business owners

How Can a Business Bankruptcy Give You Something to Be Thankful for?

The holiday season can be a stressful one for anyone. Add to that seasonal stress the worries of a business struggling with debt, and you may feel like you have nothing worth being thankful for this holiday season

If your business is buried in debt or having trouble paying bills, learn more about how business bankruptcy can give you something to feel thankful for in the coming year:Why Should You Consider Filing for Business Bankruptcy?

There are many reasons why a business may consider filing for bankruptcy. The last three years have taught the entire world to be kinder when judging the financial decisions of others. Extending some of that grace to yourself and your business during these difficult financial times is important.

Whether you are buried under a mountain of unmanageable debt or just need help to reorganize those debts to make a better plan for the future, business bankruptcy might be the answer.

Businesses that find themselves in need of financial relief have two options when it comes to bankruptcy – liquidation or reorganization. This is the primary difference between Chapter 7 business bankruptcy and Chapter 11 business bankruptcy.

Chapter 7 business bankruptcy is often

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Knowing When to File for Bankruptcy

Life doesn’t always go according to plan. You may have needed to take on debt that outgrew your ability to pay it off each month. Now you’re wondering how to get your financial situation back in order.

Due – Due

Knowing when to file for bankruptcy is a valuable skill for individual consumers and small-business owners. Learn more about it and determine if it’s the best move for your financial needs.

What Is Bankruptcy?

Bankruptcy is a legal process begun by people who have too much debt. They must sign a federal petition that considers their outstanding financial obligations or debts before requesting that their creditors work with them to resolve their debt with any remaining assets.

What Are the Types of Bankruptcy?

People can accrue too much debt as individual consumers or business owners, so numerous types of bankruptcy exist to address those situations. These are the specific chapters outlined in the U.S. bankruptcy code that you may consider if you find yourself unable to repay debts.

Chapter 7: Individual Liquidation

Most people who need to claim straight bankruptcy over personal debt will file under Chapter 7. A federal court appoints a trustee to assist the individual with selling

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