By Becky Yerak ; Updated April 23, 2024 11:13 am ET | WSJ Pro
Running Your Small Business ; Cash Flow Problems & Bankruptcy ; Business Litigation ; Sales & Marketing ; Self-Employed Consultants & Contractors ; Going Out of Business
Not sure which type of bankruptcy is best for your small business? Learn the pros and cons of Chapter 7 and Chapter 13 bankruptcy.
Key takeaways ; Small business bankruptcies are on the rise, with a 29% increase in Chapter 11 filings in September 2023 compared to September 2022 ; There are several types of business bankruptcies, including Chapter 7, Chapter 11, Chapter 11 subchapter V and Chapter 11 small business case ; Consider alternatives to business bankruptcy, including seeking advice from a credit counselor or financial advisor or getting a debt consolidation loans.
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Twisted Root Burger was a Texas success story, expanding from one casual restaurant in 2006 to 24 sites including restaurants, bars, a brewery and a theater. Now, the company is moving fast in another direction—into bankruptcy. “I’m not gonna open that restaurant at half the revenue,” said co-founder Jason Boso. “I’m gonna walk away from those restaurants. I’m not gonna set myself up for failure.” · More than 500 companies filed for bankruptcy under the small-business bankruptcy rules since February, according to the American B ...
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by Daniel Mikelonis · Daniel Mikelonis is a freelance writer who specializes in business issues. Read more... ; Legally reviewed by Allison DeSantis, J.D. Allison is the Director of Product Counsel at LegalZoom, advising and providing leadership to internal teams on the d... · Read more...
Chicago Bankruptcy Lawyer. Chapter 7 Bankruptcy and Chapter 13 Bankruptcy filings. Chicagoland area. Free Bankruptcy Quote.