This blog has recently discussed business bankruptcies and it is important for any sized business, including small businesses, to understand bankruptcy protections and relief that may be available to them. Struggling business owners should understand the relief that may be available to them through different bankruptcy options.
If you lie awake at night worrying about money and you are beginning to see your financial troubles affecting nearly every area of your life, you may be ready to make a change. There are only so many ways you can cut back on your budget and so many hours in a day to take on extra work.
Business bankruptcy options are available to help struggling businesses overcome their financial struggles. A total of 9 Sears stores will close throughout Texas as part of the company's announcement that it will file for Chapter 11 reorganization bankruptcy. The company has been experiencing declining sales and increasing debt and will close 142 stores as part of the liquidation process of some of its stores. Changes in the retail landscape, shopping habits and technology have resulted in declining sales for the retailer.
The automatic stay is an important protection during the bankruptcy process and those considering filing for bankruptcy should be familiar with how it works. The automatic stay goes into effect once the filing party has filed for bankruptcy protection and protects them from collection actions during the process.
Reorganization bankruptcy options are available for both businesses and individuals to help both when they find themselves struggling. Texas-based Mattress Firm is reportedly filing for bankruptcy protection that will likely lead to restructuring.