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Posts tagged "Chapter 11"

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.

What happens to a business under Chapter 11 bankruptcy?

Many of the posts on this blog have addressed how New York consumers can approach bankruptcy as a method of finding solid financial footing. While individuals certainly make up a large portion of the cases in bankruptcy courts, businesses also face precarious economic times. While some bankruptcy methods overlap for both consumers and businesses, some are better tailored to one debtor population.

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.

New York shipping company to file for bankruptcy

Sources claim that New York shipping giant Genco Shipping & Trading will file for bankruptcy before the end of this month. The shipping company stocks fell to $1.24 when the bankruptcy news hit. Previously, stocks had traded as high as $80 a share in 2008. The company owns 53 tankers in its fleet and ships commercial goods including soy beans, iron ore, coal and grain.

New York hospital files for Chapter 11 bankruptcy

Economic times in New York have created a difficult environment for many businesses. Despite the hardship, many businesses have been making improvements to help remain competitive in this economy. However, sometimes a business can do everything right and still they are unable to remain viable.

After death of owner, New York business files for bankruptcy

Some businesses rely on a team of people working together to be successful, while others rely on the talent of one individual. When one person is responsible for making a business run the business can have a difficult time succeeding without that individual. In this competitive business environment, even the smallest challenges can spell trouble for New York businesses.

Business bankruptcies down in 2013

The last few years have been difficult ones for many New York residents. The economy has been shaky and jobs have been hard to come by. Many people have been left dealing with a large amount of debt that they just can't seem to pay back. New York businesses have not been immune from the hardships of the so-called Great Recession either. Many have piled up large amounts of debt as they have tried to make ends meet until the economy turned around.

Loehmann's filing for bankruptcy for third and final time

Dealing with financial troubles is not easy on anyone. This is especially true for those who run a business. Competition is high for those going against major companies such as retailers. Keeping up with trends and keeping a constant cash flow can be difficult during tough economical times. When a company is struggling to make ends meet, it might mean it's time to go through business debt negotiations or file for business bankruptcy.

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