Blog
Month: November 2016
Small Business Survival: The Role of Bankruptcy
Many small business owners in Ohio open their new ventures with high expectations of success. Unfortunately, unforeseen circumstances sometimes lead to financial difficulties that are insurmountable. While small business bankruptcy is an option, deciding which bankruptcy chapter would be the most appropriate filing can be challenging. The first option to consider is liquidation through Chapter 7 bankruptcy. After the sale…
Excessive Interest on Store Credit Cards Can Lead to Bankruptcy
Some consumers in Ohio have accumulated mountains of debts on store credit cards, and with the holiday shopping season coming up, there will once again be many tempting offers. Signing up for these credit cards typically includes irresistible rewards, and the marketers advertise the benefits in bright lights but never mention the negative aspects of the offers. Many a bankruptcy…
Can Anybody File for Chapter 7 Bankruptcy?
Although the intention of the U.S. Bankruptcy Code is to give consumers in Ohio and other states the opportunity to regain financial stability, it also wants to make sure that those who can pay at least some debts do not get them all discharged. That is the difference between Chapter 7 and Chapter 13 bankruptcies. Chapter 7 calls for liquidation of…
Steps Can Be Taken to Avoid Bankruptcy by Reducing Business Debt
Entrepreneurs in Ohio who established small businesses with great intentions and high hopes of success will naturally be devastated if financial difficulties become overwhelming. While their first inclination may be to file for bankruptcy to eliminate business debt, it may be best to first consider other available options. Important decisions are always better made once all the relative information is…