Many businesses fall victim to a combination of factors that lead to the necessary decision to file for bankruptcy. However, doing so does not necessarily mean the business completely fails. In certain instances, and with the right attorneys from the Dallas law firm of Ritter Spencer PLLC, a company may emerge from bankruptcy with a stronger and clearer path to lucrative and lasting success. Specifically, filing for bankruptcy allows a business to reorganize its affairs, debts, and assets to reallocate and restructure the company to make it possible for a business to bounce back. Below we’ve outlined some of the most notable businesses to bounce back from bankruptcy and continue to see success today.
No company wants to consider bankruptcy, especially during a situation as tumultuous as the coronavirus outbreak. Unfortunately, bankruptcy is a reality for many businesses. Debts can quickly get out of hand when the economy contracts, especially when it does so broadly and unexpectedly. However, the unique legislative and economic environment surrounding the COVID-19 pandemic is providing small businesses with options designed to help them survive this challenging situation. Work with a commercial bankruptcy attorney like the team at Ritter Spencer PLLC to learn more about how filing for bankruptcy may help small businesses survive an economic downturn.
Many small businesses are asking about the Paycheck Protection Program, which is a large part of the Coronavirus Aid, Relief and Economic Security Act, or the CARES Act, passed by Congress and signed by the President on March 27, 2020. The Paycheck Protection Program will provide loan assistance to small businesses and is designed similar to a grant program to be paid by the government to keep small businesses operating. The Paycheck Protection Program is essentially free money for small businesses to use to stay afloat and prevent mass layoffs as a result of the COVID-19 pandemic.
As we wade through the tumultuous fallout and turmoil from the coronavirus, small businesses face seemingly insurmountable economic burdens. Commercial bankruptcy attorney, David Ritter, explains what the Small Business Reorganization Act of 2019 entails and how it can benefit small businesses in this time of crisis.
Debts build up, cash flow changes, economies rise and fall, and uncertainties increase, and entrepreneurs and business owners may need to reevaluate their financial standing accordingly. However, running into financial trouble does not necessarily mean that a company needs to close shop and declare bankruptcy. Restructuring and reorganization strategies developed by an experienced commercial bankruptcy attorney give business owners more flexibility in finding a solution with their creditors rather than declaring bankruptcy.
As the legality of cannabis products becomes more complex with differing state and federal regulations, the experts at Ritter Spencer PLLC are able to provide insight and guidance on reorganization and bankruptcy proceedings for cannabis companies. David Ritter is thrilled to share his expertise in cannabis law in an exclusive article on The Deal discussing the challenges faced by cannabis companies considering bankruptcy. This article highlights the complicated landscape of cannabis under federal and state laws, which is especially important as businesses in this industry attempt to restructure or file for bankruptcy.
Although bankruptcy can seem like an intimidating subject, business owners can tackle this complex process with help from an experienced commercial bankruptcy attorney. Each chapter of bankruptcy is different and has its own unique requirements, which is why businesses should speak with competent bankruptcy counsel at the first sign of financial trouble to have the best chance of a favorable outcome in court. Ritter Spencer, a Dallas law firm that specializes in Dallas bankruptcy filings, can help your business understand Chapter 11 bankruptcy and determine if it is the right financial move for your company.
Bankruptcy under Chapter 11 of the Bankruptcy Code is designed to give businesses a fresh financial start. However, despite the regularity with which companies file for bankruptcy, confusion still surrounds this legal process. Read below to learn more about what filing for bankruptcy may look like for your business and how a bankruptcy attorney can help your business survive. For businesses based in Texas, you can rely on Dallas commercial business attorney, David Ritter, to develop a bankruptcy plan that meets your business’s needs.
The sooner your business hires a bankruptcy attorney, the better. Smart business owners realize they need a bankruptcy attorney before the storm clouds appear, rather than after the storm has swept through their business. If you wait until the last minute to look into bankruptcy counsel, it might be too late to save your business and your assets. Learn more about why your business should hire a bankruptcy attorney and how these professionals can help your business in the long-run.
What is one of the biggest problems facing cannabis businesses today? What to do with the money. Currently, most banks are reluctant to service cannabis businesses as such activity could threaten the bank’s charter since marijuana remains a Schedule I substance federally. Cannabis banking is certainly a risk for a chartered bank. Cannabis businesses cannot generally use credit cards or electronic funds transfers. Cash, which is fraught with risks, is sometimes the only way to operate.