A broadcaster based in another state recently decided that its dire financial situation required drastic measures. It therefore decided to file for Chapter 11 bankruptcy. Companies in Massachusetts can likewise take advantage of this debt relief remedy if they are in financial holes they cannot seem to climb out of on their own.
David's Bridal, the biggest wedding retailer in the nation -- with locations in Massachusetts -- recently determined that it needed to address its subpar financial situation. It therefore decided to file for Chapter 11 bankruptcy. However, the company does plan to remain in business.
Sometimes, a business's liabilities end up outweighing its assets, thus driving the business owner to file for bankruptcy protection. An important role that you may seek to assume during a company's Chapter 11 bankruptcy process is that of a receiver, or a trustee. Here is a glimpse at what the receivership process involves during a business bankruptcy in Massachusetts.
Many hospitals across the United States, including in Massachusetts, are experiencing financial difficulties in the modern business landscape. As a result, many of them are filing for Chapter 11 bankruptcy. Companies both large and small can take advantage of this type of bankruptcy filing if they are in dire financial straits and need rapid relief.
One of the most iconic brands in the United States, with stores in Massachusetts, Sears recently decided that it needed to make a major move to address its financial situation. It therefore decided to file for Chapter 11 bankruptcy protection. The store plans to keep specific stores open while it negotiates with its creditor and reorganizes its operations.
Mattress Firm, the biggest retailer of mattresses throughout the United States, including Massachusetts, recently determined that its dire financial straits required serious attention. It has thus decided to file for Chapter 11 bankruptcy. The bankruptcy comes as the firm's corporate parent attempts to navigate an accounting-related scandal in addition to dealing with the company's burdensome store footprint.
When a person in Massachusetts first enters the entrepreneurial scene, he or she may have lofty business goals. Later, though, he or she may be in a situation where the company's liabilities outweigh its assets, and the owner is unsure where to turn. Fortunately, filing for Chapter 11 bankruptcy is a viable option for overcoming business debt woes -- and it does not have to mean the death of the business, either.
A health care company in another state recently decided to make a major move to address its monetary issues. It decided to file for Chapter 11 bankruptcy protection. Companies in Massachusetts that are having a hard time staying afloat financially can do so likewise to regain their financial footing.
If you are drowning in large amounts of business debt in Massachusetts, you may not be able to climb out of the hole without taking drastic action. Filing for Chapter 11 bankruptcy protection may be a wise move to help you to break free from your debt. A major benefit of filing for bankruptcy is that you receive a nationwide and immediate injunction against every collection effort made against you, known as an automatic stay. However, there are some exceptions to automatic stays.
A restaurant chain in another state recently determined that it needed to take drastic steps to address its lackluster financial situation. It thus decided to file for Chapter 11 bankruptcy protection. Restaurants and other types of businesses in Massachusetts that are struggling to overcome their debt situations can do the same to get back on the path to financial health.