Social media has become ubiquitous with advertising in today’s society. As recent media stories have revealed, part of the ability for Facebook to remain a complimentary service is its ability to sell targeted advertising campaigns to businesses based on information collected about users’ preferences and habits.
While in the midst of a Chapter 11 bankruptcy your primary focus should be on properly restructuring the business in order to reemerge as a profitable enterprise. The confirmation and acceptance of the reorganization plan may seem like the hard work is done and the end is in sight, but until a final decree is issued the bankruptcy case is ongoing.
If you file for bankruptcy, you’ll lose all of your valuable possessions. If you file for bankruptcy, you are considered a failure. If you file for bankruptcy, your financial future will be ruined.
2017 brought a number of high-profile Chapter 11 bankruptcy filings into the spotlight. Companies like Seadrill Limited (a deepwater drilling contractor) and Walter Investment Management Corp. (mortgages) lead the pack with debt of $21.7 billion and $16.8 billion, respectively. Other high-profile companies include Toys “R” Us, Gymboree, Charming Charlie, Gander Mountain and Payless. Also, the Commonwealth of Puerto Rico—after Congress passed a special statute—put a plan in place to restructure an estimated $73 billion of debt.
Bankruptcy has always been a mixed blessing for farms and ag product companies. On the one hand, Chapter 12 buys relief from creditors, and lets farmers catch their breath and reschedule debt repayment without having to sell critical machinery and equipment.
Filing for a Chapter 11 bankruptcy can be a long process. It involves multiple hearings in order to finalize the reorganization of your business and debts.
Chapter 12 bankruptcy was enacted in the 1980s as a response to an ailing farming industry. It shares some similarities with Chapter 13, but it also accounts for farming’s seasonal nature and thus offers more flexibility with payments.
The last few years has seen scores of familiar names look to bankruptcy protection: Howard Johnson, Fox & Hound, ChiChi’s, Steak & Ale, Macaroni Grill, Sbarro's, Old Country Buffet to name a few. Even McDonald’s, the king of the restaurant industry, is struggling to stay in the black.
It was a business without a plan. Even Ben Franklin knew that was a bad idea. As he is often quoted,—especially in business classes—“If you fail to plan, you are planning to fail.”
Running a farm in the twenty-first century is no easy task. The financial burden is frequently too heavy for many farmers, sometimes even leading to bankruptcy. Fortunately, a newly enacted bipartisan law has recently been signed into law to provide tax relief to bankrupt family farms.