carry high credit balances that will make the credit card company a significant amount of money. Once you are in deep credit card debt, it can be difficult to get out of credit card debt, which is why you should consider bankruptcy if you are in deep credit card debt.

Is Your Jewelry Safe? Bankruptcy And Personal Exemptions
When money troubles happen, the last thing on your mind is the potential to lose property. Chapter 7 bankruptcy filings can also include the potential to lose property through its liquidation process. Fortunately, most people don't lose property and just end up getting the financial relief they really need. Read on to find out how a chapter 7 bankruptcy treats your personal property, like jewelry, so that you can go into the process with confidence.

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.