When a business owner is having trouble making loan payments even after adjusting business economics as much as possible, it may seem like foreclosure is the only option with bankruptcy not far behind.
What can you do when a customer fails to pay his debts? There are two basic scenarios – go to the courts, or don’t go to the courts.
As April 15 nears and you get your taxes ready for the IRS, you may find that in some cases, the new federal tax law doesn’t jibe with state laws which makes filing state and federal taxes less than seamless.
A new poll finds that of all the people in the U.S. with debt, 65 percent say they don’t know when they’ll be out from under the debt. In that group, 25 percent say they’ll still have debt when they die.
In many marriages, one spouse usually handles the bills while the other earns money or takes care of the children. That’s why after a divorce, one spouse could be in for a surprise when it comes to their credit rating.
If you run a successful company, you likely do business with people who have the misfortune of not being as successful as you. In some cases, that means that person owes you money and has declared bankruptcy.
Your business works hard. You, as a creditor, deserve to be paid for your efforts. Sometimes, though, your customers simply don't pay their bills on time. You may be wondering what your debt collection options are, both in and out of the courtroom.
If you are a creditor, one thing that might fill you with worry is if a business that owes you money ends up in bankruptcy, such as Chapter 11 bankruptcy. You may worry about whether the debt will be repaid and whether your rights and interests will be protected during the bankruptcy process. These worries may be particularly strong if the debt you are owed isn’t backed by any collateral (known as unsecured debt).