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Business & Commercial Bankruptcy Archives

Protecting Yourself When Your Sole Proprietorship Closes

Protecting Yourself When Your Sole Proprietorship Closes v2.jpgYour small business represents the culmination of hard work, innovation, and your hopes for a bright future. Unfortunately, taking this risk to make it on your own can come with hiccups. In fact, many small business owners find themselves struggling with debt as part of their journey toward independence and success. At Levitt & Slafkes, P.C., we celebrate sole proprietorships and take pride in helping small business owners obtain much needed debt relief.

Bankruptcy Options for Small Business Owners

If your small business is struggling with debt, filing for bankruptcy might be a good choice. Small business owners have several options available to help eliminate debt. The best option is to consult an attorney to discuss all the alternatives available based on your unique needs and circumstances. 

Considerations in a Business Chapter 7 Case

If you are a business owner struggling with debt, you should consider consulting with an experienced bankruptcy attorney to explore your debt relief options. The attorneys at Levitt & Slafkes can review your individual circumstances and help you understand the ways you can protect both yourself and your business. A very common mistake that business owners make is waiting to discuss their business debt troubles with a lawyer. The quicker we get involved, the more likely you will obtain a positive outcome.

Drowning Under Business Debt? Consider Personal Bankruptcy!

Many entrepreneurs invest all of their time, energy and money into starting new business. While this "all in" approach is usually necessary in order to ensure the success of the company, it can also wreak havoc on your personal finances.

Having survived the Great Recession, US companies continue to struggle

The so-called Great Recession had an adverse impact on millions of Americans. As banks failed and the stock market plummeted, U.S. companies of all sizes struggled to remain profitable. Many were forced to reduce their workforces and accrue debt. Today, economists point to continued and positive signs of economic recovery and progress. However, many U.S. businesses that survived the past six years are still struggling and dealing with massive amounts of debt.

Has the 'Fat Lady' Sung for the New York City Opera?

Seventy years ago the New York City Opera was founded. After working to bring opera to the public, it recently was forced to filed a Chapter 11 bankruptcy case. Apparently the Opera's last-ditch effort to raise $7 million fell short. The opera company claimed it has assets worth $7.7 million and liabilities of $5.6 million. It is noteworthy that the assets include the remainder of its endowment and pledges that have not yet been received. So, what went wrong? The opera's filings claim that it had a deficit of $44 million as of 2012. Its endowment has decreased from $55 million to approximately $4.5 million. In addition to the opera's liquidity issues, it also had overwhelming pension obligations. The pension is listed as the opera's largest creditor. The second largest creditor of the opera is the New York City Ballet, which has an approximately $1.6 million claim. This claim is related to the ballet company's departure from the performance space the two entities once shared. Other listed creditors include former chorus members, landlords and the musicians' health benefits fund. What about the ticket-holders? The opera is requesting permission from the bankruptcy court to provide refunds to people who purchased tickets to the productions that they have now canceled. It is estimated to be $323,000 that would need to be refunded. If you are interested in learning how filing a bankruptcy case can benefit you, contact Levitt & Slafkes, PC, at 973-323-2953. You can also reach us by filling out our online form. We represent debtors in Chapter 7, Chapter 13 and Chapter 11 filings. Let us help you get the fresh financial start you need today.

Doctors Filing Bankruptcy in New Jersey

According to a recent article, many doctors are being pushed into filing for bankruptcy protection. While many physicians are able to keep their practice going after their bankruptcy filing, for some it ends their career. According to the article , it is unfortunately,  a trend that has accelerated in recent years and it poses serious consequences for the doctors and their patients. You might speculate that the doctors seeking bankruptcy protection are those that have malpractice lawsuits pending against them, but this isn't the case. The decline in the economy is negatively impacting even the top quality physicians. Consumers are cutting back on their office visits and postponing elective procedures. Other factors that are hurting the medical field are lower insurance reimbursements, changing regulations and the increasing expense of malpractice insurance. Add these rising expenses to the already costly necessities of running a business, and it is easy to see why it is getting harder to keep the doors of a medical practice open. If you are a physician or other medical professional facing financial struggles, it may be time to consider filing a bankruptcy case. The quicker you take action to restructure your debt, the more likely you are to emerge from your case successfully and obtain the fresh start you need. We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.

Discharging Business Debt

If you are a small business owner facing financial struggles, it is likely you have incurred a significant amount of personal debt trying to keep your business afloat. It is important to seek the advice of competent bankruptcy counsel to discuss the possibility of eliminating the business-related debt you incurred personally. It is common for small business owners to sign personal guarantees, obtain loans, use personal credit cards and even borrow from their own savings account to fund the business.  As a result, the business owner can incur a significant amount of personal debt. If you are concerned how your personal bankruptcy case will affect your company, it depends on the type of business you own. If your entity is legally incorporated, it is not required to file its own bankruptcy case. However, a business owner who files bankruptcy must list his interest in the business as an asset in his filing. Very often the business is not affected by the bankruptcy, but it is imperative that you consult with an experienced  bankruptcy lawyer to make sure your business will not be affected by a personal bankruptcy.. If you own a small business and you are considering filing a bankruptcy, contact Levitt & Slafkes, P.C., to obtain advice you can depend upon.

Our bankruptcy attorneys will help you escape debt and
face the future with optimism.

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