This blog has discussed on previous occasions what small businesses in the Tallahassee area can do should they find themselves facing financial problems.
In a move that may surprise and sadden music lovers in the Tallahassee area, Gibson Brands, Incorporated, famous for making electric and acoustic guitars, has filed for bankruptcy protection under Chapter 11.
Any resident of Tallahassee, Florida, who takes the plunge and tries to start his or her own business should really be applauded for their courage. Starting one's own business takes a lot of skill, planning and, perhaps most of all, hard work and persistence.
As this blog has discussed before, bankruptcy is a great option for Tallahassee, Florida, families who are in dire financial straits. Although it comes with its own share of costs and sacrifices, the end result, if all goes well, is that a family gets a fresh financial start without having to worry about the burden of past debts.
Previous posts here have discussed how individual Tallahassee consumers can get debt relief should they get suddenly overwhelmed by unexpected medical bills or an unforeseen job loss or other sudden drop in income. Family businesses that are generally well-run and profitable can also find themselves in sudden income crises, whether it is due to a change in market conditions or just some other financial decisions beyond the control of the business owner. This is often particularly stressful because a Florida resident may have a lot wrapped up both financially and emotionally in his or her family business.
While it is a great way to get a fresh financial start after running in to monetary trouble, filing for bankruptcy isn't as simple as just completing a piece of paper and then getting excuses from one's debts.
When Tallahassee residents think of filing for bankruptcy, they most likely are thinking of what the law dubs a "Chapter 7" bankruptcy. In other words, the financially struggling family might think of a process in which they go before the bankruptcy court, sell whatever property they have which is not exempt from the bankruptcy if they have any such property, and then get an order relieving them from their debts.
One of the most common complaints we hear from clients is, "The phone won't stop ringing."