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March 2015 Archives

What to know before using Chapter 11 for business bankruptcy

Many Tennessee businesses flourish while others, for some reason, fail to generate enough revenue to survive. When this happens, entrepreneurs can generally choose from three main types of bankruptcy: Chapter 7, 11 and 13. Each has its pros and cons, but many experts believe that Chapter 11 should be a last resort - after other strategies have failed. Learn more about why companies should hold off on using Chapter 11 as a business bankruptcy.

Using bankruptcy for tax relief

Many Tennessee residents may have debt problems caused by excessive credit card usage. Others have debt issues caused by unpaid taxes. Perhaps they owe income taxes to the IRS and are unable to pay them. They may have abandoned a property and now owe taxes on it. Divorce and other family issues may have caused them to overlook their tax debts. Whatever the situation, we have options to help bring you the tax debt relief you need.

The emotional aspect of bankruptcy: how to deal

Nobody gets excited about the thought of filing for bankruptcy, but in many situations, it's the only way to get out of a financial mess. Many Tennesseans are afraid of bankruptcy, however, because of their pride. To many people, money is their identity. Without it, they have no self-esteem and view themselves negatively. They are afraid that others will view them negatively as well if they file for bankruptcy, since a lack of money often connotes irresponsibility. Bankruptcy is an emotional undertaking, but by understanding the changes that need to be made, those in debt can experience a fresh start, learn from their situation, and ease the stressors affiliated with overwhelming debt.

Christian store chain files for business bankruptcy

Sometimes businesses grow quickly and experience phenomenal business results for a long time, and then start to lose money and customers as other companies pop up. Unfortunately, even a higher power couldn't save popular religious chain Family Christian Stores from filing for Chapter 11 bankruptcy. The company, which has stores in Tennessee and 35 other states, experienced a major decrease in cash flow starting six years ago, after the recession hit.