Your company is struggling. You’re facing financial problems left and right. The competition seems to be surpassing you in every way and you’re not sure you can keep up. Still, you’re passionate about your business and dedicated to your employees. So, what’s the best strategic approach? How can you save your company? If this sounds […]
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In both Chapter 13 and Chapter 7 bankruptcies, there is usually a party who is assigned the role of “bankruptcy trustee.” In this blog post, we’re exploring what this role entails! Any time a person files for bankruptcy, their assets and properties all become a part of the bankruptcy estate. From the time of filing, […]
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A receivership is one method of avoiding bankruptcy for your company. It can sometimes get you back on track to financial prosperity. So what is a receivership? A receivership is the appointment of a receiver. A receiver is a trustee who is appointed to look after a struggling company’s assets and/or business operations. They generally […]
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Attention, everyone! Repossession and charge off are NOT the same thing. Far from it, in fact. And while both can occur when you have a debt in a bankruptcy, that’s just about where the similarities end. Read on to learn more about these two hot topics in bankruptcy. What is a repossession? When you take […]
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Student loan debt is one of the biggest financial issues facing young people today. At Maxwell Dunn PLC, we understand the burden this debt can cause, and the stress that comes along with it. We encourage those with student loans to be proactive in handling them and to get educated on their options. And this […]
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Just like your personal expenses, you should have a budget for your business. It is perhaps even more critical that you know where every dollar is going and what kind of revenue you can expect on a regular basis. Budgeting will help the long-term viability of your company. While the idea of budgeting may seem […]
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Chapter 12 bankruptcy is aimed specifically at family farmers and fishermen, and it allows for a reorganization of debt that makes it easier for people in those fields to maintain their businesses. Recent legislation has been passed through Congress to provide added flexibility as farmers face increasing challenges including lower pricing and long-running trade wars […]
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If you are undergoing bankruptcy, you may hear the terms “charge off” and “repossession” thrown around quite a bit. These are two quite different ways that debts can be handled. It’s important to be familiar with the implications of each. Repossession Sometimes when you take out a loan, you put up collateral, such as your […]
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When a company needs more time to restructure its debts, it generally files Chapter 11 bankruptcy. Inspired by the U.S. bankruptcy code 11, this type of bankruptcy gives you a fresh start as long as you fulfill your obligations under the terms of reorganization. Contrary to popular belief, you can actually file for chapter 11 […]
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A lawsuit filed within a bankruptcy is referred to as an adversary proceeding. The lawsuit could be filed by you, the bankruptcy trustee, or a creditor. An adversary proceeding is a part of your bankruptcy case, but it gets a separate case number. Some bankruptcies are completed without any adversary proceedings, but it’s useful to […]
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