About Me

bankruptcy for failing businesses

My wife and I made the decision to open a residential cleaning business. We needed enough money to get the equipment, do a bit of advertising and get the licensing and insurance to protect ourselves and our customers. For about two years, things went very well, but then, things took a terrible spin for the worst after we hired a few employees to help us with the workload. Since then, we have gone bankrupt and have gone back to working full time jobs. If you are struggling with your business and considering bankruptcy, this blog can give you some answers to the many questions that you have.

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bankruptcy for failing businesses

    Why Defending Your Home Foreclosure Alone May Not Be Your Best Bet
    It is quite common for many homeowners to feel that the idea of defending their home foreclosure or loan modification alone would help them save legal fees. However, what they usually do not realize is that going through the foreclosure process without legal representation can lead to dire consequences that may cost them more in the long run. Here are five reasons why you should not defend a home foreclosure alone and why it is crucial to seek legal help.

    Filing For Bankruptcy? See Why You Need The Bankruptcy Attorney's Help
    Filing for bankruptcy is quite devastating, but it might be the most suitable option when having unmanageable and overwhelming debts. Of course, it's a scary and intimidating process, but it might sometimes be inevitable. Chapter 7 might be a more appropriate option because it allows you to sell some assets to clear your debt. However, chapter 13 is a bit more favorable since it involves a structured repayment program that makes things easier.

    Good Reasons For Getting A Bankruptcy Attorney
    If you have fallen so far behind in your bills that you have a hard time seeing the end of the tunnel, then you may want to file for bankruptcy. Bankruptcy can help you to get out from under all those bills that are causing you so much stress. It can also put an end to the stressful phone calls and harassing letters you are likely getting from bill collectors. While you can file bankruptcy yourself, you would likely be much better off getting a bankruptcy attorney.

    5 Things To Know When Filing Bankruptcy On Co-Signed Debt
    Are you considering bankruptcy but have debts shared with co-signers? If so, one of the most important questions to answer is how your co-signer will be affected and how you might be able to fully protect them. To help you understand everyone's risk and options, here are a few key things to know about co-signed debts in bankruptcy. 1. Co-Signers Don't Get Discharges The first — and possibly the most important — thing to know is that co-signers don't receive a discharge on the debt even if you do.

    Questions You Should Ask Before Declaring Bankruptcy
    Most people view bankruptcy as if it's the end of the world. Everyone typically wants to avoid bankruptcy until there is no other option. Surprisingly, bankruptcy is not always a bad thing as most people view it. You can use it as an opportunity to better yourself financially. All in all, you should not hurry to declare bankruptcy before you think about the aftermath. Compiled are a couple of questions you might want to discuss with your bankruptcy attorney.

    Starting A Family? 3 Reasons To Consider Bankruptcy Now
    Are you planning to start a family? While this is an exciting time, it also is a time of planning and preparation. Should one of these planning tasks be to declare bankruptcy? If you have crushing debt issues or you're harassed by creditors, the answer may be 'yes'.  1. You Can Start Over Starting a family is a new chapter in your life. But if you have debts hanging over you from prior chapters, you can't get that completely fresh start.

    3 Reasons To Consider Bankruptcy To Deal With Credit Card Debt
    Outside of student loans, credit cards are one of the leading causes of individual debt. Credit card companies are really good at giving people offers and high credit limits, all in an effort to get people to carry high credit balances that will make the credit card company a significant amount of money. Once you are in deep credit card debt, it can be difficult to get out of credit card debt, which is why you should consider bankruptcy if you are in deep credit card debt.

    Is Your Jewelry Safe? Bankruptcy And Personal Exemptions
    When money troubles happen, the last thing on your mind is the potential to lose property. Chapter 7 bankruptcy filings can also include the potential to lose property through its liquidation process. Fortunately, most people don't lose property and just end up getting the financial relief they really need. Read on to find out how a chapter 7 bankruptcy treats your personal property, like jewelry, so that you can go into the process with confidence.