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Chapter 11 Bankruptcy

Chapter 11 Bankruptcy

Chapter 11 Bankruptcy filing refers to the process for business bankruptcy filing outlined in Chapter 11 of the United States Bankruptcy Code. Business bankruptcy filing under Chapter 11 is open to both companies and individuals owning small businesses, although it is most often being utilized by corporate parties. In the height of the recession, a lot of businesses are experiencing financial crashes and are fearing penalization if they cannot pay back their creditors or shareholders. Many companies are considering, or have already acted on, filing bankruptcy. Read more

bankruptcy Questions?

How to File Bankruptcy


When things get difficult for a business, there are two possible outcomes: first, the business is able to manage unforeseen challenges and overcomes them, allowing it to thrive and become even stronger; second, the business is not able to cope with the changes and ends up bankrupt. For some businesses, the second option is true and sadly, many end up closing down or getting stuck in debts and court cases simply because they are not able to cope with the business challenges that come in today’s modern and fast-paced world. Read more

Bankruptcy Process

The Business Bankruptcy Filing Process


Even if a company is making a considerable amount of profit, it can still be deeply buried in debt from previous investments which have not significantly earned returns. Eventually, collections for these debts may outrun the profits being gained by the company. This kind of scenario has been spreading like wildfire ever since the recession descended upon the country. As a result, a lot of companies are barely floating on the proverbial surface, and some have even been forced to do mass layoffs, or shut down the business completely. Read more

Bankruptcy Credit

Bankruptcy Credit Options

With the recession in full force across the country, companies of all sizes are starting to quail under the financial pressure. Because of piling debts and high interest rates, some are even being forced to shut down their businesses, or declare bankruptcy.

When a company or company owner has to resort to business bankruptcy filing, he or she can open up options in order to easer the amount of debts that have to be paid off. Among other things, the company’s executive can declare credit card bankruptcy. Money which would have gone to credit card payments can go instead to reorganizing the company and paying off the creditors.

What is Credit Card Bankruptcy?

When a client successfully declares a bankruptcy credit wise (meaning it gets recognized by the government) the credit card companies are required to forbear all collections of payments, or let go of debts altogether. The most tangible advantage of declaring credit card bankruptcy is that the credit card company would usually not want to forgo the debts altogether, and would instead propose repayment schemes, remove the interest charges, or provide other alternatives which the client or company can then find achievable or very payable. Read more

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1
Jul
Bankruptcy Attorney

Choosing a Bankruptcy Attorney

With the recent economic crisis crushing many businesses’ dreams of attaining the unexpected, it is no surprise that business bankruptcies have been the center of so many news forecasts lately. Indeed, so many companies have resorted to business bankruptcy filing due to the fact that their businesses are generally unsalvageable.

Just what do you do when you are placed in this situation? The best advice for any business on the verge of bankruptcy is to hire a bankruptcy attorney. With the right lawyer supporting you and going out of his or her way to help you find your way out of such a difficult predicament, closing or shutting down your business can be more manageable and less embarrassing. Read moreRead more

28
Apr
Credit Card

How to Get a Credit Card After Filing for Bankruptcy

One of the worst things that can ever happen to a thriving business is an unforeseen challenge that can result to bankruptcy. A sad fact of the matter, business bankruptcies have been the forefront of news channels all over the world, what with the recent economic turn down affecting even the staunchest businesses. When a company goes bankrupt, its business owners go through a strenuous process of filing for bankruptcy and settling court cases in order to shut down with dignity still somewhat intact, although scathed.

One of the most difficult things to recover or resuscitate after a business bankruptcy is business credit. When your business credit history has been tainted by the records leading up to bankruptcy, going through the process of getting a new credit card can be difficult and challenging. However, it is not an impossible task.

What Happens After Credit Card Bankruptcy?

The first thing that you’ll need to do is to hire the services of a bankruptcy lawyer so that together, you can look at your bankruptcy credit and see how your credit history can still be salvaged.

Once your business goes bankrupt and you still owe money from your business credit card, you will have to list down that particular card as debt. If you’re fortunate enough not to have any payables left on that credit card, then all you have to do is give the credit card company a call and notify them of credit card bankruptcy (that is, if they don’t beat you to it first). Read moreRead more

19
Mar
Bankruptcy Options

Bankruptcy Alternatives

Because of last year’s recession rut, a lot of businesses have suffered quite a downfall. Many companies, because of the lack of substantial profit, have been forced to downsize, cut back on production, and so on. Debts and credit have piled up in the bank, and as a result, other businesses have resorted to business bankruptcy filing.

The government system allows personal and corporate parties to file for bankruptcy; wherein the government will technically take over your property, settle debts, and help you get credit counseling or assistance. Aside from this virtual lack of control with your assets, bankruptcy filing will also be very expensive.

Further more, business bankruptcy filing ruins your credit history and may obliterate your chance of getting back into the game in the future. It can be very public and humiliating. Bankruptcy can cause you to permanently lose your business and you would have to basically start from scratch all over again.

If you are at your wits’ end with trying to balance checks and paying debt dues on time, declaring bankruptcy should be your last resort. There are several consequences with using this “scapegoat” solution, which you could otherwise avoid with more wise strategies. The truth is that most businesses can still make it through the recession without closing down their business altogether. So get other options for bankruptcy help – here are a few bankruptcy alternatives for you to try: Read moreRead more