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More U.S. businesses filed bankruptcy in 2020 amid the coronavirus pandemic than in any other year since 2009. Energy, retail and consumer services companies filed the largest number of bankruptcies last year: 244. Bankruptcy experts expect the high number of business bankruptcies to continue into early 2021, as more businesses run out of money during the ongoing pandemic. Industries vulnerable…
Financial struggles are incredibly common in businesses, especially in 2020. And many entrepreneurs are overwhelmed by how they resolve these struggles. For some, bankruptcy might be the answer. Depending on your situation, there is a chapter of bankruptcy that works for you and your specific business. You will want to choose the right chapter to maximize your benefits and also…
When most people think of the benefits of working out, their minds go to physical health and fitness. They imagine weight loss, lower blood pressure, longer lifespan and overall better health. However, there are other types of workouts with huge benefits. For a business owner, they may want to consider a financial workout, which is when a company works closely…
Debt collectors are intimidating to most people because they rely on invasive techniques to receive payments or funds from certain customers. For extreme collectors, they may even resort to improper fear tactics to receive the payment they want. And now, the Consumer Financial Protection Bureau (CFPB) allows debt collectors to work through a new avenue to contact consumers, the internet.…
For many entrepreneurs, there is a thin line between your personal finances and your company accounts. However, it begs the question if that means that business debt becomes your personal problem? The answer is complex due to how you structured your business and how you operated the company’s finances. The Business Structure Depending on your structure selection, you may be…
Most business owners rely greatly on their commercial property to host company operations, sell their goods and socialize with their clientele. The property could be the face of the business, similar to the largest corporations like McDonald’s and Target. However, there is a huge fear of losing that property during a bankruptcy filing. No one wants to risk losing their…
For many adults, managing personal finances is already a source of stress. You have to balance income, expenses, vacations and bills all under one single budget. However, it’s more complicated if you are an entrepreneur. As a business owner, you have to deal with your personal finances and manage your business finances at the same time. It requires diligence, precision…
Most consumers have the wrong perception that when a company files for bankruptcy, they are signaling the end of their history. We’ve seen it with huge names recently, such as Neiman Marcus, JcPenny’s and Forever 21. However, some companies show that bankruptcy could be a game-changer in the future of their business. You just need to know how to use…
Due to the events of the last three months, many small businesses are taking drastic action to protect and save their companies. Some owners resort to marketing ploys or shifting to an e-commerce model. While other companies may need more action, possibly restructuring their business model. According to Harvard Business Review, restructuring a company may be the key to protect…
The current global crisis has put all business owners on alert as they navigate the new normal for shopping, communicating and interacting with their customers. Recently, many large-scale companies, like Neiman Marcus and JcPenny’s, are filing for bankruptcy to recover some of the significant losses they have seen over the last period. For small businesses, the impact may be even…