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The United States has witnessed a significant surge in corporate bankruptcies, reaching a 14-year high in 2024. Businessbankruptcy filings increased by 33.5% Learn More About Credit Reports Please share this newsletter with your smallbusiness customers. during the 12-month period ending September 30, 2024.
What Is BusinessBankruptcy? If you’re struggling to pay off business debts, filing for businessbankruptcy might help. Business owners can file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy, depending on the business’s debt levels and financial situation.
How to Find and Choose a BusinessBankruptcy Lawyer in 5 Steps. Evaluate your business’s financial situation and goals. Recognize the red flags of bankruptcy mills. Source bankruptcy lawyers through referrals, bar associations, and legal directories. Compare bankruptcy lawyers by asking the right questions.
America’s smallbusinesses face unprecedented challenges. Smallbusinessbankruptcy filings increased 78% over the past year, driven by impending changes to bankruptcy law and ongoing uncertainty about the overall economic outlook. As a business owner, you indeed wish things could be easier.
However, filing for bankruptcy is not necessarily a death sentence—in fact, it could mean the difference between sinking or saving your business. Let’s review the different types of bankruptcy, and what happens when your business has to file Chapter 11. SmallBusinessBankruptcy Filing Options.
Under-performing AR has the potential to create a cash flow crisis that can shut down your business in very short order. Cash Flow is the number one cause of smallbusinessbankruptcies. Please feel free to share this newsletter with your smallbusiness customers. it just might help them pay you sooner!
Please feel free to share this newsletter with your smallbusiness customers. This ties into all the Covid startups and the lack of bankruptcies while stimulus funds were available. The point is: receivables are an investment that needs to be managed with regard to the inherent risks associated with AR.
SmallBusiness Administration loans, or SBA loans , are some of the most complicated loan products out there for smallbusiness owners—but they’re great if you can qualify. . As you might already know, the SmallBusiness Administration does not administer loans themselves.
When you sign a personal guarantee, you authorize the lender to seize any of your personal assets to repay the loan, if business assets aren’t sufficient to cover loan payments. SmallBusiness Administration loans, or SBA loans , are some of the most best loan products out there for smallbusiness owners.
Business credit cards are essential financing tools for both new and established business owners alike. When you’re just beginning, they can be your main financing lifeline and how you build your business credit. And, even when you’re eligible for a smallbusiness loan later on, they’re instrumental for everyday purchases.
No matter what industry you’re in, money is the great unifier among smallbusiness owners. And there are a few things every business owner needs to do in order to manage your money the right way—but nothing’s more important than separating your business and personal finances.
SmallBusiness Administration loans are some of the most complicated loan products out there for smallbusiness owners—but they’re great if you can qualify. As you might already know, the SmallBusiness Administration does not administer loans themselves. Let’s explain how an SBA loan works.
When it comes in the form of a smallbusiness loan , debt can be beneficial to keeping your business functioning and growing. But, as a smallbusiness owner, you’re likely also aware of the bad kind of debt, which can be debilitating to businesses and their individual owners.
The news is full of doom and gloom about the bank crisis and a potential recession, causing many consumers and business owners to fear the future. A bank crisis does, in fact, have impacts on the economy and can particularly affect entrepreneurs and smallbusiness owners.
As a smallbusiness owner, you know that your team is your most important asset. Without key business partners or primary employees, a smallbusiness can suffer serious harm. This is where a particular type of smallbusiness insurance , called key person insurance, can help. . The Hartford.
Choosing a business entity structure for your company is one of the most important—but potentially most confusing—decisions you’ll make as a smallbusiness owner. Unless you’re a lawyer or tax expert, the differences between each type of business entity can be hard to understand in real-life terms.
Growing a smallbusiness is rarely a straight path toward success. A company divestiture, by definition, is one of these kinds of bumps in the road for a business. A company divestiture, by definition, is one of these kinds of bumps in the road for a business. Selling a Business. Bankruptcy.
If your business defaults on this kind of loan, your lender has the right to seize and liquidate the collateral to recover the outstanding amount. If you default on a SmallBusiness Administration (SBA) loan, you’re still responsible for addressing the lender’s loss. Looking for a better way to handle business finances?
If you suspect that your business might need to file for bankruptcy, read on to consider whether your situation fits all of the below criteria. Many banks and alternative lenders require personal guarantees in order to finance newer smallbusinesses—particularly those who aren’t able to put up solid collateral for their financing.
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