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Business & Commercial Bankruptcy Archives

creditor committee: an important part of Chapter 11 bankruptcy

Chapter 11 bankruptcy is a legal tool that Tennessee businesses are often able to utilize when their financial hardships force them to take action over their debts. Other forms of bankruptcy exist, but Chapter 11 bankruptcy offers businesses the opportunity to reorganize in an attempt to turn profits and improve their economic positions. Regardless of the form of bankruptcy that a business chooses, when it begins the bankruptcy process it must follow the particular rules established for the type of bankruptcy it intends to pursue.

Reorganization plan must be comprehensive for business bankruptcy

To reorganize something is to change the way in which it is managed or shaped. When it comes to reorganizing a business, this can include changing who is responsible for making decisions about the entity, modifying how the entity's money is invested or used, and augmenting or cutting back on the entity's operational scheme and workforce. With this in mind, Bradley County businesses that choose to use Chapter 11 bankruptcy to deal with their financial woes generally must create and submit plans for reorganization in order to successfully bring themselves out of bankruptcy.

Addressing financial problems through business bankruptcy

Last week this Cleveland bankruptcy law blog looked at how business bankruptcy may offer struggling businesses the opportunity to achieve fresh starts. For some readers it may have provided a wake-up call about the financial health of their own business entities. It can be challenging to admit that one's own business is failing to thrive in its market, but doing so and taking action can be important first steps towards keeping a small or large business's doors open.

Why would I want to undergo business reorganization?

Tennessee residents who open their own small businesses understand the amount of blood, sweat and tears that have to be expended to get their enterprises off of the ground. Starting a business can be a labor of love that expends more time, energy and money than a person could ever contemplate. For these reasons, when a small business begins to struggle financially and is threatened with closing its doors, its owner may begin to search for responsible ways to keep the business's door open.

Tennessee paper company considers bankruptcy

A paper company that is based out of Memphis is facing significant financial challenges. Verso Corp. recently reported that it has lost nearly $300 million just this year and close to $900 million in the last three years. Its recent acquisition of other companies' assets has not stimulated its growth and the entity is also suffering significant losses due to increases in imported paper goods.

Is commercial bankruptcy right for a struggling business?

Tennessee business owners may consider filing for bankruptcy when their businesses fall on difficult financial times. Whether their money troubles are sudden or long-term, different business owners may have different feelings about what is right for their businesses. There are many important considerations that business owners should make before filing for commercial bankruptcy and that may help them decide if bankruptcy is the right path for their businesses.

Business bankruptcy can offer new beginnings

Bankruptcy is often viewed as an end, a process of last resort for people and companies that are drowning in insurmountable debt. However, for individuals and businesses right here in Tennessee and throughout the rest of the country, bankruptcy can actually offer something different: a positive and new beginning.

Firearm manufacturer Colt remains open after business bankruptcy

Tennessee residents are familiar with longtime gun maker Colt. Like many businesses, Colt has had its share of ups and downs over the past several years as the economy recovers from a recession. After accumulating hundreds of millions of dollars in debt, the company has filed for business bankruptcy in an attempt to better position itself in a competitive market. Despite the Chapter 11 filing, the firearm manufacturer has remained open for business and predicts no customer impact.

I plan to file for TN business bankruptcy. How do I start?

Economic troubles have caused many small businesses in Tennessee to lose money. In many case, the debts outnumber the assets. When this happens, business owners may feel as they are sinking, with no way to stay afloat. Business bankruptcy may be on your mind, but before resorting to this, there are some things to do first. With these tips, you may be able to delay bankruptcy or avoid it altogether.

Business bankruptcy for small companies with debt

Many Tennessee residents dream of escaping the corporate world and starting their own business. Nothing, they assume, could be more satisfying that working for yourself. While some entrepreneurs are able to create, grow and maintain successful businesses, the reality is that many fail in the first year. Running a business is a costly endeavor, and coupled with extreme competition, many companies are poised for failure. Bills pile up, and before you know it, you're drowning in debt. Fortunately, there may be a solution for your overwhelming debt.