This past year has not been easy on anyone in the business world. In particular, restaurants are facing some of the largest financial challenges, with difficulty paying rent, bills or suppliers, all while continuing to serve customers with a reduction in profits. When...
Chapter 11 Bankruptcy
Five steps you must take in Chapter 11 bankruptcy
When business owners decide to file Chapter 11 bankruptcy, they suddenly have a lot on their plate. After all, pursuing debt relief on top of running a business can be complex. It is often beneficial to speak with a lawyer to understand all of the steps required of...
The benefits of a debt workout rather than bankruptcy
When faced with debts you can’t pay, bankruptcy often seems like the only course of action. To be sure, bankruptcy is an excellent option to help you get out from under the crushing weight of debt. But there are other options.One is a mutually negotiated debt...
Who has to pay off the debts after a divorce?
Discussing debt is one of the more tense aspects of a divorce. Who pays off which debt? If there are any assets, which ones offset the debt?New Mexico is a community property state. This means each partner keeps what they brought into the marriage whether it’s...
David’s Bridal files bankruptcy
Much to the chagrin of brides across the country, renowned bridal gown chain David's Bridal recently filed for Chapter 11 bankruptcy protection on November 19, 2018. The company missed a large debt interest payment back in October, and announced the prospective...
Mattress Firm files for Chapter 11 bankruptcy
Nationwide mattress retailer Mattress Firm recently filed for Chapter 11 bankruptcy. The filing comes amidst dwindling profits and increased competition from online start-up companies like Casper, Leesa, Saavta and Nectar. As part of the bankruptcy restructuring, the...
Despite Lampert’s efforts, Sears files for Chapter 11
On October 15, after more than 130 years in business, former retail giant Sears filed for Chapter 11 bankruptcy protection in the face of mounting debt and shrinking profits. In a post earlier this month, we discussed now-former CEO Eddie Lampert’s plan of...
Westmoreland Coal Co. files for bankruptcy
Westmoreland Coal Co., one of the oldest coal companies in America, filed for Chapter 11 bankruptcy this week to deal with mounting debt payments and a worldwide drop in demand. Westmoreland reportedly has $1.4 billion in debt (compared to $770 million in registered...
Toys R Us bankruptcy continues to unfold with severance package
Thousands of workers laid off when toy retailer Toys R Us filed for Chapter 11 bankruptcy might soon be receiving severance payments. The multimillion-dollar severance package, funded by two of the three equity firms that purchased the company in a 2005 leveraged...
Sears CEO suggests plan to avoid bankruptcy
The CEO of Sears, a well-known department store chain with a long history in New Mexico and across the country, recently revealed a plan to hopefully help the company avoid a bankruptcy filing. The plan involves leveraging assets including real estate and inventory,...
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