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Business & Commercial Bankruptcy Archives

Chapter 11: an opportunity for struggling businesses to reorganize, revitalize, P.2

Keeping a business afloat is not always an easy matter, particularly when developments in the market change the way consumers shop for goods and services. Businesses that fail to keep up with these changes eventually end up with poor performance and possibly significant financial burdens. This is particularly true for companies that have failed to adapt to the shift toward online retail.

Chapter 11: an opportunity for struggling businesses to reorganize, revitalize, P.1

For businesses and people who own businesses, burdensome debt and faltering income can be challenging in the same way it is for individuals. When a business comes to the end of its financial rope, bankruptcy begins to show up on the radar of possibilities. Fortunately, bankruptcy can provide necessary relief for businesses on the brink of collapse.

Looking at the basics of Chapter 11 bankruptcy, P.2

In our last post, we began looking at some of the basic features of Chapter 11 bankruptcy. In addition to the points mentioned last time, we wanted to look at several additional points about Chapter 11 bankruptcy.

Looking at the basics of Chapter 11 bankruptcy, P.1

In our last post, we mentioned the recent bankruptcy filing associated with paper mills in both Wisconsin Rapids and Stevens Point, and began speaking about some of the general characteristics of Chapter 11 bankruptcy. As we noted, Chapter 11 is most often used in connection with corporations and partnerships.

Paper company’s Chapter 11 filing highlights concerns for industry

Milwaukee readers may have heard the news that the owner of Virginia-based paper company Verso Corp. recently filed for bankruptcy, listing $2.4 billion in debt. The company owns two mills in Wisconsin, one in Stevens Point and the other in Wisconsin Rapids, having acquired them from NewPage about a year ago.

Small business bankruptcy can provide an opportunity for success

When a small business in Wisconsin is struggling, the owners may consider filing for a Chapter 11 bankruptcy. It offers the entity the opportunity of financial reorganization and restructuring of its debts. One of the benefits of a small business bankruptcy is the fact that operations can continue during the reorganization process. After working through detailed financial information provided by the filer, a collaboration between the courts, the creditor and the debtor will format a proposed reorganization plan.

A bankruptcy can lay the foundation for success

For many, the prospect of filing a bankruptcy is filled with trepidation. They worry that it is a sign of irresponsibility or they will be embarrassed to admit to their friends they were forced to file. They may think is means they have failed. In reality, many people in Wisconsin and across the U.S. file for bankruptcy every year, and very few are "failures."

Chapter 11 And Unemployment Benefits

The economic downturn of 2008 had dramatic impacts on the financial stability of individuals and businesses across America. The Neenah Foundry Company was among the businesses impacted. The Foundry began pursuing protection under Chapter 11 of the Bankruptcy Code as well as laying off a portion of its workforce. Under Wisconsin law, the rate of contribution that an employer pays for unemployment insurance increases when adverse events occur that impact the businesses strength.

Is Chapter 11 bankruptcy right for your small business?

Although it is commonly used for larger corporations, Chapter 11 bankruptcy can be a useful tool for small business owners in the right circumstances. Through Chapter 11, you are given a temporary reprieve from all collections actions while you reorganize your business structure and seek out new revenue sources. 

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