Hotels and restaurants form the backbone of Florida's tourism industry. However, whether due to competitive markets, rising costs, a dependence on seasonal profits, effects of severe weather or more, Tampa business owners can find themselves managing an insurmountable...
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Why you shouldn’t delay filing for bankruptcy
As a small- or mid-sized business owner, you put extensive time, energy and resources into your business. Whether you own a Tampa hotel, restaurant, strip mall, apartment complex or more, the first sign of budgeting or financial troubles may worry you. Yet, when the...
Can you discharge your tax debt during bankruptcy?
Most people dread tax season. It’s the time of year where most adults have to collect every financial detail from the past year and see what they owe to the government. Some people are lucky enough to receive refunds, but it’s not always the case. Many times, the...
Anticipated increase in farm bankruptcies didn’t materialize
Despite a cavalcade of precursors and dire predictions, Chapter 12 bankruptcy filings in the U.S. were down 8 percent in fiscal year 2018. The predictions were based on a low net farm income, rising ag debt and interest rates, dragging commodity prices and rising...
Why social media is not your friend during bankruptcy
Did you know that a creditor can use your posts on social media profiles against you, even if they are set to private? If you file for bankruptcy, be aware that what you post can and will be used against you. Honesty is mandatory If you are a very public person or you...
What can you expect at a Chapter 11 meeting of creditors?
You made the decision to file Chapter 11 bankruptcy for your business. You have gone through the process of filing your bankruptcy petition with the court. Now the U.S. trustee is sending you a notice of a Section 341 Meeting of Creditors. What exactly is this meeting...
Sears CEO may help the company avoid liquidation
Sears CEO Eddie Lampert is considering a bid for some of the retailer’s popular brands, like Kenmore, as well as some real estate. It could help the company avoid liquidation. According to Business Insider, Lampert is the company’s largest shareholder and lender. As...
Which type of bankruptcy is best for my agricultural business?
You know firsthand the financial challenges of owning farm or another agricultural business. After several years of struggle, your debt from running your business is insurmountable, and you are considering bankruptcy. Filing bankruptcy is nothing to be ashamed of:...
Avoiding tax issues during Chapter 13 bankruptcy
Chapter 13 bankruptcy allows individuals to repay some or all their debt in a few years. While this is a great option for some, it’s important to stay current on expenses and stick with the payment plan. Problems with taxes oftentimes occur while individuals are...
Can I eliminate multiple liens through bankruptcy?
If you're considering Chapter 11 or Chapter 13 bankruptcy, it's possible that you're dealing with multiple liens against your home or other property. This could be in the form of a second mortgage on your primary residence, but could also relate to investment...