Author Archives: Jay Butchko
Should Your Business Restructure Your Outstanding Debt?
The creditors are relentlessly calling you and hounding you about overdue bills, and you are working as hard as possible to remedy your distressing financial situation. As a business owner, your job is more than full-time, and you rely on the success of your business to be profitable so you and your employees can… Read More »
Why New Business Owners Should Be Cautious About Early Expansion
When a prospective entrepreneur starts a new business venture, the objective is presumably success and ultimately ample riches from a profitable endeavor. This is possible for some new businesses, but it is only the case for some. The Bureau of Labor Statistics indicates that 22% of new companies do not make it past their… Read More »
Chapter 11 News – The Sackler Act
Purdue Pharma filed for Chapter 11 bankruptcy protection in 2019 due to opioid business liabilities. Purdue had faced thousands of lawsuits from numerous governmental agencies because of alleged harm that opiates like OxyContin caused to communities and thousands of individuals. The Sackler Family The Sackler family, owner of Purdue Pharma, had an estimated $10.8… Read More »
4 Different Types Of Insolvency Businesses May Face
When a business cannot pay back its debt, it may become insolvent. Being insolvent does not mean the end of the responsibilities of the company. Regarding repayment, owners are not at the top of the list. Quite the opposite. The duty of using what assets or cash remain in a company will first be… Read More »
How Does New York Law Describe The Insolvency Of A Business?
Whether monthly, quarterly or annually, bills for goods and services come with a due date that payment must be made. It is essential to pay on time because late payments may come with additional fees and penalties. These extra costs can add up very fast and make what would have once been an affordable… Read More »
5 Tips To Establish Credit Small Businesses
Starting a new business can be an exciting endeavor. Making a business successful takes work and effort, but it is possible. There are many aspects of a flourishing business, including its standing financially. A good credit score can help a business thrive and grow. When your business’s credit is in good standing, you will… Read More »
Subchapter V Bankruptcy Basics
Before Subchapter V of the bankruptcy code was enacted into law, business debtors that needed bankruptcy protection generally had to file under Chapter 7 or Chapter 11. Chapter 7 is a liquidation procedure where business assets are sold to satisfy creditor debt. Chapter 11 is a reorganization attempt where businesses restructure debt in order… Read More »
Bankruptcy May Not Stop Dischargeable Debt From Being Paid
As a creditor, you take a risk when you lend money. A business you may have an account with that is in trouble financially and struggling to pay down debt owed to you is a problem. If they file for bankruptcy and you are one of the categories of debt that is considered dischargeable,… Read More »
Trust Litigation In New York And Trustee Removal
When a trust is created, the assets held within are handled by a named trustee. The trustee is expected to manage the trust to benefit the beneficiaries. But, if a beneficiary believes that the trust has violated their fiduciary duty, then they may decide to take legal action and have the trustee removed. Often… Read More »
How Does Secured Credit Work?
When you take out a loan for money and you put up collateral as a part of that process to be approved, the lender you are working with is considered a secured creditor. The collateral is what secures the line of credit or the loan that you have been approved for. Collateral would be… Read More »