Law Office of Judith A. Descalso Law Office of Judith A. Descalso

October 2016 Archives

Golfsmith business bankruptcy ends in an auction

San Diego residents may remember a recent post here discussed the pending bankruptcy filing of Golfsmith, America's largest golf retailer. The bankruptcy filing apparently became necessary due to a variety of reasons, from the downturn of interest in golf impacting sales to the fact that Golfsmith had nearly $200 million in debt. However, even as Golfsmith prepared to file for bankruptcy, it was obvious that there was a party interested in acquiring the company: Dick's Sporting Goods, America's largest sporting goods retailer.

Debt consolidation versus bankruptcy

When Escondido residents begin to realize that their financial situation is starting to become a major concern in their lives, most will attempt to find a solution to the problem. Financial difficulties can begin for a variety of different reasons, such as job loss, the sudden onset of a medical condition or the steady build-up of debt. In essence, financial challenges can occur suddenly, or they can build over time. When debt is the source of the problem, some Escondido residents will come down to two choices: debt consolidation versus bankruptcy.

Experience can make a difference in a bankruptcy filing

As previous posts here have mentioned, the decision to file for bankruptcy is oftentimes a difficult one for individuals and families in Escondido. Filing for bankruptcy may be the last option for many people, a step only taken after all other possible financial remedies have been considered. Chapter 7 bankruptcy, in particular, can seem like a last-gasp effort to correct severe financial problems.

How do businesses end up filing for bankruptcy? - Part I

In Part I of this two-part series, we began to take a look at some of the reasons why businesses end up filing for bankruptcy. Part I examined two of the most crucial reasons: the failure to adapt and the mistake of expanding too quickly. Here, in Part II of the series, we will look at two more concepts that are commonly tied to a business bankruptcy filing: faulty business practices and problems with ownership.