Category: Bankruptcy

Reorganize or Liquidate? Choosing the Right Path for Your Missouri Business Bankruptcy

• September 16, 2024
• Kelvin Birk
• Bankruptcy

While no one wants to have to declare bankruptcy for their business, there are times when it is your best option and can be a step toward building success in the future. Regardless of the reason – bad economic times, declining sales, increased competition, or difficulty with employees or clients -- when debts accumulate, bills pile up, and you are under pressure from creditors, it may be time to turn to bankruptcy for a fresh financial start.

If you have gotten to the point where bankruptcy is your best option, there are major decisions to make. There are several ways to declare bankruptcy in Missouri, and you need to determine whether you wish to reorganize your business or l [...]

Chapter 12 vs. Chapter 7 Bankruptcy in Missouri: Which Option is Right for My Farm?

• September 14, 2024
• Kelvin Birk
• Bankruptcy

When dealing with overwhelming debt and the impending closure of your farm, you might consider filing for bankruptcy as a way out. The issue lies in knowing what type of bankruptcy to file.

Two common options for farm owners are Chapter 12 and Chapter 7 bankruptcy. But which one is best for you? This blog breaks down the key differences between the chapters, focusing on their features, benefits, and drawbacks. In the end, you can make an informed decision on which option is suitable for your farm.

If you are dealing with overwhelming debts and considering bankruptcy, our bankruptcy lawyers at Birk Law Firm can help. W [...]

Chapter 11 Bankruptcy for Missouri Farms: Restructuring Your Debt

• September 12, 2024
• Kelvin Birk
• Bankruptcy

Owning and running a farm in Missouri is no easy feat and comes with unique challenges. As a farmer, you’ll likely face financial difficulties from fluctuating commodity prices, high operational costs, and unpredictable weather. These challenges may cause you to sink into debt. But don’t despair; Chapter 11 bankruptcy can be your lifeline.

With it, you can restructure your debt while keeping your farm going. This blog examines how Chapter 11 bankruptcy works and the considerations for Missouri farms. If you need help understanding how Chapter 11 bankruptcy works, contact our attorneys at Birk Law Firm. Call us at 573-332-8585 to schedule a free consultation.

Why c [...]

When Should a Small Business File for Bankruptcy?

• May 16, 2024
• Kelvin Birk
• Bankruptcy

Despite your best efforts, unforeseen challenges such as economic downturns, serious illnesses, or employee and management issues can place your business in a situation where you can no longer meet your financial obligations.  When you have done everything possible to recover and you are still overwhelmed with debt, it may be time for your small business to file for bankruptcy.  Bankruptcy, a legal way to have debts forgiven, may be able to give you and your business the fresh start needed to get it going again. If you successfully complete your bankruptcy plan, you have a good chance of getting on the right track and winding up prof [...]

How Do You Declare a Business Bankruptcy?

• January 22, 2024
• Kelvin Birk
• Bankruptcy

Whether due to declining sales, increased business competition, or difficult economic headwinds, unforeseen circumstances can leave business owners struggling with mounting and unmanageable debt. Creditors may be calling, and banks are pressuring you to repay loans. If this sounds like your situation, it may be time to declare a business bankruptcy. Rather than being a discouraging end to your business, bankruptcy can actually provide a fresh start for you and your family. Whether you dissolve the business altogether or simply restructure its debt, there are multiple bankruptcy options to explore, and an experienced

Can you go to jail for credit card debt?

• March 1, 2022
• Kelvin Birk
• Bankruptcy

Back in the olden days of England there were things called “debtors’ prisons,” but those have long since been done away with in modern times. These days, no one goes to jail for credit card debt. However, credit card debt can cause all kinds of other hardships including stress, financial woes, low credit scores, and roadblocks to getting a home mortgage.

While you can’t be arrested or put in jail for past-due credit card payments, there are a few kinds of debt that could land you behind bars. For example, failure to pay federal taxes or filing fraudulent tax returns could result in going to jail. Or being in contempt of court by refusing to pay large overdue