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Business & Commercial Bankruptcy Archives

Retailer USA Discounters files Chapter 11 bankruptcy

For many companies in Salem and throughout the rest of the U.S., the difference between financial struggles and solvency can be just a little bit if bad press. Businesses, particularly retailers, rely on their reputations to bring customers through their doors. For many of those companies who’ve suffered from scandal, litigation, and other forms of bad publicity, their tarnished images ultimately lead them to bankruptcy court.

Business bankruptcy and the Chapter 7 means test

Many of the clients that we assist here at the Law Office of Paul Petrillo are small business owners in Salem considering bankruptcy as a form of debt relief. Many are contemplating a Chapter 7 bankruptcy, yet are concerned about passing the means test. The Chapter 7 means test is a guideline set forth by Congress to determine whether or not one could reasonably afford to repay his or her debt. If you run a struggling small business, you may be relieved that to learn that Chapter 7 bankruptcy could still be a viable option for you. In fact, information compiled by the Bankruptcy Data Project shows that 37,188 businesses petitioned for Chapter 7 protection in 2012.

Gunmaker Colt faced with the potential of bankruptcy

Many in Salem may associate bankruptcy with poor financial decisions. This is often true even in cases of commercial bankruptcy. Some may think that unethical money management practices or out-of-control spending led those companies that have filed for bankruptcy into doing so. The fact is, however, that a number of factors go into a business’ financial struggles, many of which are out of their management’s control. Not even those companies that enjoy a renowned name or popularity with the general public are immune to them.

Negotiating debt vs. bankruptcy for struggling businesses

If there's one thing that businesses, both large and small share, it's debt. According to the Federal Reserve Statistical Release for the fourth quarter of 2014, nonfinancial business debt rose to $12 trillion in the U.S. When these debts force companies out of business, there's typically no shortage of creditors lining up to have their accounts settled. This leaves outgoing ownership groups to ponder which course of action is best to settle those debts: offering a debt settlement or filing for bankruptcy.

Negotiating debt vs. bankruptcy for business closing their doors

If there's one thing that businesses both large and small share, it's debt. According to the Federal Reserve Statistical Release for the fourth quarter of 2014, nonfinancial business debt rose to $12 trillion in the U.S. When these debts force companies out of business, there's typically no shortage of creditors lining up to have their accounts settled. This leaves outgoing ownership groups to ponder which course of action is best to settle those debts: offering a debt settlement or filing for bankruptcy.

TiVo buying assets from bankrupt company

New Hampshire residents might be interested to learn that TiVo is set to purchase assets from an online startup company called Aereo. On March 13, TiVo announced that it had received approval from the U.S. Bankruptcy Court in Manhattan to buy Aereo's customer lists, trademarks, patents and hardware.

Business bankruptcy for New Hampshire companies

Public companies, in New Hampshire and elsewhere, sometimes find themselves deeply in debt. When this occurs, the business cannot operate efficiently. It may lose its line of credit or be unable to pay its employees. In these cases, a company has the option of declaring Chapter 7 or Chapter 11 bankruptcy. These are federal laws designed to protect creditors' rights while helping a company to either get back on its feet or close its doors.

Crumbs Bake Shop considering bankruptcy

Getting a cupcake along the East Coast may be harder now that Crumbs is closing. As many New Hampshire residents may know, the cupcake retailer has curtailed operations after it lost its listing on Nasdaq at the beginning of the month.

Maker of audio products files for bankruptcy

Media sources report that an audio company has recently filed for bankruptcy in the U.S. Bankruptcy Court for the District of New Hampshire. Audioplex, a maker of multiroom audio products, is expected to liquidate around $260,000 worth of assets as a result of the filing, including wallplates, volume controls, IR distribution products and speaker selectors.

GM heads back to bankruptcy court to stave off class action suits

New Hampshire residents may have seen General Motors in the news a lot recently due to the company’s courtroom battles. Those who may have been affected by General Motors alleged use of defective ignition switches in some of its cars may soon experience a new hurdle: the auto maker is evidently headed back to bankruptcy court.

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Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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