Attorney Blogs|Monmouth County|Middlesex County NJ

How Do I Buy Out My Business Partner?

When you go into business with someone, there are bound to be ups and downs. However, in many cases, business partners are able to overcome their differences through compromise and dedication. Unfortunately, in other cases, there are differences that just cannot be overcome. If that is the case for you and you want to keep your business, you may eventually find yourself asking, How can I buy out my business partner? How to Buy Out a Business Partner Inc.com published an article on how to properly dissolve a business partnership. Here are the tips that the piece included regarding ending a business partnership: Check Your Partnership Agreement – When you and your business partner started your business, you may have had a partnership agreement drawn up. If so, your partnership agreement may include a plan for how you two would end your partnership if you ever decided to part ways….
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Can I File for Bankruptcy More Than Once?

Just because you have filed for bankruptcy before does not protect you from financial problems in the future. Whether it is divorce, a medical emergency or you are the victim of fraud, you could find yourself facing the prospect of bankruptcy again. However, is it even possible to file for bankruptcy more than once? Can I File for Bankruptcy Twice? Yes, even if you have filed Chapter 7 or Chapter 13 bankruptcy before and received a discharge, you can file for bankruptcy again in necessary. However, if you file bankruptcy again too soon after your last bankruptcy filing, you will probably not receive a discharge. How Long Do I Have to Wait Before Filing for Bankruptcy Again? If you filed Chapter 7 bankruptcy, to receive a discharge when you file Chapter 7 again, you must wait to file your second Chapter 7 bankruptcy until eight years after your first Chapter…
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Bankruptcy Tips: How Does a Reorganization Plan Help My Business?

Generally, businesses have around 120 days after filing Chapter 11 bankruptcy to complete a bankruptcy reorganization plan, and another 60 days after that to have their plan approved by the court. While businesses are developing a reorganization plan, they are protected by an automatic stay, which protects their company from collection activities, like lawsuits, bank levies, foreclosures and repossessions. In addition, businesses can continue to operate as normal while crafting their reorganization plan, and may be able to defer installment payments, including rent. In some cases, businesses can receive an extension if they need more time to create their plan. Recently, Westinghouse Electric Co., which has filed Chapter 11, requested an additional three months to finish ironing out the details of their reorganization plan. Westinghouse, a nuclear technology firm, does business with over half of the world’s nuclear power plants. As such, the company needs more time to create a…
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