Financial Strategies to Employ Until the Economy Improves

The latest report from RealtyTrac concerning foreclosures  says, “The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing [...]

Small Business Owners, Plan to Stay OUT of Bankruptcy

A recent column in Business Week about small business lending examined the role of the personal guarantee. “Given that most business loans are unsecured, a lender has little recourse, when a loan goes sour, beyond the personal guarantee of principals. And if the principals backing a loan are broke, a personal guarantee is virtually useless.” [...]

Personal Loan Guarantees for Business

After forty years of helping small business owners with their financial difficulties, I wish more of them understood how the personal guarantee can send them into bankruptcy. It’s difficult for self-employed people and small business owners to get capital, and the lack of capital is a big part of the reason business owners file for [...]

Chapter 7 Bankruptcy: Businesses & Individuals

The word”bankruptcy” is heard everywhere, from coffee shops to church bazaars and the evening news. It’s clear to me that, despite this general knowledge of bankruptcy, few people understand what it means to file for protection under Chapter 7, Chapter 11 or Chapter 13. Chapter 7 is a liquidating bankruptcy.  It is normally utilized to [...]

Small Business Bankruptcy Basics

My friend and fellow bankruptcy attorney Susanne Robicsek and I recently spoke to a group of local small business owners gathered at Central Piedmont Community College in Charlotte, North Carolina. In this tough economy business owners are wise to acquaint themselves with the legal options they may need to employ if their companies hit the [...]