Board Certified Specialist in Bankruptcy
While Chapter 11 bankruptcy is not as frequently employed as Chapters 7 and 13 it is appropriate in some circumstances. This post, along with the first part in the series, will answer many frequently-asked questions about Chapter 11. Q: What questions does Mitchell & Culp, PLLC ask a prospective Chapter 11 client to determine whether they should “collapse the company” or restructure in … [Read more...]
Chapter 11 bankruptcy cases by large corporations like bookseller Borders make the news more frequently than smaller companies using Chapter 11, leaving some business owners wondering whether Chapter 11 is an option for them.Chapter 11 is not as straightforward to explain as Chapter 7 or Chapter 13, so we designed this FAQ: Q: How "big" does the owner's business have to be to even consider … [Read more...]
A recent economic report focused on the outlook for small businesses. It highlighted several sectors that are important in the Charlotte region. ...cost and pricing pressures will need to be managed differently depending upon which industry a small business operates. Summarizing these differences for several key industries:The construction industry will face higher costs combined with lower … [Read more...]
We have seen how sloppy and aggressive foreclosure processes have taken a toll on homeowners, neighborhoods and the economy in general. Last week's news of a House panel examining lapses and gaps in mortgage servicing regulation caught my attention, but I don't expect a speedy resolution. State attorneys general and the Justice Department are advanced talks with JPMorgan Chase & Co. … [Read more...]
Does Your Business Need Money? Connect with lenders, investors, resources and business contacts. One-On-One Meetings with 25+ Funding Sources Small Business Resource Expo Preparing to Access Capital Workshops - putting together your funding proposal - learning the language of funding sources - managing your customer base with your bottom line in mind - understanding equity financing and … [Read more...]
A recent story in Inc. Magazine dished out some useful advice for small business owners struggling to make payroll.Notify your employees Find methods of financing Utilize available resources Avoid staggering the payroll Pay tipped employees what they're owed Restructure your businessWhat the article failed to recommend was a counseling session with a qualified bankruptcy … [Read more...]
Many of our bankruptcy clients who are homeowners have been in contact with their mortgage company in an effort to modify their mortgages and keep their home. Most of them are behind on their mortgage payments either because of a trial modification at a reduced monthly payment, or because they simply cannot timely pay their entire regular monthly payment.In either situation, after a bankruptcy … [Read more...]
This article in the NYT on professional athletes and money reminded to mention that the legal protection of bankruptcy is not only for those who have lost their jobs and are at risk of living on the streets. A budget with more zeros We have had some professional athlete clients over the years. In some ways, their problems are like everyone else’s, just more zeros, but in other ways, they can … [Read more...]
Dealing with Charlotte small business owners with financial difficulties, I see every day how shrewd money management would have helped them stay afloat. This goes beyond looking for discounts and going without.A recent article in Inc. magazine talked about some techniques that used to be available only to large companies that have become affordable for some smaller companies. The article … [Read more...]
Sure, your commercial bank is FDIC insured. Does that give you any peace of mind when you're trying to renegotiate your loan or line of credit?It shouldn't. We are aware from our clients that when the FDIC becomes involved, it’s ever so much more difficult – if not impossible – to get anywhere on a forbearance, modification, refinance, or other issues affecting commercial … [Read more...]