Some exerpts from the article -
“Many who need it cannot afford it,” added David Nadler of Rothschild & Nadler, also in Cedar Rapids. “It can cost from $1,000 to $3,000 to file.”
Alternatives to bankruptcy, according to Taylor, include out-of-court settlements and reduction of payments. Repayment can sometimes be achieved by selling property or borrowing on property or by locating a new investor.
Bankruptcy lawyer Kevin Ahrenholz said that while his focus is primarily individuals, in the past five years there have been more businesses knocking on the door. These are primarily mom-and-pop companies and businesses with two to three shareholders.
Some small businesses, as an alternative to bankruptcy, simply prefer to close their doors and let the business die a natural death.
Read the full article at The Gazette
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