Free One-Hour In-Office ConsultationsIf you own a business and are struggling to make ends meet, you may be considering bankruptcy. Bankruptcy is not always an easy decision to come to, but with the right type, it may be possible to keep your business open and to become profitable in the future.
Sears may emerge from bankruptcy with locations still open
Chapter 7 business bankruptcy: Closing your doors
Businesses can have a difficult time in the current economy. Although people may be doing better and can afford to spend, many are cautious. For businesses, this can mean trying to lower prices and fighting to make their products and services stand out. Unfortunately, some don't make enough changes or can no longer be profitable.
A Chapter 11 bankruptcy can keep your business viable
You worked hard to create your business but due to an unfortunate turn of events, you've been unable to keep up with the demands of the business. Now, you're hoping that a bankruptcy will help you get out of trouble and keep your business running in the future.
Alfred Angelo purchased by Chinese retailer for $50,000
When a business goes under, it can be difficult for consumers. This is especially true in the case of brides, who may have dream dresses in mind.
Bankruptcy doesn't always mean closing your business' doors
Your business did well for years, but when the economy took a downturn, and the local residents began to move away, many of the people who were your regular clients disappeared. You thought it might get better over time, but each year resulted in lower profits until you had none at all in 2018.
Getting out of debt the right way: Business bankruptcy
Businesses sometimes struggle with money due to a variety of issues, such as the economy stumbling or having a hiccup with third-party vendors. Whatever the reason is, if a business gets too far behind on payments or isn't bringing in enough profits, it may need to turn to bankruptcy.
Payless ShoeSource to close all U.S. stores
Bankruptcy can affect even businesses that seem as if they're doing well. Take, for example, the well-known shoe store chain, Payless ShoeSource. This store has been around since the 1950s, but after filing for bankruptcy the second time, it has decided to close its doors for good.
Chapter 11 bankruptcy can help your business stay open
Bankruptcy isn't easy to go through no matter what situation you're in, but it can be made easier if you're prepared to take the steps you need to take before you file. Doing your best to try to renegotiate contracts and free up capital could help you avoid bankruptcy with your business, but if you can't, then your attorney may suggest a type of bankruptcy to help you.
Chapter 7 bankruptcy is an option for struggling businesses
Bankruptcy isn't always the first thing you want to try if you're falling behind on bills, but it is an option when you can't see a way to get control of your debt. As a business owner, you want to see your business succeed, but there are outside influences that could hold you back.
Chapter 11 bankruptcy could save your business
As a small-business owner, you want to make sure you protect your interests. You work hard to keep your business up and running, but with declining sales and higher expenses, you're finding it difficult to make ends meet. You think the end is near but what options do you have?
