The crisis in the current economic scenario affects the business sector, combined with poor financial management and accumulation of debts, companies, and institutions are often forced to declare bankruptcy. This is usually the last thing a business person would like to do but finds this is the only solution to comply with the payment of  … Read more

On November 19th the last remaining credit union to service Sears employees will be closing business and merging with PrimeSource Credit Union. 70 Year Old Credit Union Sears Spokane Employees Federal Credit Union is over 70 years old and serves about 528 members with approximately $3.5 million in assets. Over 27 credit unions have served  … Read more

A law journal put out by the American Bankruptcy Institute by two Justice Department officials last week reminds everyone that there is no bankruptcy for cannabis businesses in the United States. In the article written by Clifford J. White III and John Sheahan. The denial of bankruptcy protection for this category of businesses is due  … Read more

The idea of being able to get a business loan after going bankrupt almost seems counter intuitive to most individuals. The truth of the matter is that while you may well be able to get a business loan after seeking a Texas bankruptcy protection it will prove to be a little more difficult than it  … Read more

Many individuals are under the assumption that all of their debts are going to be discharged if they file for bankruptcy. There are some debts that will not to be discharged in this form of debt relief. If you were required to collect sales tax in your business which you are now filing for bankruptcy  … Read more

Many individuals that own a business find that they run into financial difficulties with the business and may only have the recourse of going bankrupt. A lot of these companies are classified as a Limited Liability Company. Often a Limited Liability Company or LLC is made up with many different partners. When it comes to  … Read more

It may be that your small business has fallen into financial difficulty and you don’t see any way of rectifying this. It may be that you now need to consider small business bankruptcy. Whether this is going to be a solution or not for your particular business entity is going to depend on the circumstances.  … Read more

If you have discovered that your small business is not eligible for the chapter 7 bankruptcy relief then you will have to go for the chapter 13 bankruptcy option. This may turn out to be a better alternative for both you and the business. With a chapter 13 bankruptcy it works off of a re-payment  … Read more

Bankruptcy relief is not just available for individuals who have run into financial trouble on a personal level. Chapters 7, 13 and 11 are also applicable to business.  There is a lot that has to be considered when thinking about this for business. Not only what relief it may bring now, but what effect is  … Read more

Chapter 11 business bankruptcy is a reorganization plan for your business. It provides for the restructuring of debts and the continued operation of the business. For this reason, it is the most commonly filed type of bankruptcy for corporations and larger businesses. Where a sole proprietorship tends to be an extension of the owner’s skill  … Read more