Business insolvency means that a business has more debts (more liabilities) than its assets. A business is distressed if it cannot generate enough revenue to cover its operating costs. If your business is insolvent, distressed, or both, you may be considering options for liquidation of your business. There are two (2) main business liquidation options [...]
Navigating insolvency and liquidation can be difficult. When a business is going “out of business”, it’s common that its owners have a range of types of debts to resolve, and an equally long list of known and unknown creditors. Negotiating all of these debts, with different creditors, while closing your business, all at the same [...]
Providing Notice That You’re Going Out of Business Closing a business with debts can be daunting. If you’ve decided that you want to, or need to, close your business, giving notice is a major step in the process. While it’s hard to break the news, it’s even harder to lose your business assets in the [...]
Operating a business is hard work. Keeping a business open for the long haul is even harder. According to the U.S. Bureau of Labor Statistics, about 20% of small businesses close within their 1st year of operations. Around 50% of small businesses close by their 5th year of operations. In the end, only 33% of [...]
Most people understand the concept of “bankruptcy,” but aren’t necessarily familiar with bankruptcy alternatives - especially with the concept of an assignment for the benefit of creditors (“ABC”). An ABC is a well-established New Jersey state law alternative to federal bankruptcy. This article will give you an understanding of why ABCs, as far as bankruptcy [...]
Bankruptcy is a big deal. It’s a powerful, complex and, for most people, a very confusing concept. Bankruptcy in New Jersey is especially complex in 2021 due to new laws and regulations related to the pandemic. We’ve created this guide to make it easier for you to understand the most important bankruptcy concepts, from a [...]
