December 16, 2017

Reorganizing a Small Business’s Finances

I frequently advise clients who own a small business and find themselves  unable to pay either their personal debts, or those of the company. Some of the company’s debts may be personally guaranteed by the individual owner(s). These clients often want to discuss filing a personal bankruptcy in order to deal with their own debts, and also want to file a bankruptcy for their business in order to … [Read more...]

Charlotte Micro Loans to Prevent Bankruptcy

It's a sign of the times that we too often write about helping small business restructure their enterprises or file for bankruptcy protection. When a piece of news comes across that might help small businesses stay afloat, we're happy to write about it as well. Small Business Lending Success This article in the LA Times caught my attention because it highlights small business lending success.  … [Read more...]

Small Business Owners, Plan to Stay OUT of Bankruptcy

A recent column in Business Week about small business lending examined the role of the personal guarantee. "Given that most business loans are unsecured, a lender has little recourse, when a loan goes sour, beyond the personal guarantee of principals. And if the principals backing a loan are broke, a personal guarantee is virtually useless." The article went on to tell prospective borrowers … [Read more...]

Personal Loan Guarantees for Business

After forty years of helping small business owners with their financial difficulties, I wish more of them understood how the personal guarantee can send them into bankruptcy. It's difficult for self-employed people and small business owners to get capital, and the lack of capital is a big part of the reason business owners file for bankruptcy when their businesses stumble or fall -- a vicious … [Read more...]