A Chapter 7 bankruptcy allows a business owner to get out from under a lot of debt and in most cases, the assets are sold and the business closes. When businesses file under Chapter 7 there is usually no other alternative but it does allow the owner to move on to other things.
There are different kinds of bankruptcies that can be filed, and there are two main ones for businesses. Chapter 11 is one that allows the business to reorganize its debts in a way that they can be paid off, and the business continues and may end up doing fine. Chapter seven is often called a "liquidation" bankruptcy. This happens when the company is beyond a point where a reorganization might help.
You’ll need an estate plan if you want to protect your assets and your loved ones after you’re gone. Proper estate planning is a way of ensuring that you have control over the distribution of your assets.
Do you have an existing estate plan? Chances are you don’t have one. Most people don’t think about estate plan, let alone go out and work with an estate planning law firm, like Mile High Estate Planning, to establish one for themselves. The misconception that estate planning is only for the rich and wealthy is part of the reason why.
There are instances when a small business would need financial assistance. Whether it’s for a much-needed expansion, product research and development, or investing in new equipment, one of the fastest ways to obtain new funds is to apply for a small business loan.
When you are late paying your lenders, debt collectors will come calling. It is a surety, like death and taxes. Fortunately, you do not have to succumb to the high-pressure tactics of debt collectors. Instead, you should pay attention to the Fair Debt Collection Practices Act and flex your rights when the debt collectors won’t leave you alone.
If most people were given only one wish to improve their financial situation, you can bet that it would be something along those lines: I want to get rich and stress-free.
Wealth has become meaningless if it requires extensive and complex management operations and understanding. Unfortunately, for a lot of people, money is synonymous with problems, because only a few adults are equipped with the financial knowledge they need. As a result, fear of money is a common theme among adults of all ages and in all wealth situations. However, extending your understanding and know-how of everyday financial operations and responsibilities can help tackle the fear. The bottom line: Money is a tool that is designed to enhance your life. The more you know how to use that tool, the more you can achieve in a stress-free environment.
When you are diagnosed with cancer, it instantly gives you a sense of perspective. You'll realize that nothing is more important than your health. Still, it's impossible to ignore the need to maintain your financial situation during this difficult period.
It's likely that you'll need to accept some change to your financial status. Still, the following steps can ease the strain on your pocket. Here's all you need to know.
It’s never too early to think about your retirement plans. Even people right out of college should think about how their money choices, saving decisions, and career paths affect their retirement goals. That said, it’s easy for people to fall into traps when it comes to saving for retirement and deciding on plans. To provide some more direction, we’ve listed some of the common retirement mistakes people make, from taking out money too soon to not saving soon enough. We hope that what you see here will provide you with the advice you need for a successful future. Take a look!
While the COVID-19 pandemic indeed caused tons of troubles worldwide, there are things we ought to learn from the current crisis. The pandemic serves as a painful financial eye-opener for most people. The following are just 3 money lessons from COVID-19 we need to remember.
For many teenagers, budgeting is a gradual study. They learn its importance when their parents are strict about giving them the same amount every week or month or simply unable to provide more. Regardless, the process tends to be a drastic eye-opener: they suddenly find themselves out of lunch money, or a few dollars short for the bus ride home. While these learning experiences are valuable, you can teach them about budgeting beforehand, so they don't have to go hungry at school or be stranded at night.
Parents carry the responsibility of teaching children useful life skills, including budgeting. The earlier you start, the higher the chance that your kids will grow to be responsible spenders.
The key is to make the learning process fun. Financial literacy sounds like a serious topic, but you can find ways to make it fun and engaging for young kids and teens. Here are a few ways to make budgeting entertaining.
Saving is key for long-term financial success and stability. Changing times with COVID-19 makes the need to save more important than ever. Whether you are a veteran saver or a younger newbie looking to start a nest egg, look no further than these four simple tips. Your wallet will thank you!