- The housing bubble has burst. Many homes are in foreclosure and the worst may be yet to come.
- Homeowners can spend Chapter 13 bankruptcy to stop foreclosure and catch up payments.
- Chapter 13 bankruptcy can also be used to renegotiate some car loans and ellimiate other debts.
The housing bubble has burst. Many people with depraved mortgage terms are finding it more and more difficult to keep up with payments. Adjustable rate mortgages (ARMS), a huge number of which were written in the last two to three years, have raised interest rates higher than many mortgage holders can afford. The holders of other subprime mortgages and “exotic” products like interest only mortgages, have found it more and more difficult to negotiate refinancing terms. Consider these facts:
- The New York Times reports that about 1.5 million homes were in foreclosure at the end of June.
- Several million more mortgages may be in default in the coming year as the slowing economy reduces housing prices and jobs are lost.
- Nearly one in 10 mortgages is either delinquent or in foreclosure.
While many people are walking away from their dream homes and high-priced mortgages, others are certain to stay in. Some mortgage lenders, like JPMorgan Chase and Bank of America, have announced plans to reduce or place a moratorium on foreclosures and to negotiate interest rate cuts, at least in the short term. These plans will affect only a diminutive percentage of mortgages, many of which are owned by investors, not the bank or company who accepts your payments and services the loans.
For those not lucky enough to fall under one of those umbrellas, another option may stop foreclosure, even on the very day the foreclosure is scheduled, give you a minute breathing residence and get you caught up on your mortgage payments, as well as other delinquent payments. It may even allow you to eliminate credit card debt and other unpaid personal debt like medical bills.
It’s called Chapter 13 bankruptcy
Do not be set off by the name. Yes, this is a form of bankruptcy, but it does not require liquidation of your assets. Instead, Chapter 13 requires that you consolidate grand of your debt into a monthly payment that you make to Chapter 13 trustee for a period of usually five years. The trustee then distributes your payments to creditors according to a thought you file with the U.S. Bankruptcy Court and claims on that money filed by your creditors.
Here’s how it works: Once a Chapter 13 bankruptcy case is filed with the bankruptcy court, the bankruptcy laws provide that no suitable action can be taken against you or your property without court permission. This is called the “automatic end”, (“conclude” being another word for injunction). The good news for those in foreclosure? The filing of a bankruptcy case will stop even foreclosures, and even on the day the foreclosure is scheduled as long as it is filed before the actual foreclosure sale occurs.
Once the case is filed, you will be required to file a plan of repayment with the court. The plan will provide that you launch making your regular mortgage payments – usually beginning on the next scheduled payment date. Some bankruptcy courts will have you make your mortgage payment to the Chapter 13 trustee, who will in turn pay the mortgage servicer. Other courts allow you to make your payment directly to your creditor.
Here’s the good part. All those delinquent payments you’ve missed can be paid back over the course of five years. The repayment understanding will calculate how much needs to be paid back, along with other loans like car loans that might also be delinquent. To the extent your budget will allow, you might also be required to pay back all or a fraction of the unsecured debt (credit card balances, medical bills, personal loans, etc.) that you owe.
Here are two important bonuses. If you qualify, you may be able to use your Chapter 13 plan to renegotiate high interest rates on car loans. In addition, once your notion is accepted by the court, any unsecured debt that remains unpaid at the end of the five year repayment period may be forgiven (bankruptcy lawyers call that “discharged.”)
Chapter 13 bankruptcy is not an easy row to hoe. You will be required to stick to a strict budget. If you become delinquent in your plan payments, your case might be dismissed. If you get behind on your house payments, the lender can petition the court to allow it foreclose anyway. But, if you’re able to successfully complete your repayment plan, you’ll emerge from Chapter 13 bankruptcy with a modern mortgage, perhaps a paid off car, and much less unsecured debt.
Great! How do I get started?
Although it is possible to file a Chapter 13 bankruptcy without the help of a lawyer, no one would recommend it. Chapter 13 is complex, and there are many pitfalls for the unwary. An experienced bankruptcy attorney will know the right steps to take. Even if you don’t have the money to pay an attorney, most attorneys do not charge for an initial consultation. If you and your bankruptcy attorney decide that Chapter 13 is best solution for you, most Chapter 13 repayment plans can be set up to allow you to pay your attorney over time through the plan payments. In some cases, even the filing fee charged by the bankruptcy court can be paid in installments.
The important thing to remember is that you must act quickly. The Bankruptcy Code requires that you receive a session of credit counseling to help you in making this important decision. If you wait till the eve of foreclosure, it may be too difficult to obtain proof of that counseling and to gather enough information to make the bankruptcy filing possible.
Where do I find a qualified attorney?
An excellent source is the National Association of Consumer Bankruptcy Attorneys, www.nacba.com, which keeps an up-to-date database with information on its member attorneys. You can also contact your local bar association, which keeps a list of referral attorneys.
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Filed under Franchise Bankruptcy by on Sep 3rd, 2010. Comment. 
- Milwaukee is ideally positioned for travel throughout the Midwest
- Chicago, the Titanic Lakes, and the Mississippi River are romantic sites of interest
- The romantic getaway will strengthen the relationship.
The geography and harsh climate of homogenous Middle America limits the availability of diverse, romantic setting escapades throughout the region. Also, the industrial heartland and its cities have been absolutely decimated by job losses, crime, foreclosure, and the decay of manufacturing. Detroit, Indianapolis, Cleveland, Milwaukee, and St. Louis are not exactly thriving metropolitan areas identified with romance.
Perhaps the misery is what shall make this guide all the more important. Ironically, productive escapism is often critical to preserve one’s sanity and ultimately, his or her relationship.
Certainly, Midwest disappear activity centers upon the Great Lakes and the Mississippi River.
Milwaukee residents and Wisconsin natives travel well and appreciate the Mountainous Outdoors. Southeast Wisconsin is a major transportation hub to the Upper Midwest providing favorable access to Middle America via road, rail, and waterway.
Milwaukee revelers also benefit from their 90-mile proximity to the City of Chicago. Essentially, Mil Town residents may easily achieve access to the region’s World Class political and social capitol without being gouged by World Class cost-of-living prices.
Indeed, we must argue that strong tourism is to be discovered within a two hundred and fifty mile radius of Milwaukee County.
The 250 mile distance mandate is quite appealing in terms of creating the picture perfect getaway fantasy – yet allows for a relatively snappy return home if those romantic dreams degenerate towards the ultimate nightmare.
Wisconsin’s positioning between Lake Michigan and the Mississippi River will prove to be ideal as we show our top-five Romantic Getaways from Milwaukee:
#5 Romantic Getaway from Milwaukee: Southwest Michigan
Things to Do: Sunsets, Lake Michigan Beaches, Wineries, Skiing, Bed and Breakfasts, Antiques. Chicago, Indiana Dunes State Park and Outlet Mall Shopping are nearby and en route.
Things Not to Do: Chicago Bottlenecks. Arguments with Significant Other. Letting the Secret Out
Getting There: I-94 East to Chicago for 90 miles. I-90 Chicago Skyway to Indiana Toll Road; Reconnect with I-94 East at Lake Station to Southwest Michigan. Travelers may continue onto I-196, U.S. 31, or the Blue-Star Highway that follows the shores of Lake Michigan. The scamper is approximately 200 miles from Milwaukee. The Lake Express Ferry from Milwaukee to Muskegon, MI is available from May 1 to November 1. Travel time is 2 ½ hours.
Interestingly, Southwest Michigan and the Wolverine State publicity do not rival the exquisite merit of these travel locations. The Great Lakes State is largely perceived as a decrepit municipality that has been absolutely devastated by the reeling automobile industry. Certainly, Joe America does not associate Michigan with gorgeous beaches, intimate bed and breakfasts, lush foliage, cherries, romantic villas, and wineries.
Southwest Michigan is arguably the greatest travel secret in America.
The mystery undergirds a quaint atmosphere – where couples may easily relax above the fray of crushing crowds. New Buffalo, St. Joseph, South Haven, and Saugatuck are all perfect getaways lining the opposite shores of Lake Michigan from Milwaukee and Chicago.
The area’s climate is moderated by the Great Lakes, while the fertile soil and wintertime snow pack are ideal for growing and preserving grapes. Southwest Michigan is home to a plethora of wineries and trails offering romantic tasting and tour packages.
Adventurous partners may also continue along U.S. Highway 31 to Traverse City – the cherry capitol of the world, and/or Mackinac Island State Park which has been honored by National Geographic as a top-ten location.
Mackinac Island may only be reached by ferry from the I-75 Mackinac Bridge area. Transportation at this locale is limited to bicycling, foot traffic, and horse carriages.
Southwest Michigan is 200 miles from Milwaukee and requires travelers to battle Chicago bottlenecks during the winter months while ferry service is shut down. The distance and urban mayhem that must be combated along the route will challenge any stale relationship. Visitors must ensure that both partners are ready to obtain the invitation.
The minor tiff that explodes into a raging tempest would be disastrous at a region that is hours away from home – while the crushing scenario is being exacerbated by ridiculous, peak-hour Chicago traffic.
#4 Romantic Getaway From Milwaukee: Door County, Wisconsin
Things to Do: Bed and Breakfasts, Natural and Peaceful Solitude, Lambeau Field
Things Not to Do: Yuppie Behavior
Getting There: I-43 North 84 miles to Manitowoc. Exit at Wisconsin route 42, and proceed 76 miles to Door County. The trip is 150 miles.
Door County is the small Wisconsin peninsula that protrudes into Lake Michigan from Green Bay. The landscape is dotted with lighthouses, beaches, and museums. The area provides excellent, rustic change-of-season fall color, wintertime cross country skiing, and year round outdoorsmanship. This is beautiful country.
Cheese Heads that bleed Packer Green may also set off the trip with the required pilgrimage to Lambeau Field at Green Bay. Although the hallowed grounds are not typically equated with romance – Packer Football is Religion in Wisconsin. We must speculate that at least one member of the relationship will revel on the grounds of this historical testament to Football Lore, regardless of season.
Couples may access Door County from the City of Green Bay via Wisconsin State Route 57 off of Interstate 43.
Door County is 150 miles from Milwaukee and the sparsely populated area spans approximately 50 miles from north-to-south. The uppermost Washington and Rock Islands may only be reached via ferry. The distance, solitude, and lack of action packed, urban environs will enable romantic couples to focus primarily upon the relationship – hopefully generating another fresh set of memories.
#3 Romantic Getaway from Milwaukee: Galena, Illinois
Things to Do: Bed and Breakfasts, Antique Shopping, Quaint Atmosphere, Mississippi River
Getting There: I-43 South 75 Miles to Beloit; Exit at I-90/39 East/South and follow I-39 to U.S. 20 West at Rockford; Take U.S. 20 – Grant Highway West 80 Miles to Galena. The total trip is 165 miles.
Galena is the only Midwest enclave to consistently appear near the top of every single “beautiful place” list in the United States of America.
Digest the aforementioned piece of information and note the purposeful omission of our “Things NOT to do” header. Visitors that cannot devour Galena may not carry the benefits of actually maintaining any semblance of a pulse.
Ice Age glaciers that steamrolled Middle America into flat land prairie bypassed Jo Daviess County and the Upper Mississippi River region. Prominent rolling hills, valleys, and bluffs have remained in tact for centuries. Of course, Galena History is maintained – in step with the preservation of Northwest Illinois topography.
85% of the buildings are located within a National Register Historic District.
The town that “time has forgotten” served as a prominent hub for all nineteenth-century Illinois political activity.Ulysses S. Grant arrived at Galena as a penniless soldier to work for his father in 1860. The humble gentleman was to leave town and return as the revered Civil War General U.S. Grant. Ulysses S. Grant and accepted the 18th Presidency shortly thereafter – without the awkward spectacle of campaigning for the post.
Strikingly, Galena remains unchanged ever since.
#2 Romantic Getaway From Milwaukee: Lake Geneva, Wisconsin
Things to Do: Skiing, Mansion Tours, Embrace the Tourist Mindset
Things Not to Do: Saturate Travel Itinerary with Lake Geneva Visits. Wage war versus arrogant Chicagoans.
Getting There: I-43 South for 35 miles to Elkhorn. Exit onto U.S. 12 to Wisconsin 50 West at Lake Geneva. Lake Geneva is 55 miles from Milwaukee.
The Wisconsin outdoors are often invaded and overrun by legions of caustically conspicuous, highbrow Chicagoans. Lake Geneva is the ultimate example.
Lake Geneva is Chicago’s Playground.
In fact, the earliest recordings of white settlers are synonymous with names that are easily identifiable to the Chicago Native. The position was “discovered” by the Kinzie family traveling between Fort Dearborn and Wisconsin’s Fort Winnebago.
Rugged, Northern Illinois pioneers settled the terrain – before giving way to wealthy Chicago Captains of Industry. The stately, Victorian mansions lording over the picturesque hills and foliage surrounding Geneva Lake serve as the second homes of Chicago’s elite. Indirectly, the city rose to prominence as a consequence of the Great Chicago Fire of 1871. Upper class Chicagoans fled to Lake Geneva in order to bide time amidst the aftermath-rebuild of this disaster.
Lake Geneva is hailed as the “Newport, RI of the ‘West’.”
The enclave is a hotbed for skiing, shopping, and outdoor revelry. Although accommodations range from the intimate bed and breakfast towards the exclusive franchise hotel – lodging is always in short supply throughout the summer months and key winter holidays.
The popularity of the Geneva Lake resort location is its one true downfall.
All Wisconsin and Illinois couples must tread lightly. Perhaps your beau has already vacationed at Lake Geneva – with somebody else.
#1 Romantic Getaway from Milwaukee: Chicago, Illinois
Things to Do: Museums, Opera, Plays, Lake Michigan Beaches, Architectural Tours, Navy Pier, Michigan Avenue Shopping, Night clubs. Everything.
Things Not to Do: Act like you are from Wisconsin.
Getting There: I-94 East 90 Miles to Chicago.
Chicago is a World Class City.
The important factor for ‘Sconsin couples is to mitigate the aura of intimidation that will inevitably arrive while descending upon a 3,000,000 person metropolis that historically dominates the Mil Town’s machinations at population 600,000.
Chicago is indeed a city of definite neighborhoods – but this sprawling locale can never be fully explored with one trip. Plan accordingly by dividing the Windy City into its requisite sections that compliment your ideas of romance. Wisconsin tourists must approach with an airtight game plan to effectively manage and dismiss the “deer in headlights” look that identifies a notable target for criminal activity. Let us evaluate:
Chicago Loop: This is downtown Chicago within the perimeter of the Chicago Transit Authority (CTA) elevated tracks (El) that circle the center of the city. The Sears Tower, LaSalle Street finance, Chicago’s Theater District, and Marshall Fields (Macy’s) shopping are located here. The Loop is bustling during the daylight hours – but relatively collected after sun down.
North River – Michigan Avenue: North River is the area directly across the Chicago River from the Chicago Loop. Michigan Avenue and Oak Street offer the high-end retailing that rivals any location in the world. The area is electric with nightlife and is very accommodating to out-of-towners. Bustle, Ontario, and Ohio streets are lined with upscale nightclubs and restaurants – while the atmosphere at Division presents a bar scene that is more collegial.
North Side: Wrigleyville, Lakeview, Lincoln, Park, and Primitive Town are all eclectic neighborhoods bordered by the North River section, Sheffield Avenue-Halsted Street, and Irving Park Road. DePaul students and trendy, Chicago socialites frequent these North Side bars, clubs, and fashionable boutiques.
BoysTown, located at Belmont and Halsted is highlighted by rainbow themed light fixtures and is the center of LGBT activity in the Midwest. Straight couples must sight that all is not exactly what it seems at Belmont.
South Side – West Side: Hyde Park is the home of Barack Obama and The University of Chicago. The neighborhood is an epicenter for intellectual thought and Chicago’s Black, upwardly mobile community. Hyde Park is accessible via U.S. 41 – Lake Shore Drive. Lake Michigan, 47th-57th Streets, and Cottage Grove Avenue border the section.
The West Loop between downtown and The United Center is a gentrified area of lofts, art galleries, and tucked away lounges. The home of Oprah Winfrey’s Harpo Studios still retains its gritty, industrial warehouse type of appeal.
Lakefront: U.S. 41 Lake Shore Drive provides the best access to the lakefront. The Field Museum, John G. Shedd Aquarium, and Adler Planetarium complex may be of interest at McFetridge Drive just south of downtown.
Oak Street and North Avenue are the most popular Lake Michigan beaches and the key stretch from Navy Pier to Fullerton Avenue (Best skyline views) is always congested during the summertime months. Private intimacy is best found at Chicago’s lakefront south of Interstate 55 and Soldier Field.
Romance is what you make it.
The Top – 5 Romantic Getaways from Milwaukee, Sources:
Milwaukee, Wisconsin, http://www.visitmilwaukee.org/
The City of Chicago, http://egov.cityofchicago.org/city/webportal/home.do
A Guide to Romantic Getaway in Wisconsin, http://www.excellent-romantic-vacations.com/romantic-getaway-in-wisconsin.html
The State of Wisconsin, http://www.wisconsin.gov/state/home/app? COMMAND=gov.wi.state.cpp.command.LoadPortalHome
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Filed under Franchise Bankruptcy by on Aug 28th, 2010. Comment.
- Chapter 7 Bankruptcy
- Chapter 11 Bankruptcy
- Filing Bankruptcy
Many businesses are facing difficult times. Loans have become much harder to come by. Your customer base may have slowed down dramatically. Financial cut backs have been done as much as possible. As a business owner you may have face the reality that income is not meeting expenses and there is not a possibility of future improvement.. Bankruptcy may be the only draw to restructured or set aside your credit. There are two options available, Chapter 11 bankruptcy, Chapter 7, or Chapter 13 bankruptcy proceeding.
Chapter 11 Bankruptcy is filed for those businesses that would like to remain viable but want to force creditors to reorganize their debt. In this type of bankruptcy the debtor, or business filing, Once the filing is done, creditors will be notified and committee will be formed to recount the interest of the creditors. The plan must be approved by the court. This filing can be complicated so a attorney is recommended. After 120 days, creditors can enter a proposed thought, if one is not implemented. Just like with other bankruptcy cases, a motion of stay is ordered. This ceases any collection efforts by creditors. The trustee will review the bankruptcy to make sure the right filing has been done. If the trustee discovers that the bankruptcy qualifies as a Chapter 7 or 13, it can be converted. If the Chapter 11 filing is true, you business can be allowed to continue to function as it restructures. A Chapter 11 does not require the companies assets to be liquidated, instead the company’s financial health is overseen by the trustee. A Chapter 11 filing does require the votes of the creditors.
Chapter 7 Bankruptcy is suitable for companies who are so far in debt that reorganization is not possible. This bankruptcy allows for the liquidation of assets to payoff credits. The assets are sold off to pay the creditors. Those creditors that have secured debt, will have the asset returned to them, while those with unsecured debt would have to file a claim and hope there are funds left over to received some repayment. When a business files for Chapter 7, the company will cease operations.
It is essential to realize that not all debt can be discharged in a business bankruptcy. Debts such as taxes owed to local state, federal or government agencies, debt that was not listed, debts acquired after bankruptcy and more. It is important to consult with your attorney to originate sure that all the paperwork filed is correct. Do not mislead or attempt to hide information from the bankruptcy court. The penalties are severe, could include fines and possible jail time.
Filing bankruptcy will affect your business. First, all your creditors who are listed in the bankruptcy filing will be contacted. They will be notified depending on your type of bankruptcy filing, whether they will receive payments, assets returned or a settlement offer. Accountants and your attorneys, will receive administrative claims, which means they will have priority on being paid first.
Making the decision to file bankruptcy is not a easy one. But in today’s economy, it is not unexpected that more and more businesses will have to access this option. Depending on the filing you do, bankruptcy can help to salvage your business. A Chapter 11 gives you the opportunity to work with your creditors to remain operational and to rehabilitate your business. There are two other options but they are limited. Chapter 13 can be used for sole proprietorships and partnerships if the amount of secured debt is less than $1,010,650 or unsecured debt is less than $336,900 according to www.moranlaw.net . If you are a family farm business you can file under Chapter 12. Again, consult with your legal counsel to see which bankruptcy meets your needs and what actions can be taken after the filing.
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Filed under Franchise Bankruptcy by on Aug 26th, 2010. Comment.
With the impending NHL season looming upon us, many are anticipating another great season.
However, even as we await the first puck being dropped to begin the season, there seems to be more news off the ice involving key figures in the NHL. That isn’t to say that the off-season hasn’t had great player signings and movements, but the management and business side of things are far more prominent this time around.
Possibly the most interesting fable this off-season is the immediate future of the Phoenix Coyotes. Hockey in the desert hasn’t exactly went swimmingly well for NHL Commissioner Gary Bettman.
When Bettman came into power as the NHL commissioner, his personal task was to create news fans for the NHL. He began to do this by awarding franchises to “un-traditional” hockey markets. Expansion franchises began to appear in Tampa and Sunrise, Florida, San Jose and Anaheim, California, Nashville, Tennessee, and Atlanta, Georgia to name a few.
By doing so, he rose the league to 30 teams and expanded the league revenue. This was a bold move by Bettman, but in some circumstances it had payed off. San Jose became a tremendous hit in California and developed into a huge base of fans. Bettman saw new fans for his new teams and began re-locating struggling teams.
Bettman had moved the Minnesota North Stars to Dallas, the Quebec Nordiques to Colorado, and the Winnipeg Jets to Phoenix.
The latter has obviously floundered the most since the move. Phoenix has struggled on and off the ice for the past several years and they aren’t alone. Many of the expansion franchises have also had the same struggles.
Enter Jim Balsillie. The CEO of Research and Motion Inc. has been trying to purchase an NHL for the past few seasons. He has not succeeded due to the fact that his intentions are to move a franchise to Hamiliton, Ontario, Canada, which has infuriated Gary Bettman.
The entire process has exploded far beyond a simple purchase agreement. Phoenix Coyotes owner Jerry Moyes expressed concern over his financial losses with the team. Moyes claims to have lost millions of dollars and quickly filed for chapter 11 bankruptcy on May 5th. Shortly after the filing, Balsillie put together an offer that would see Moyes receive a large sum of money in return.
Bettman and the NHL were quick to fight back and the bankruptcy war has been on ever since. Both Bettman and Balsilie have slug mud at one another in a hypocritical fashion.
Balsillie has slandered the league by claiming many of the owners have not co-operated under league rules in the past and have been allowed to retain their teams. (Bettman and the other NHL owners insisting that Balsillie has not followed the obliging steps to come by a team and have basically labeled him as a rebel)
Bettman made one of the most hypocritical statements of all when the NHL do in their own bankruptcy bid to retain the rights to the Coyotes. By doing so, this goes against the leagues own anti-trust rules stating that no owner can have stake in more than one team. (The team owners would all have a stake in the Coyotes under this bid)
The league bid also poses a question.
If the NHL and Gary Bettman were so concerned with keeping a team in it’s current location, why didn’t they engage control of the various other teams that were moved in the past?
It all comes to a head on September 2nd. Bankruptcy court proceedings will decide if Balsilles bid will be eligible. If it is eligible, Balsillie will have the highest bid on the September 10th auction and could possibly move the team.
Whatever happens in these proceedings will be an consuming myth, but there is a better and more stirring put a question to in all of this.
Did free agency even happen or did I miss all of it with the Bettman and Basillie show?
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Filed under Franchise Bankruptcy by on Aug 22nd, 2010. Comment.
Canadian franchise financing requires solutions that are not necessarily part of mainstream business financing . As in all types of business financing we urge clients to consider working with an expert who is credible and experienced in the Canadian franchise financing environment .
There are a solid handful of franchise financing alternatives in Canada . Franchising is growing increasingly celebrated, and the industry as a whole is a key fragment of Canada’s relatively strong economy after the difficult challenges of 2008-2009.
Franchise financing in Canada consists of the same two elements that exist in any business financing – debt, and equity . Our work with clients has found that it is more beneficial in financing a franchise for your equity portion of your deal to carry some of the major soft costs . In general, and this is news to many new franchisees, soft costs such as franchise fees, pre paid rents, etc cannot be financing .
As we have stated, your financing is completed via two areas – your equity that you place into the business, and what you borrow . You naturally would have a much stronger chance of success if you put up all the funds yourself, as your franchise would not be carrying any debt – but the reality is of course that is not generally possible .
In discussing franchise financing with clients we point out that financing has to consist of two different mind sets – the financing you need to get the business purchased and going, and then, equally as considerable, the ongoing working capital needs . Many franchises are ‘ cash businesses ‘ ( example – restaurants ) that require little or no investment in receivalble and inventory . Alternatively your franchise might have a non cash business focus on you need carefull planning on the level of financing you need for a/r and inventory, etc .
Franchises in Canada are financed in 5 ways in Canada . It is extremely important you are aware of those five sources – Naturally the 6th source, unmentioned, is yourself, as you are of course required to create some level of personal investment also .
The Golden 5! Franchising in Canada is financed by one major international finance firm, as well as the Canadian banks, who have special departments set up for this type of financing . It is incredibly considerable to ensure you are dealing with the right group at these two institutions, otherwise you will waste significant time and erase some of the credibility around your financing request .
Our firm supplements the above two sources of financing with leasing for various assets, and in some cases unsecured working capital loans . The final component is the franchisor itself, or the franchisee from whom you are buying an existing franchise . While many franchisees who are selling to your will consider offing vendor takeback financing in general this is tenuous – additionally franchisors themselves are in the business of selling you a franchise, not lending you funds!
In summary, franchise financing in Canada is a focused and specialized niche lending . It is accomplished through a combo of traditional and somewhat non traditional sources . Determine what financing you need to acquire the business, as well as ongoing working capital needs . The workds ‘ franchise financing expert ‘ should become a top priority, as an expert will help you cobble together your total financing solution that meets your personal needs .
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Filed under Franchise Bankruptcy by on Aug 17th, 2010. Comment.