When a business is in financial trouble and owes a lot of money to its creditors, bankruptcy may be one option to restructure the business and get ahead of the debt. However, before the business can file for bankruptcy, creditors may initiate a lawsuit to put the business into receivership in order to get their… [Continue Reading]
The Best Way for a Creditor to Collect a Debt
Creditors would generally prefer to be able to collect a debt from a debtor simply by sending the debtor a bill and receiving immediate or gradual payment from the debtor. Unfortunately, not all debtors pay their bills on time, and some do not pay the debt at all. When a debtor defaults on a debt,… [Continue Reading]
Things to Keep in Mind When it Comes to Debt Settlement
It is easy for debt to snowball if you suffer a major financial setback, such as losing a job or being diagnosed with a major illness. Most people in these situations consider filing for bankruptcy in order to get rid of the debt and get a fresh start. However, bankruptcy is not appropriate in every… [Continue Reading]
To File or Not to File Bankruptcy
If your debt is overwhelming and you cannot imagine paying it off without putting at risk your ability to pay for your living expenses (even pared down), then you have probably considered bankruptcy. But for many people, including business owners, bankruptcy may not be the only option or the best option. Bankruptcy may be the best… [Continue Reading]
