Debunking Small Business Bankruptcy Myths

Are you a small business owner in financial distress?  Individuals burdened by debt have the option of wiping the slate clean and starting fresh.  It’s a process that’s entirely legal, and it’s available to almost anyone who needs it.  I’m talking, of course, about bankruptcy.

Bankruptcy helps people avoid the kind of permanent discouragement that can prevent them from ever reestablishing themselves as hard-working members of society.

If you’re in financial distress, you may think bankruptcy is The Answer.  However, bankruptcy cannot cure every financial problem.  There are certain things bankruptcy can do, and many things it cannot.

For example, it’s usually not possible to get rid of certain rights of secured creditors.  Although a debtor can force secured creditors to take payments over time in the bankruptcy process, a debtor generally cannot keep the collateral unless the debtor continues to pay the debt.

You won’t be able discharge debts that are incurred after bankruptcy has been filed.

Also, don’t assume that bankruptcy will allow you to discharge debts singled out by the federal bankruptcy statutes for special treatment, such as child support, alimony, some student loans, criminal fines, certain court-ordered payments, and some taxes.

Consider cosigners, too.  Bankruptcy may not protect all cosigners on their debts.  If a relative or friend co-signed a loan which the debtor discharged in bankruptcy, the cosigner may still be obligated to prepay the loan.

However, bankruptcy may make it possible for the financially distressed individual to discharge liability for most or all of their debts.  Once the debt is discharged, the debtor has no further legal obligation to pay the debt.  Bankruptcy can also stop the repossession of a car or other property, or force the creditor to return property even after it has been repossessed.  You may be able to stop foreclosure actions on your home and allow you to catch up on missed payments.

Additionally, bankruptcy may reduce your monthly payments on debts, and stop wage garnishment and other debt collection harassment.

Utilities terminated?  Bankruptcy may help you restore them.

Bankruptcy also gives debtors an opportunity to challenge the claims of certain creditors who have committed fraud or who are otherwise seeking to collect more than they are legally entitled to.

What I’ve provided here is just a brief overview of what bankruptcy can and cannot do.  Before considering this course of action, I strongly suggest that you seek the advice and assistance of an attorney specializing in bankruptcy law.

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Regards,

Salim

Larry Sternbach of the Monmouth County Division of Workforce Development Speaks at “Business Breakthroughs” Breakfast

Larry Sternbach addresses the group about services the county offers for employers.

Last fall, The Omar Group launched an exciting breakfast event to bring Monmouth County business owners together to meet like-minded entrepreneurs interested in proven strategies to grow their business in 2013 and beyond.   Formerly known as “Grow Your Business Over Breakfast”, the event underwent a name change to the “Business Breakthroughs Monthly Breakfast”.  At each breakfast, an expert speaker presents on a topic such as increasing profits, hiring and recruiting a top-notch staff, and attracting quality customers without breaking the bank.

Salim’s daughter Sana joined him for this month’s breakfast.

The most recent breakfast took place on June 25, 2013 at the Middletown Pancake House. Salim opened the breakfast with a brief introduction and invited guests to share a little about themselves and their businesses.

The speaker this month was Larry Sternbach. Larry works for the Monmouth County Division of Workforce Development. He spoke about different services both Monmouth County and the State of New Jersey offer for employers and job seekers.

Larry and Salim stop to pose for a quick picture during breakfast.

In the spirit of Fourth of July, we celebrated both our country’s freedom and business freedom. Special Fourth of July cookies were given out to help kick off the celebration.

Please join us next month! The Business Breakthroughs monthly breakfast will take place on July 24, 2013 at the Middletown Pancake House from 8-9:00 AM. $10 fee includes breakfast.  Space is limited, so place register here.

We look forward to seeing you!

Guests enjoy a delicious breakfast during Larry’s presentation.

No Such Thing as a Wasted Break for Small Business Owners

Our lives, both personally and professionally, can be filled with both positive excitement and stress.  If you’re a small business owner, you’re probably experiencing a lot of both.

You dreamed of and worked hard to own your own business, but perhaps you’re experiencing unexpected levels of pressure as an entrepreneur.

One of the best ways to relieve stress throughout the work day is to give yourself several small physical and/or mental breaks.  It’s easy to dismiss a micro-mini R&R session as wasted time, but it’s actually a savvy strategy for keeping yourself fully charged and functioning at your best.

Here are two simple and effective things you can do during a quick break from which you’ll reap great benefits.  (I promise.  Just be willing to give them a chance.):

MOVE!

–        Take a ten-minute stroll outdoors

–        Do you work from home?  Grab your bike and take a 10 or 20 minute ride.

–        Stand up and stretch.  It may seem obvious, but it works wonders.

BREATHE!

Sit or stand in a relaxed position.  Slowly inhale through your nose, counting to five in your head.  Let the air out from your mouth, counting to eight in your head as your breath leaves your lungs.  Repeat several times.  That’s it!

There’s no end to the many ways you can recharge during a brief pause.  But if you’re pinched for time, remember – moving and breathing can be done anywhere, for any amount of time.

For those of you whose small businesses are in New Jersey, you’ll find a wealth of valuable information in my book Straight Talk About Small Business Success in New Jersey: How to Maximize the Growth, Cash Flow, and Profitability of Your Small Business.

Until next time,

Salim

Nika Stewart of GhostTweeting.com Speaks at “Business Breakthroughs” Breakfast, and Happy Birthday Salim!

Attendees of the May 2013 Business Breakthroughs breakfast listen to guest speaker Nika Stewart of GhostTweeting.com.

Last October, The Omar Group launched an exciting breakfast event to bring Monmouth County business owners together to meet like-minded entrepreneurs interested in proven strategies to grow their business in 2013 and beyond.   Formerly known as “Grow Your Business Over Breakfast”, the event underwent a name change to the “Business Breakthroughs Monthly Breakfast”.  At each breakfast, an expert speaker presents on a topic such as increasing profits, hiring and recruiting a top-notch staff, and attracting quality customers without breaking the bank. Our May breakfast featured co-founder and CEO of www.GhostTweeting.com, Nika Stewart.  Stewart is a social media expert who manages the social media presence for a diverse clientele.  She spoke about using social media to improve your company’s brand image.

Happy Birthday to Salim and our guest speaker Nika Stewart of GhostTweeting.com!

May is the birthday month for both Nika and Salim, so attendees enjoyed a birthday theme breakfast and a delicious piece of cake.  But you could say they “sang for their supper” (or breakfast, as the case may be. Happy Birthday to you…

Please join us for our next monthly breakfast at the Middletown Pancake House on Route 35 in Middletown, NJ.  The date will be posted shortly and you’ll be able to pre-register at http://www.growmonmouthbusiness.com. Cost is $10.00 per person and includes breakfast. We look forward to seeing you!

Attendees of the May 2013 Business Breakthroughs breakfast.

Salim Omar enjoys his birthday with attendees of the Business Breakthroughs monthly breakfast in Middletown, New Jersey.