Bankruptcy

The "zone of insolvency" is a term used in bankruptcy law to describe a period when a company is in financial distress, generally when its liabilities exceed its assets. It refers to the point in time when insolvency and bankruptcy become a real possibility. During...

For many businesses facing financial difficulties, Chapter 11 bankruptcy is a tool that allows them to restructure, reorganize and relieve themselves of the burden of their debt through careful planning and setting the business back on the path to profitability. In...

As a business owner, you certainly know that costs have been rising over the past few years. Inflation has played a part, as has the strength of the labor market, which is benefitting from rising wages in certain positions and industries. But many business owners are...

Those who create a limited liability company (LLC) for a business ordinarily do so for personal protection and flexible taxation opportunities. Members of an LLC have more protection from the risk of personal liability for business matters than owner(s) of sole...

Individuals who pass a means test can potentially file for Chapter 7 bankruptcy. Adults in Florida past the means test by adjusting their income and comparing it with the state median for their household size. Chapter 7 bankruptcy is popular in part because it is so...

It takes a lot of money to keep a business running. There are rent payments or mortgages for each facility your company operates, as well as the costs of worker wages and benefits. The larger and more successful your company becomes, the more the cost to operate the...

Chapter 13 bankruptcy is a viable solution for business owners and successful professionals with too much debt to balance their budgets but too much income to qualify for Chapter 7 bankruptcy proceedings. Unlike Chapter 7 bankruptcy which has strict income limits that...

The different forms of bankruptcy can help people experiencing financial hardship make arrangements that will help them regain control over their budgets. For many people, Chapter 7 is the form of bankruptcy they'd prefer to file, but it isn't always the best option....

A business bankruptcy can help you get rid of your remaining company debts when you close the company or can help you save the business by reorganizing your debts. Chapter 7 bankruptcy requires liquidation of company assets to repay creditors, while Chapter 11...

If you get yourself into a position where you can afford to repay your debt but you’re always working through a Chapter 7 bankruptcy, you may be wondering if you can cancel the bankruptcy and avoid having it on your record. Unfortunately, you don’t have the right to...