Reasons You’ll Need a Bankruptcy Lawyer
“Bankruptcy” is a frightening term on its own, and filing for bankruptcy can be even more intimidating than it looks. Court statistics from September 2010 show that 1.6 million bankruptcy petitions were filed during the Great Recession. If you ever have to file for bankruptcy, you’ll need to keep quite a few things in mind regarding all the laws of bankruptcy. Being somewhat familiar with these laws yourself will likely make the process of filing for bankruptcy much easier for you. Bankruptcy laws encompass both federal and state regulations and thus can become quite complicated to understand. To this point, you’ll probably need to rely on an experienced Chapter 7…
What You Can Learn From These Failed Startups
Starting a business is never easy, even when you have the best intentions and a passionate spirit. No matter how committed or excited you are about an idea or concept, it doesn’t dispute the fact that nearly half of all newly launched businesses will shut their doors within five years, unable to succeed beyond that mark. There are many reasons why this happens.
The Differences Between Insolvency Laws in England and Scotland
The sheer breadth and complexity of insolvency laws can be difficult to comprehend and apply to any business looking to enter administration. There are also regional differences to consider, and over the Scottish border, the practice regulations changed on the 6th of April 2019. Together with Business Rescue Expert, voluntary liquidation specialists, we will look at the legality behind this process in both countries, identifying any key differences. On both sides of the border, the aim of insolvency is to provide a legally enshrined solution for businesses to repay any outstanding debts where they are unable to do so. The Insolvency Act 1986 remains the overarching legislative guide for the…
5 Considerations for Bankruptcy to Avoid Closing Your Business
Before you file for bankruptcy, you certainly want to give it a lot of thought and consideration to that particular decision. There is a lot that should go into deciding whether or not to file for bankruptcy. If you are a struggling business owner who cannot pay back debt based on the current business bookkeeping, you have probably started to contemplate bankruptcy filings for yourself or the company. But, this is a financial decision that should be carefully thought through. Learn the most important considerations for bankruptcy below. That way you can decide, with accurate information, whether or not to file for business bankruptcy for your struggling company. Types Of…
Save Your Core Assets with a Bankruptcy Filing
Many of us may find the thought of bankruptcy petrifying. It is associated with losing all we have and the spiral into bad credit is one of the worst things that can happen to a business, an individual or a family. However, bankruptcy is something that will actually prevent your situation from getting. It is a legal protection that will help you turn around your finances so you can have a fresh start. It is a time to acknowledge your financial reality. With an expert on hand, you can carve a strategy that will help you retain your essential assets. Understanding Repossession To prevent repossession, you first need to understand…
Business Debt Settlement – Identifying Key Steps to Debt Control
One of the main concerns that entrepreneurs have is the possibility of losing their businesses due to financial problems. Cash flow shortages and mounting debt can make it seem hard to find a practical way out. This results in some business owners turning to bankruptcy to deal with debt. Bankruptcy is an option that business owners can avoid by considering other solutions that can be customized to meet their needs. Developing alternatives to bankruptcy like debt settlement is a way to control debt, keep the business running, protect relationships with other companies and offer creditors a satisfactory plan for payment. Debt Settlement – Alternative to Bankruptcy Businesses that are experiencing…
Seven Qualities of the Best Bankruptcy Attorneys
Filing for bankruptcy is mostly a voluntary decision and a lawyer only guides you by giving you a list of your best debt relief options. However, once you decide to file for bankruptcy, then you will need the best lawyer to take you through that tough financial crisis. For you to get that needed fresh start after filing the bankruptcy petition, you will need a good lawyer by your side. This lawyer possesses the following qualities: 1. Highly experienced An experienced lawyer should have actively and successfully practiced bankruptcy law for some years. With the experience gained, the lawyer will understand local laws, local Atlanta court rulings on such cases,…
Car Title Loans and Bankruptcy – You Don’t Have to Lose Your Car
If you are having difficulty paying off your debts and additionally have a car title loan that you need to pay for, there are different ways that you could take advantage of the law so that you can avoid losing your car. If you have a lot of debt that you cannot manage to pay off, filing for bankruptcy may be one option in order to get relief from your debts, including your car title loan. For example, car title loans in San Jose, California usually afford you the flexibility to renegotiate the terms of your car title loan albeit usually at a cost, but the cost may be worth…
