Operating a lucrative commercial transportation or trucking company isn't as easy as people think. When the average person sees what businesses will pay to have a load hauled from one coast to the other, they might assume that the profit margins in the trucking...
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chapter 11 bankruptcy for businesses
Bankruptcy could help you save your business
Sometimes, people talk about bankruptcy like it’s a bad thing. Realistically, it’s a protection that can help you get out of difficult financial situations and improve your financial outlook. As a business owner, you need to understand the benefits of using bankruptcy...
The 3 most common bankruptcy options for businesses
Business bankruptcy is a complex but sometimes necessary process. It allows struggling businesses to regain control after a difficult financial period, or it allows someone closing their company to limit personal liability for the company's losses. Regardless of...
Why do restaurants go broke and what can you do?
Starting a bar or a restaurant is notoriously hard. Some estimates claim that about 80% of all restaurants go under in the first five years. It’s even 60% in the first year. If you’re an owner who made it through a single year without folding, you’re already running...
With hotels losing jobs, owners may need to consider Chapter 11
The hospitality industry is one of the biggest industries in the state of Florida. Thousands of people work for hotels, motels and other hospitality businesses across the state that cater to tourists and business people alike. There are also many independent owners...
What to know about the debt in possession process as a hotelier
As a hotel owner, you likely don't need anyone to remind you of how destructive natural disasters, medical crises and issues with the economy can significantly impact your operations. These different phenomena may not only cause physical damage to your property,...
Celedon Group Inc.’s bankruptcy: What it says about the trucking industry
Trucking companies sometimes struggle with their finances. In some cases, those companies go under. That’s what happened in the case of Celadon Group Inc., which was formerly located in Indianapolis. The trucking company filed for bankruptcy back in December 2019,...
What restaurant owners should know about bankruptcy
When you decided to open a restaurant, you knew it was a risky venture. Many restaurants struggle and ultimately fail within a few years. Of course, 2020 has been a very difficult year for the restaurant business with mandated shutdowns and capacity limits due to the...
What are the primary benefits of Chapter 11 bankruptcy?
As a business owner, you’ll do whatever it takes to maintain a strong balance sheet. However, things can take a turn for the worse when you least expect it, thus leading you to learn more about Chapter 11 bankruptcy among other options. While it’s not something you...
Trucking faces recession: why you may need Chapter 11 bankruptcy
You work hard to make your trucking company successful. Over the years, you've learned to control many small problems that threaten your success. But you may struggle to control larger issues like a downturned economy or high insurance rates. When these problems put...