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The Small Business Reorganization Act created Subchapter V, which allows smaller companies to file for bankruptcy without liquidating their assets. Your business may file a petition if you reasonably anticipate remaining open while reorganizing your liabilities. Similar to a Chapter 11, you may need to prepare an outline that details how you intend to restructure your commercial debts through a court-approved plan. The court assigns a trustee to oversee your case and you may continue operations during the process, as noted by the American Bar

There is a brand new streamline Chapter 11 case for a small business debtor reorganization case. Subchapter V of Chapter 11 allows a streamline approach for business reorganizations that is a hybrid between an individual Chapter 13 case and a more involved Chapter 11 case. A few of the important points are highlighted below: 1. The debtor can propose a plan that must be filed within 90 days after the bankruptcy petition is filed. This plan must be “fair and equitable” which means that the

If your business is having trouble paying bills and making a profit, you may be considering bankruptcy in Rockville, Maryland. You may have heard of Chapter 7 and Chapter 11 bankruptcy but do not understand how these options differ. The differences are important because they can determine the future of your business. Chapter 7 bankruptcy means liquidating your business You may choose Chapter 7 bankruptcy if you believe there is no realistic hope of continuing to operate your business. In Chapter 7 bankruptcy, the court

For small business owners in Maryland and across the nation, the success of their companies could have a significant impact on their lives. Periods of financial struggle can be challenging for owners, and if these issues persist, the future of an enterprise could be placed in jeopardy in the process. To protect a company, a small business owner may find it beneficial to know the steps to take to address monetary struggles, as well as the available options should debts become an issue, such as

Many companies in Maryland and elsewhere may attempt to provide consumers access to a variety of product brands, some of which could prove less profitable than others. When a business begins to experience significant financial issues, it may seek to regain financial stability by selling the rights to certain brands, but this might not always solve the issues. After reportedly experiencing similar hardships, the apparel company Nine West has filed a petition to pursue reorganization through bankruptcy. According to reports, Nine West provides clients with

The recent advent of online shopping has forced a multitude of businesses to experience a significant drop in consumer traffic in brick and mortar stores. This has left many businesses in Maryland struggling to keep up with the competition, and the financial challenges involved in a reduction in sales can leave a company in need of monetary relief. After experiencing similar concerns, a popular cosmetic jewelry chain is reportedly forming a plan to pursue financial reorganization through Chapter 11 bankruptcy. Much like many other mall-based

Many small business owners in Maryland and elsewhere have applied for business-related credit accounts for financial assistance. A small business credit card could prove useful under a variety of circumstances, and such accounts may even offer a variety of perks and rewards. However, owners might find it advisable to use caution with these accounts, as falling behind on payments could lead to financial challenges and a subsequent need for reorganization. Whether for financial assistance in starting a new company, or for use in day-to-day operations,

For small business owners in Maryland and elsewhere, the success of their company can have a substantial impact on their lives. During periods of profit, an owner may feel as though the sky is the limit and may even seek to expand operations and increase productivity. However, should the company fall on hard times, an owner may feel the weight of debt more heavily than a larger corporate chain, and the resulting financial burdens could prompt a need for reorganization. There are a multitude of

With an ever-changing business model and constant increases in competition, many retail companies in Maryland and elsewhere have begun to experience financial struggles. When these issues arise, companies may wish to protect the longevity of their enterprises by pursuing relief. However, with the uncertainty involved in the sales business, some companies may be uncertain when it may be necessary to pursue relief through avenues such as reorganization. Competing with online stores can be challenging, and this has led many retail businesses to experience ups and