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Posts tagged "Business bankruptcy"

Solvency is an important factor for business bankruptcy

Under the U.S. Bankruptcy Code, insolvency generally means that a person or entity has more debts than it has assets. A visual representation of insolvency would be the financial balance sheet of a New York company that has its value in negative territory. When a private or business entity finds itself operating in the red, it may consider filing for bankruptcy to improve its struggling financial state.

Why is bankruptcy handled by federal courts?

Like many of the laws that currently govern New Yorkers and other Americans throughout the nation, bankruptcy laws are originally based on ideas from British governance. According to the Federal Judicial Center, the first bankruptcy laws and procedures established in this country were set in 1800 and allowed business people to be held accountable for their debts at the request of their creditors. It was not until reforms in 1841 that debtors could file for bankruptcy support themselves.

Tax obligations under Chapter 11 bankruptcy

Filing for bankruptcy as a business can be confusing. New York residents who operate entities may wonder what tax obligations they have while their bankruptcy matters are pending. The Internal Revenue Service provides useful information on how business owners can approach and address their tax requirements under Chapter 11 bankruptcy.

Give your New York business the power to address debt problems

In a short period of time, a New York business can find itself working with a variety of creditors. From banks that loan it money for start-up costs, to credit card companies that give it spending power to outfit it to succeed in its industry, businesses can quickly owe money to a lot of creditors with a lot of different loan terms. If a business struggles to gain a financial foothold, it can find itself facing those creditors all at once when bills start falling into default.

Business bankruptcy filings in New York

The state of New York has four federal bankruptcy courts located within its borders. Those courts represent the north, south, east and west of the state and serve corporate and individual debtors who are compelled to seek bankruptcy protections. Periodically the United States Bankruptcy Courts provide data on filings throughout New York and the rest of the country and this post looks at some recent data provided on business bankruptcy filings right here in the state.

Foreign countries file for business bankruptcy in United States

Some New York readers may be familiar with the legal term "jurisdiction." Jurisdiction has to do with where a legal matter can filed and what court may hear the related matter. Most parties who wish to engage in legal matters must have some connection to the jurisdictions in which they choose to file their bankruptcy or litigation paperwork.

Business bankruptcy is an option to save life's work

The dream of owning one's own business sometimes becomes a reality for hardworking New York residents. From the stresses of funding the start-up to navigating the challenges of marketing and contracts, the toil associated with making a new business succeed can be overwhelming. The immense amount of work that a person puts into his enterprise can intensify his feelings of disappointment when that business begins to fail.

Business bankruptcy raises questions of partnership

Businesses throughout New York open their doors for the first time each day. For some, selling their goods and services within their communities is easy to do. Others struggle to keep their doors open after the excitement of starting up wanes. Many businesses attempt to preserve their existences through bankruptcy and other financial opportunities when their only other option is to close.

Business bankruptcy may affect GM's current troubles

One of the advantages of bankruptcy, whether for a New York business or an individual consumer, is that it generally wipes clean the financial slate for that entity. While it may deplete the entity's resources through debt repayment and asset liquidation, it also usually leaves the entity without creditors hounding it for money. The timing of a bankruptcy filing can affect which claims and debts against the entity are subject to the terms of the bankruptcy court's final order.

Famous New York company files for Chapter 11 protection

New York businesses are not immune from changing technology, consumer demand and the fluctuating economy. Many factors influence how successful a business can be. Sometimes even with the smallest of changes or challenges, businesses can no longer operate in the black.

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