Business Bankruptcy

Avoid These Business Loan Scams

You finally came up with that million-dollar business idea! No more nine-to-five shifts, working for a boss you don’t see eye to eye with. Your idea fits your lifestyle and passions, and you can’t wait to get it up and running. Your business plan is complete, and you’ve located the perfect storefront that’s up for lease. Although you don’t have enough cash reserves to finance this endeavor, that’s okay. The next step on your to-do list is to secure a business loan to get you going.

While this is an exciting step that will make your business dreams a reality, it is important to keep your guard up. Don’t let your emotions get the best of you because people will try to take advantage of your situation. Business loan scams are happening more frequently, so knowing what to look for is essential. Here is a list of business loan scams to avoid.

Idaho Exemptions & Debtor's Exam Process

Bankruptcy attorney Matt Christensen explains debtor's exams and how they happen in Idaho State Courts. He also covers a list of exemptions that would apply to the collection of those judgments here in Idaho.

Below is a transcript of the video, formatted for readability. 

Hi, my name is Matt Christensen. I am a partner here at Johnson May. Today I am discussing debtor's exams, how those happen in state courts in the state of Idaho, and then exemptions that would apply to the collection of those judgments.

4 Pre-Litigation Collection Strategies

When a customer misses payments, it can be a top concern for your business’s profitability. If you need to collect and recover debt, you should explore all resolutions before it escalates to a litigation case. 

You will want to start by identifying the risks and determining if your situation will be successful. For example, what is the debtor’s financial situation? What are their business assets? Sometimes, you can settle disputes before taking them to the courtroom, and therefore, you could save time and litigation costs. 

If you are wondering where to begin, a business lawyer can advise you on the exact steps to take, whether you are in the pre-litigation stage or a legal battle. 

Here are four collection strategies to implement before pursuing a litigation case.

4 Types of Business Bankruptcy (and How to Restructure)

As a business owner, there are very few things more unsettling to consider than shutting down your business or filing bankruptcy. The US Bureau of Labor Statistics (BLS) finds that 20% of new businesses fail during the first two years, 45% during the first five, and 65% during the first 10. Only 25% of new businesses make it to 15 years or older.

These are sobering statistics, to be certain. However, filing for bankruptcy does not necessarily have to spell the end of your business. Similarly, many businesses that do close never pursue bankruptcy. Typically, most businesses that file bankruptcy do so due to overwhelming debt. There is a bright side to all this: some businesses are able to save themselves by renegotiating untenable debt situations and essentially ‘starting fresh.’

Filing Chapter 11 Bankruptcy for Small Businesses

Small business bankruptcy, while certainly no walk in the park, does not necessarily mean the end of the business. For many small business owners, filing for bankruptcy may actually allow for a second chance. Depending upon your circumstances, filing for Chapter 11 bankruptcy may afford you the opportunity to restructure - while your business continues to operate, and ideally, emerge as a viable entity on the other side.
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