Category Archives: Bankruptcy

How is the Restaurant Industry Reopening and Moving Forward?

How is the Restaurant Industry Reopening and Moving Forward?

Pandemic-related closures may have forever changed the restaurant industry. Many bars and restaurants are beginning to open their doors once again. The mandated closures of the last few months are now slowly being lifted, as long as safety guidelines are met. Though in most states restaurants can re-open, some restaurants are financially unable to.

Filing Bankruptcy – Should I Open a New Bank Account?

Filing Bankruptcy - Should I Open a New Bank Account?

Should I Open a New Bank Account Prior to Filing Bankruptcy? Prior to filing bankruptcy, a common concern is whether you can keep your bank account open during the process. The answer in most cases is yes. However, if you owe your current bank money, it is generally a good idea to switch to another […]

2020 Brings Bankruptcy Filing for Popular Retailers

Retail Bankruptcy

Retailers face financial uncertainty as many file for bankruptcy. State economies are beginning to re-open, including the return of in-store shopping. The re-opening of stores is a hopeful landmark, but it isn’t an immediate fix to decreased revenue. Some retailers who were on a financial downturn before the pandemic have found themselves facing bankruptcy decisions […]

States Feel Financial Strain too, but can they Claim Bankruptcy?

States Feel Financial Strain too, but can they Claim Bankruptcy?

State governments are feeling the pressures of economic struggles too. Financial stress has closely followed the spread of coronavirus. Closed businesses and rising unemployment numbers are evidence of the strain caused by COVID-19. States are also experiencing similar burdens, with budgets being stretched and expected income at a halt. Unlike businesses and individuals though, states […]

What Mortgage and Rent Relief is Available During COVID-19?

What Mortgage and Rent Relief is Available During COVID-19?

What protections to my home are available during this financial hardship? Many Americans are still under a Stay At Home order, with some worried about financially protecting the home they are in. Fortunately, you may be able to find relief options through the CARES Act, your loan servicer, or a state program. CARES Act Protections […]

Debt Collectors and Your Stimulus Check: What to Know

Debt Collectors and Your Stimulus Check: What to Know

The Economic Income Payments, more commonly known as stimulus checks, are steadily being received by the millions of Americans who qualify. These payments are calculated and issued by the Internal Revenue Service (IRS), as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). These payments provide emergency financial assistance to the many […]

Minnesota Small Business Bankruptcy

Minnesota Small Business Bankruptcy

Business Bankruptcies are on the rise in Minnesota Small businesses have begun to seek financial relief as the pandemic continues. From the federal to state level, programs have been enacted to provide assistance. These programs aim to help small businesses struggling to pay operational expenses due to COVID-19. Several of the programs are offering this […]

Minnesota Coronavirus (COVID-19): Unemployment & The Restaurant Industry

Minnesota Coronavirus (COVID-19): Unemployment & The Restaurant Industry

The affects of the Coronavirus (COVID-19) on Minnesota Unemployment & The Restaurant Industry Governor Walz has extended Minnesota’s Stay at Home Order through May 4th, also extending the closure of dine-in spaces and other entertainment venues. Restaurants, their employees, and the hospitality industry are facing unemployment and revenue loss. From systematic changes in filing for […]

How COVID-19 is Affecting the Economy

Coronavirus Affect on Economy

All industries have been uniquely impacted by COVID-19 and its dramatic change to our everyday. Access to paid sick leave, the ability to work remotely and industry-wide shutdowns have affected different sectors of the workforce. According to MarketWatch, consumer-reliant industries will be the first to feel the hit of the new coronavirus strain. This classification […]