For many years, the Great Atlantic & Pacific Tea Co. was one of the largest and most easily recognized grocery chains in the nation. More commonly known as the A&P, the company has been through some difficult times recently and may now be up for sale. The company filed for Chapter 11 bankruptcy protection in 2010 and has made progress in paying off its debts while remaining in operation. In fact, it is estimated that the company is now worth upwards of $1 billion following its emergence from Chapter 11. Chapter 11 bankruptcy allows a company to reorganize its business and reduce its debts while remaining in operation. Recently, in many areas of business, the downturn in the economy and the growth of competitors offering goods at discount prices has taken its toll. In many cases, a business may elect to go into Chapter 11 bankruptcy in order to get…
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How much do we know about bankruptcy? We see television commercials and hear about famous people that have filed from the tabloids and it’s just human nature to make assumptions made when it comes to bankruptcy that just are not true. Cause Many people have never experienced severe financial hardship. Many believe that individuals who file for bankruptcy are just irresponsible when it comes to managing their money. This is not true. Many bankruptcies are a result of medical costs such as an unforeseen long-term illness that can have a devastating effect of a family’s finances. Other times individuals may be overwhelmed with legal costs associated with divorce or a wrongful conviction. Many times bankruptcy is just a result of an individual experiencing an unforeseen event in their life. Effect Think bankruptcy will remove any and all debts? Not so fast. If you have past child support payments before the…
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If you’re in financial trouble and have run up what seems to be insurmountable debts, bankruptcy may be the only reasonable option you have. As a small business owner, you’ll have to choose between different bankruptcy options, namely Chapter 7, Chapter 11, and Chapter 13. What option would be a good choice for you and would truly allow you to start over again, in the best possible way? The kind of bankruptcy that would help you most depends on your particular circumstances. There isn’t a one-size-fits-all answer. When making your determination, consider the following factors. Type of Business Entity If you have a sole proprietorship, then you could choose Chapter 7, 11, or 13. Filing for Chapter 7 bankruptcy wouldn’t allow you to continue running your business; Chapters 11 or 13 would allow you to restructure and repay your debts while continuing your business. In general, individuals operating as sole…
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*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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