Each small business has its own unique set of challenges and circumstances, but bankruptcy is a fear for all, and a harsh reality faced by many. To survive, companies need a steady stream of revenue, and they need to turn a profit. A lack of profitability can be attributed to various underlying factors or external […]
What is Chapter 13 Bankruptcy?
It is an overwhelming feeling to be in debt. Many people are working hard, living paycheck-to-paycheck, and still can barely manage the minimum payments on their monthly bills. Sometimes, it feels like you are underwater but cannot swim back to the top for air. If you feel that your debt problems are out of control, […]
Understand the Differences Between Chapter 7 and Chapter 13 Bankruptcy
Financial hardships can make your day-to-day extremely difficult. The general purpose of either a Chapter 7 or Chapter 13 bankruptcy is to provide the needed relief to get your financial health back into good standing. It may be that you need to cut personal expenses to increase cash flow, if possible. With that being said, […]
What You Need to Know About Small Business & Bankruptcy
The global pandemic struck businesses of all sizes and models. As consumers had to conserve their dollars for only the essentials, many corporations, especially small businesses took a severe hit. Nearly a year after the pandemic was first declared by President Donald Trump, many small businesses are treading water or starting to sink. Rather than […]
Pandemic: When is it Time for a Small Business to File Bankruptcy?
It is no secret that the pandemic currently gripping the globe has resulted in more than a few hardships for individuals, families, and businesses. It is often small businesses that get impacted the most. These entities simply do not have the capital required to withstand such a massive drop off in revenue so quickly. Payroll […]
5 Hints It Might Be Time to Sell Your Business
After putting the time, effort and money into opening your business, selling it can be a difficult decision to make. And yet, every year, thousands of the 30.7 million businesses in the U.S. are sold. For some business owners, selling can pave the way to new opportunities or a decrease in stress. Others, like the […]
What Effect Does Bankruptcy Have on Your Bank Account and Other Assets?
One of the most terrible things to happen to anyone is bankruptcy. If you find yourself in such a situation and are wondering what will happen to your bank accounts, and retirement accounts, on filing for bankruptcy, this article will throw some light on it. Type of bankruptcy and its effect on financial accounts Basically, […]
5 Tricks to Pay Off Business Debt and Recover from Financial Disaster
Are you overly worried about your small business debt? Well, you’re not alone. Nearly 50% of small businesses collapse because of the following reasons: Lack of capital Heavy debt burden Poor credit arrangement In most cases, entrepreneurs need to borrow for business growth and expansion. But, when they borrow too much and at the wrong […]