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Category Archives: Bankruptcy – Business
The novel coronavirus continues to spread across the United States. Although shutdowns are not in effect nationwide, many companies are seeing a drop in regular business. Some of these companies recently filed for Chapter 11 bankruptcy. Although individuals can file under this Chapter, Chapter 11 cases are often called business bankruptcies. CEC Entertainment, the parent company of Chuck E. Cheese, recently filed for Chapter 11 bankruptcy. The company also owns Peter Piper Pizza, a separate pizza chain with locations on the West Coast and across the Southwest United States. Other well-known companies are feeling significant financial pressure due to the pandemic. GNC, a nationwide chain that sells health products and nutritional supplements, is also filing for Chapter 11 bankruptcy. The company said it plans to close more than 1,200 of its stores. Other large companies sought bankruptcy protection over the past several months. JCPenney, 24-Hour Fitness, Hertz, Gold’s Gym, J….
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The changing economy can take its toll on businesses of all sizes. Unfortunately, weathering a changing economy can be difficult, especially for small businesses that have little room for error. Some businesses become stuck in debt and the financial stress can seem overwhelming for business owners. Struggling business owners should consider all available legal options for resolving their situation. With the right solution, you can save your business. Chapter 11 bankruptcy is an option to consider. Is Your Business in Trouble? While businesses can correct some difficult financial issues, other types of problems may be more difficult to solve without assistance. If you notice these warning signs, call an experienced Kansas City business bankruptcy attorney. Cash flow crisis Personal assets at risk Large amounts of debt Sales in decline Employee layoffs Can Chapter 11 Bankruptcy Save Your Business? Through Chapter 11 bankruptcy, you can protect your business from creditors. Consider…
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Operating a small business is no minor feat, especially in today’s economy. Many small business owners are already aware that the statistics are not in their favor. According to the Small Business Administration (SBA), the average survival rate of a small business at five years is only 48.2 percent. Debt plays a major role in these numbers. President Donald Trump recently signed the Small Business Reorganization Act. The law simplifies how smaller businesses can use Chapter 11 bankruptcy. Here is a brief overview of what small business owners need to know. What Is the Small Business Reorganization Act? The Small Business Reorganization Act adds a new subchapter to Chapter 11 bankruptcy. This new subchapter makes it easier for small businesses to use Chapter 11 bankruptcy if their liabilities do not exceed $2,725,625. Small business owners will have an easier time retaining ownership and reorganizing under the new law. Under this…
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