When it rains, it pours, they say. Sometimes, it can feel as if the stars have all aligned against you. This is especially true if you find yourself teetering on the precipice of both bankruptcy and divorce.
Small businesses often have very narrow profit margins keeping them afloat. It may not take much at all to see your business start to slide into the red.
If you have a seasonal business, you know how crucial that six-week or three-month window of opportunity is for generating the cash you need to get you and your family through the leaner months of the year.
If you're a South Florida business owner who is struggling to keep your company solvent and your doors open, it can be quite frustrating to juggle bills every month and never manage to pay them all. In fact, you might even worry whether you will be able to continue making payroll for your employees.
Small business owners with a lot of debt may decide to seek relief through a Chapter 11 bankruptcy. In some cases, it might be possible to continue operating your business during the pendency of your proceedings.
One benefit to debtors who file a Chapter 11 bankruptcy is the automatic stay. This procedure temporarily halts all collection activities, including repossessions, foreclosures and judgments.
Are you inundated by calls from debt collectors? Their efforts may be about to expand to other methods of communication if new rule proposals are implemented. The Consumer Financial Protection Bureau (CFPB) has proposed changing the rules for contacting debtors.
Depending on the type of business you operate here in Florida, your profits may be cyclical. Often, the profits made during the summer months at the height of the tourist season must carry the business through the leaner seasons.
Last month, one East Coast publication company sought Chapter 11 bankruptcy protection after it was unable to pay off several high-interest loans it had taken out in recent years.
Owning a business is one of the most difficult things you can do in life, even if you have years of experience doing so. It doesn't get any easier when you have to deal with significant financial trouble and are considering bankruptcy. Today, we will explain the valuation process should you decide to file Chapter 11 bankruptcy for your business in Tampa, Florida.