Business Debt and Bankruptcy, business bankruptcy.#Business #bankruptcy

Business Debt and Bankruptcy

Most businesses will incur some form of debt as a necessary part of operations, whether it’s the use of credit cards or bank loans. However, problems arise when the debt load is unsustainable and out of balance with revenues, sometimes leading to bankruptcy. This section contains information and resources to help a financially troubled business, including personal liability and what to expect when filing for bankruptcy. Also included are government resources to help businesses better understand debt and bankruptcy.

Good Debt vs. Bad Debt

Most people are not exactly thrilled about owing people money. But there is a distinction among different kinds of debt, as some debts are held in a much better esteem than others. More to the point, good debt refers to debt on assets that earn your business more income than the cost of that debt. The cost of any debt is the interest charged. In contrast, bad debt — such as emergency loans meant to keep a business afloat during hard times — doesn’t contribute to the company’s growth and may hurt the company’s overall value.

You may have to incur some bad debt from time to time, but the key is to pay it off as quickly (and painlessly) as possible.

Prioritizing Debts: Which to Pay Off First

Deciding which debts to pay down first can be overwhelming when your company’s revenue is less than your debt obligations and monthly payments. Since you can’t satisfy all debts at the same time, it’s best to prioritize these obligations in a strategic way. For instance, certain debts must be paid in full — taxes, for instance — while other debts can be paid down gradually or even negotiated.

Your unique situation and business needs will dictate how you repay your debts, but the following debts generally should take priority (this is not a comprehensive list):

  • Payroll and payroll taxes – While it may be tempting to use money withheld from employee paychecks to plug financial holes, it could lead to problems come tax time; also, you likely will face steep penalties if you fail to pay your workers on time or in full.
  • Utilities and communications – Resources and services such as electricity, water, telephones, and Internet are absolutely critical to most businesses; and if you fall behind, you may lose these vital services.
  • Loans with personal liability – Partners and sole proprietors are personally liable for business debts, although officers of corporations and LLCs also may be liable for debts they personally guaranteed.
  • Court Judgments – Creditors that have won court judgments against you or your business may legally seize property or even garnish wages.
  • Secured Loans – Many small business owners put up personal property, including their private home, as collateral for a loan; a default could lead to losing one’s home, or home office.

If you’re unable to secure additional funding or otherwise find yourself without options to revive your struggling business, bankruptcy may be the next step. Businesses that have a shot at a turnaround typically file for Chapter 11 bankruptcy protection. This allows businesses to have certain debts forgiven while they reorganize, with limited protections for the its suppliers and vendors as well. But generally, the type of bankruptcy available to your business depends on your legal structure, amount (and type) of debts, plans for the future, and your personal liability for these debts.

Other types of business bankruptcy — those which are more common for small businesses — include Chapter 7 and Chapter 13. You will want to file Chapter 7 if you are a sole proprietor and therefore liable for all business debts, which involves the liquidation of most assets and the eventual winding-down of operations. Another option for sole proprietorships or partnerships is Chapter 13, which allows you to keep your assets while reorganizing and paying off your debts.

Click on a link below for more detailed information about business debt and bankruptcy.

Business bankruptcy





When Is Bankruptcy the Right Choice, QuickBooks, business bankruptcy.#Business #bankruptcy

When Is Bankruptcy the Right Choice for a Small Business?

Small businesses fail for many reasons, including some beyond the owner’s immediate control. It’s a reality of entrepreneurship: Not every new business will succeed, and sometimes even long-standing companies hit hard times.

Bankruptcy is an option when a debt-laden business is failing, but it’s not always the right one. Even when it is the best choice, there are multiple types of bankruptcy filings, each with its own advantages and disadvantages. The Intuit Small Business Blog asked attorney Michael J. Duffy, who specializes in bankruptcy and business law, to help sort through the do’s and don’ts of filing for bankruptcy.

Your Assets at Risk

Duffy says small-business owners should only consider bankruptcy if their personal assets are at risk. “If only a limited-liability business entity were suffering financial trouble, the best thing to do is just close the doors and walk away,” he says. “There’s no need to go through any bankruptcy process if the only recourse is against the business.”

As a result, Duffy typically recommends that new business owners organize their enterprise as a corporation, LLC, or other limited-liability entity to help protect their personal assets from business creditors. (Businesses that operate as sole proprietorships or partnerships expose their personal assets to greater risks.) But even when you’ve set up a limited-liability structure for your company, your personal assets may still be in jeopardy, depending on how you run your business, Duffy says.

One common reason: improperly separating your personal and business finances. When that happens, he explains, “The court will find that there was no separate business entity, disregard it, and ‘pierce the corporate veil,’ putting the owner’s personal assets at risk.”

Another common reason: Banks and other creditors usually aren’t eager to extend financing to new limited-liability entities. That’s because the creditor won’t have sufficient means for recovering its money if the business fails. As a result, significant amounts of credit — startup capital, commercial leases, lines of credit, and so on — often require a personal guarantee, meaning the owner must put his or her personal assets at stake to get approved for financing. The [business owner’s] assets are then just as vulnerable as if there was no corporate entity, Duffy says. In many cases, the financing is also secured by personal collateral, such as a home.

Types of Bankruptcy

When personal assets, such as a home, are at stake in a business failure, bankruptcy may be the best way to protect them from creditors. Choosing which type of bankruptcy to file for can be complicated, because it hinges upon on state laws and a host of other variables, Duffy says. Understanding the basics can help reduce some of the fears and misconceptions that surround the process.

First, let s dispel a myth: If you re considering a bankruptcy filing, it s unlikely to be the type most people first think of.

You ve probably heard of Chapter 11, but that s generally only useful for larger-scale operations, particularly publicly traded companies, Duffy says. That s because it s time-consuming and costly for all involved. In most cases, if a business is failing, creditors, such as banks, want to cut their losses and liquidate. They re not interested in going through a complicated and expensive process of reorganizing the company. (Duffy notes one exception: Chapter 11 may provide the best outcome for business owners who have a high personal net worth and regular income.)

The far more likely choice for a small business will be either Chapter 7 or Chapter 13, he says. In the simplest terms, Chapter 7 is a liquidation that effectively marks the end of the business. Chapter 13, on the other hand, is a repayment plan that could enable the business to stay afloat and succeed in the future.

The debtor’s income, assets, amount owed, and financial goals are key criteria in choosing between Chapter 7 and Chapter 13. The court may make the choice for you. Low (or nonexistent) income and asset value combined with a large amount of debt make Chapter 7 more likely; higher income and asset value combined with lower debt make Chapter 13 the probable path.

How to Stay Out of Trouble

Duffy offers some advice for avoiding bankruptcy scenarios in the first place: Whenever possible, avoid using your personal assets to start or operate your business. If your business does hit bumps in the road, consider cutting back rather than doubling down.

It s better to retreat and regroup than go big and be wiped out, he says.

Last, but most definitely not least: Write a business plan, Duffy urges. So often the losses that lead to bad financing decisions can be easily avoided if there is a proper business plan that is followed.

In a future post, we’ll examine some practical alternatives to bankruptcy. Stay tuned!

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.





Arizona Bankruptcy Lawyers, Business Bankruptcy, business bankruptcy.#Business #bankruptcy

Business Bankruptcy

Business bankruptcyIf you own a business in Arizona, and your creditors are closing in on your business, you need to contact Thomas Law Office as soon as possible to meet with Mr. Thomas and obtain answers to your questions about bankruptcy. The bankruptcy options for your business include chapter 7 and chapter 11. These will be discussed at length during your first visit with Mr. Thomas. Bankruptcy protection for businesses usually is a more complicated process than it is for individuals. Mr. Thomas has handled numerous business bankruptcy cases and can navigate your business through the bankruptcy process.

Phoenix Small Business Bankruptcy Lawyers

Chapter 11 is used when the business is seeking to reorganize its debts and emerge from the bankruptcy process as a healthy, viable company. Chapter 7, on the other hand, is a bankruptcy alternative for the company that wishes to cease operations and turn over the finalization process to the Arizona bankruptcy court. There are often advantages of proceeding in this organized manner rather than permitting the business’ creditors to engage in a feeding frenzy, like a bunch of piranha devouring its prey. Declaring bankruptcy can be a way to obtain tax benefits and other advantages that may not be available if the owners opt not to file for bankruptcy protection.

Often a corporate bankruptcy for a small Arizona business is filed in conjunction with a personal bankruptcy by its owners, typically because the businesses debts may have been guaranteed by the owners of the Arizona business.

Contact Our Arizona Bankruptcy Lawyers

It is important that you contact the bankruptcy law firm of Thomas Law Office to assist you with your Arizona small business bankruptcy. Even if you merely want to find out answers to your questions about bankruptcy options rather than file for bankruptcy protection in the Arizona bankruptcy court, talk to our bankruptcy lawyers today before you face unintended consequences of waiting too long to obtain appropriate bankruptcy information.





Small Business Bankruptcy, business bankruptcy.#Business #bankruptcy

Small Business Bankruptcy

If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

  • the legal form of your business — for example, is your business a sole proprietorship, general partnership, corporation, or limited liability company?
  • whether you are personally liable for business debts
  • whether you want to close your business or keep it running, and
  • how much and what types of debts you have.

In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.

Overview Articles

If your small business has a significant amount of debt, bankruptcy can help you reorganize your debts to save your business, wipe out your personal liability for business debts, or simply liquidate the company.

If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

If you re a small business owner struggling with debt, Chapter 13 bankruptcy may help you reorganize your debts and save your business.

With Chapter 11 bankruptcy, a small business can restructure and eliminate debts and continue in operation.

Bankruptcy can help you whether you wish to continue or shut down your business. However, which type of bankruptcy can benefit you the most depends on your business structure and if you intend to stay in business.

Personal Liability for Business Debt

Whether you can be held personally liable for the debts of your business depends on the structure of your business and how it was formed.

Whether your spouse is liable for your business debts depends on how your business is organized and how the debt was incurred.

More Articles: Chapter 7, Chapter 11 Chapter 13

Not sure which type of bankruptcy is best for your small business? Learn the pros and cons of Chapter 7 and Chapter 13 bankruptcy.

Learn about the differences between Chapter 11 and Chapter 13 business bankruptcies.

Your Credit After a Business Bankruptcy

There is nothing in the bankruptcy law that prohibits you from starting a new business after bankruptcy. In fact, you might be able to apply some lessons learned from your prior financial problems to keep you out of trouble in the new business.

You can probably get a business loan after bankruptcy, but it will be more difficult. Learn what steps to take to increase your chances of getting a loan.

Whether a business bankruptcy will affect your personal credit depends on whether you are personally liable for the business debt under the law.





Small Business Bankruptcy Information #start #up #business

#business bankruptcy

#

Small Business Bankruptcy

If your small business is struggling with debt, bankruptcy may provide some relief.

If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

  • the legal form of your business — for example, is your business a sole proprietorship, general partnership, corporation, or limited liability company?
  • whether you are personally liable for business debts
  • whether you want to close your business or keep it running, and
  • how much and what types of debts you have.

In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.

Get Informed Articles Information

Overview Articles

Overview Articles

Start here to learn about filing for bankruptcy for your small business.

Chapter 7, Chapter 13, and Chapter 11 bankruptcy may help your small business if it is struggling with debt. Learn more.

If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

If you’re a small business owner struggling with debt, Chapter 13 bankruptcy may help you reorganize your debts and save your business.

With Chapter 11 bankruptcy, a small business can restructure and eliminate debts and continue in operation.

Find out if bankruptcy can help your struggling business keeps its doors open.





Small Business Bankruptcy Information #business #grants

#business bankruptcy

#

Small Business Bankruptcy

If your small business is struggling with debt, bankruptcy may provide some relief.

If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

  • the legal form of your business — for example, is your business a sole proprietorship, general partnership, corporation, or limited liability company?
  • whether you are personally liable for business debts
  • whether you want to close your business or keep it running, and
  • how much and what types of debts you have.

In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.

Get Informed Articles Information

Overview Articles

Overview Articles

Start here to learn about filing for bankruptcy for your small business.

Chapter 7, Chapter 13, and Chapter 11 bankruptcy may help your small business if it is struggling with debt. Learn more.

If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

If you’re a small business owner struggling with debt, Chapter 13 bankruptcy may help you reorganize your debts and save your business.

With Chapter 11 bankruptcy, a small business can restructure and eliminate debts and continue in operation.

Find out if bankruptcy can help your struggling business keeps its doors open.





Business Bankruptcy: is bankruptcy the answer for your struggling business #business #grants

#business bankruptcy

#

Bankruptcy in Brief

Home / Business Bankruptcy

Small businesses and bankruptcy relief

Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

First, is the business a corporation, a partnership, or a proprietorship?

  • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
  • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

  • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
  • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

Most reorganizations fail, usually for lack of a real plan to solve the problems.

Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

When Chapter 7 is best

A Chapter 7, whether for the individual or a corporation, may be the best choice when

  • the business has no future,
  • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
  • the debts are so overwhelming that restructuring them is not feasible.

Individuals can get a discharge of the dischargeable debts and a chance to start over.

Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet





Business Debt and Bankruptcy #buying #a #business

#business bankruptcy

#

Business Debt and Bankruptcy

Most businesses will incur some form of debt as a necessary part of operations, whether it’s the use of credit cards or bank loans. However, problems arise when the debt load is unsustainable and out of balance with revenues, sometimes leading to bankruptcy. This section contains information and resources to help a financially troubled business, including personal liability and what to expect when filing for bankruptcy. Also included are government resources to help businesses better understand debt and bankruptcy.

Good Debt vs. Bad Debt

Most people are not exactly thrilled about owing people money. But there is a distinction among different kinds of debt, as some debts are held in a much better esteem than others. More to the point, good debt refers to debt on assets that earn your business more income than the cost of that debt. The cost of any debt is the interest charged. In contrast, bad debt — such as emergency loans meant to keep a business afloat during hard times — doesn’t contribute to the company’s growth and may hurt the company’s overall value.

You may have to incur some bad debt from time to time, but the key is to pay it off as quickly (and painlessly) as possible.

Prioritizing Debts: Which to Pay Off First

Deciding which debts to pay down first can be overwhelming when your company’s revenue is less than your debt obligations and monthly payments. Since you can’t satisfy all debts at the same time, it’s best to prioritize these obligations in a strategic way. For instance, certain debts must be paid in full — taxes, for instance — while other debts can be paid down gradually or even negotiated.

Your unique situation and business needs will dictate how you repay your debts, but the following debts generally should take priority (this is not a comprehensive list):

  • Payroll and payroll taxes – While it may be tempting to use money withheld from employee paychecks to plug financial holes, it could lead to problems come tax time; also, you likely will face steep penalties if you fail to pay your workers on time or in full.
  • Utilities and communications – Resources and services such as electricity, water, telephones, and Internet are absolutely critical to most businesses; and if you fall behind, you may lose these vital services.
  • Loans with personal liability – Partners and sole proprietors are personally liable for business debts, although officers of corporations and LLCs also may be liable for debts they personally guaranteed.
  • Court Judgments – Creditors that have won court judgments against you or your business may legally seize property or even garnish wages.
  • Secured Loans – Many small business owners put up personal property, including their private home, as collateral for a loan; a default could lead to losing one’s home, or home office.

If you’re unable to secure additional funding or otherwise find yourself without options to revive your struggling business, bankruptcy may be the next step. Businesses that have a shot at a turnaround typically file for Chapter 11 bankruptcy protection. This allows businesses to have certain debts forgiven while they reorganize, with limited protections for the its suppliers and vendors as well. But generally, the type of bankruptcy available to your business depends on your legal structure, amount (and type) of debts, plans for the future, and your personal liability for these debts.

Other types of business bankruptcy — those which are more common for small businesses — include Chapter 7 and Chapter 13. You will want to file Chapter 7 if you are a sole proprietor and therefore liable for all business debts, which involves the liquidation of most assets and the eventual winding-down of operations. Another option for sole proprietorships or partnerships is Chapter 13, which allows you to keep your assets while reorganizing and paying off your debts.

Click on a link below for more detailed information about business debt and bankruptcy.





Business Bankruptcy: is bankruptcy the answer for your struggling business #business #finances

#business bankruptcy

#

Bankruptcy in Brief

Home / Business Bankruptcy

Small businesses and bankruptcy relief

Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

First, is the business a corporation, a partnership, or a proprietorship?

  • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
  • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

  • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
  • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

Most reorganizations fail, usually for lack of a real plan to solve the problems.

Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

When Chapter 7 is best

A Chapter 7, whether for the individual or a corporation, may be the best choice when

  • the business has no future,
  • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
  • the debts are so overwhelming that restructuring them is not feasible.

Individuals can get a discharge of the dischargeable debts and a chance to start over.

Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet





Chapter 7 Bankruptcy for Small Businesses #small #scale #business

#business bankruptcy

#

Chapter 7 Bankruptcy for Small Businesses

Many small business owners find that a personal Chapter 7 case is best.

If you are a small business owner struggling with debt, Chapter 7 bankruptcy may help. Chapter 7 bankruptcy can eliminate most or all of the debts for which you are personally liable. If you are a sole proprietor or your business is a general partnership, you are personally liable for your business’s debts, and Chapter 7 may work well for you. If, on the other hand, your business is a separate legal entity, such as a corporation or LLC, you must file a bankruptcy on behalf of the business. While you may be able to use Chapter 7 in this situation, you’ll need a lawyer to represent you.

Get Informed Articles Information

Overview Articles

Overview Articles

If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

Chapter 7 bankruptcy can help you eliminate personal liability for business debts.

If you have primarily business debts, you don’t have to pass the means test in order to qualify for Chapter 7 bankruptcy.

Chapter 7 for Different Business Structures

Chapter 7 for Different Business Structures

Find out how Chapter 7 bankruptcy works for sole proprietors, partnerships, LLC, and corporations.

As a sole proprietor, you may be able to wipe out both your personal and business debts by filing Chapter 7 bankruptcy.

Learn about Chapter 7 bankruptcy for partnerships and how it may affect you as a partner.

Chapter 7 bankruptcy can help corporations and LLCs going out of business by providing an orderly liquidation of the business.





Chapter 7 Bankruptcy for Corporations and LLCs #business #chapter # #bankruptcy


#

Chapter 7 Bankruptcy for Corporations and LLCs

Filing for business bankruptcy means someone else steps in to liquidate your business s assets and settle its debts (in this case, the bankruptcy trustee).

A corporation or an LLC files a Chapter 7 business bankruptcy, a different animal than a Chapter 7 personal bankruptcy. Filing a business bankruptcy lets the owners turn their business over to the trustee for an orderly liquidation. The business stops operating, and the court liquidates its assets and pays what it can to business creditors. Exemptions don t apply in a business bankruptcy, so the trustee can take anything the business owns: The entire company is liquidated.

When the liquidation is complete and the proceeds have been paid out to creditors, the business won t owe any remaining debts. Lease obligations, contracts, utility bills, credit cards, loans, overdue accounts, and all other business debts will have been paid to the extent possible by the bankruptcy trustee. If creditors aren t fully paid, that s their tough luck. The business owners are off the hook unless they are personally liable for the debts.

In theory, the business owners receive anything left over after the creditors are paid. Typically, however, a business that files for Chapter 7 business bankruptcy has liabilities that exceed its assets, and there is nothing left for the owners.

Business Bankruptcy Doesn’t Erase Personal Liability

If you are personally liable for corporate or LLC debts, you ll still be on the hook even after your business s liability is discharged in business bankruptcy. You will need to discharge your personal liability for the debts by filing for Chapter 7 personal bankruptcy or by negotiating a settlement with the creditor(s). Otherwise, the creditor(s) can still come after you for full repayment of the debt, even after the business is closed and its liability for the debts is discharged in business bankruptcy.

Extra Costs for Business Bankruptcies

The court fees in a Chapter 7 business bankruptcy are the same as for Chapter 7 personal bankruptcy. The trustee is likely to get a bigger fee, because the trustee is paid on commission: The more of your business property and assets the trustee can liquidate and distribute to your creditors, the more the trustee is paid. This money comes out of what the creditors would otherwise get, however; you don t have to pay it directly.

The real added expense in a business bankruptcy is attorney fees. You must hire a lawyer to file for business bankruptcy; you can t do it yourself.

In a business bankruptcy, the trustee will undoubtedly sell your assets for less than you (or an ABC firm) could get for them, and the process won t be private. In contrast, if you sell your business s assets and settle the business s debts yourself (or with the help of a lawyer or ABC firm), there may be little reason to file for business bankruptcy. As long as you aren t personally liable for any remaining debts or you file a personal Chapter 7 bankruptcy to wipe out that liability you are off the legal hook, your business is closed, and the debts can t be collected.

Business Bankruptcy Won’t Work for Partnerships

Partnerships rarely file for Chapter 7 business bankruptcy because it doesn t rid the partners of their personal liability for the business s debts. In fact, it actually makes it easier for creditors to reach the partners personal assets, because the trustee in a Chapter 7 bankruptcy case may sue the partners personally to recover some cash to pay the partnership s debts. Speak to a business lawyer if you re interested in filing a business bankruptcy for your partnership.

One-Owner LLCs or Corporations May Not Need Business Bankruptcy

If you are the sole owner of a corporation or LLC, filing for Chapter 7 personal bankruptcy may be the solution to both your and your business s debt problems. In this case, the bankruptcy trustee might decide to take over your corporation or LLC and liquidate and dissolve the business for you. Your Chapter 7 personal bankruptcy would free you of any personal liability for the business s debts.

Excerpted from Bankruptcy for Small Business Owners: How to File for Chapter 7 . by Attorney Stephen Elias and Bethany K. Laurence, J.D.

Get debt relief now.


Fears Nachawati Law Firm in Dallas TX #bankruptcy #lawyer #dallas #texas


#

A Law Firm Centered on the Client

Fears | Nachawati Law Firm

We specialize in

Fears | Nachawati Law Firm was established to represent and help individuals and businesses by developing effective and creative problem solving strategies. Leveraging our broad skillset and knowledgeable attorneys, we are able to offer our clients exceptional legal services coupled with a strong focus on customer service. Our mission is to empower our clients to succeed in all that they endeavor.

Bankruptcy

We believe in second chances

Business Law

Protect yourself and your company

Drug Litigation

Pharmaceutical and medical device injuries

Employment Law

Don’t suffer from workplace injustice and civil rights abuse.

Intellectual Property

Protect your ideas.

Medical Malpractice

It is vitally important to protect yourself and your company.

Personal Injury

We take injuries seriously

Property Law

We can help you buy and sell property.

Select an Area of Practice

  • Fiancé Visa
  • L Visa
  • H-1B Visa
  • Deferred Action for Childhood Arrivals (DACA)
  • Naturalization
  • Visitor Visas
  • Deportation or Removal Defense
  • TN Visa
  • Employment Based Green Cards
  • E-1 Treaty Traders / E-2 Treaty Investors
  • Student Exchange Visitor Visas
  • Green Cards
  • Other Crimes
  • Probation Violations
  • Expunction Non-Disclosure
  • Theft Fraud
  • Drug Crimes
  • Assault Violent Crimes
  • Driving While Intoxicated
  • Office Actions
  • Hospital Liens
  • Premarital Agreement
  • Social Security Disability
  • Medical Malpractice
  • Employment Law
  • Immigration Law
  • Wrongful Death
  • Family Law
  • Criminal Defense
  • Property Law
  • Probate Estate Planning
  • Drug Litigation
  • Intellectual Property
  • Bankruptcy
  • Personal Injury
  • Business Law

Latest Posts

Here are some of our recent blogs, press releases, and other announcements. Check back often for updates.

What Is A Letter of Protection?

A Letter of Protection (LOP) is something used in the U.S. legal system that helps those hurt in an accident get proper medical treatment for their injuries. Health insurance can be costly and many people are unable to afford it.

If a Jaywalker is Hit By a Car, Who’s at Fault?

In most cities, a person walking across the street has the right of way because they are the more vulnerable entity between the person and any vehicle driving near them. So when we consider any accidents between cars and pedestrians.

Suing For Lost Wages After a Work Injury

If you’ve been injured in the workplace, your first course of action(after seeking medical attention) is likely to file a workers’ compensation claim. Since employees in the United States are covered under federal workers compensation laws, they’ll be paid for.

CONTACT US

Use the form below to send us a note, call us at 214.890.0711 or chat with us live. We are eager to help with all your legal needs. Please keep in mind that any unsolicited information sent through our website cannot be treated as confidential. Contacting us through this site does not create a representation relationship with Fears | Nachawati.

Locations

With offices in Texas, Florida and Colorado and attorneys licensed in Texas, Florida, Colorado, Arkansas and Oklahoma, Fears | Nachawati is dedicated to attaining the best possible solutions for our clients’ business and personal needs. We strive to be professionals who are creative, empathetic and reliable.

Dallas Office

4925 Greenville Avenue
Suite 715
Dallas, TX 75206

Site Links

Contact Us

Fears | Nachawati delivers a range of legal services including business law, estate and probate law, intellectual property and art law. We look forward to getting to know you better and becoming your. property and art law. We look forward to getting to know you better and becoming your property and art law. We look forward to getting to know you better and becoming your.


Law Office of Rehan Khawaja #jacksonville #fl #bankruptcy #attorney


#

Bankruptcy Attorney in Jacksonville Florida

Rehan N. Khawaja, is an experienced bankruptcy attorney in Jacksonville, Florida. Mr. Khawaja and his expert legal team specialize in bankruptcy law and offer personal services for individuals and businesses in debt. Our law firm is built on strong attorney-client relationships and superior legal services for achieving debt relief. Mr. Khawaja is a former President of the Jacksonville Bankruptcy Bar Association; and has been an active member of that organization s board of directors for more than 10 years.

Bankruptcy Lawyer Practice Areas
Bankruptcy Attorney Khawaja, with 16 years Bankruptcy Law Experience, offers an array of legal services including foreclosure and vehicle repossession help and bankruptcy law.

We assist clients who are struggling to pay medical bills, credit cards, mortgage and auto payments. Our goal is to help you manage your finances by providing you with all of your legal options. We want to provide you with peace of mind and set you on the right path with your finances.

Superior Bankruptcy Attorney Service Expertise

Mr. Khawaja offers a free initial consultation for individuals, married couples, partnerships, businesses and corporations. We ll learn about your personal situation and offer solutions that can meet your needs. If you re qualified to file a bankruptcy petition, Mr. Khawaja will guide you through the process of determining your financial state, and will petition and attend court hearings.

Call Rehan N. Khawaja Attorney at Law to schedule a FREE consultation with
a leading bankruptcy lawyer in Jacksonville, FL. We achieve debt relief for clients in
the surrounding areas of Fernandina Beach, Orange Park, Neptune Beach, Jacksonville Beach,
Ponte Vedra Beach, St. Augustine, Green Cove Springs, Middleburg and Palatka, Florida.


San Diego, CA Bankruptcy Attorneys – Debt Relief Legal Clinic #bankruptcy #law


#

San Diego Bankruptcy Attorneys

The Debt Relief Legal Clinic in San Diego, Helping You Get Free From Debt

How do you choose between paying your bills and feeding your family? At the Debt Relief Legal Clinic (DRLC) in San Diego, we don t think you should have to make that choice.

Debt from credit cards, medical bills. mortgages and other loans are a major cause of stress for American families. If you are one of the many people suffering from overwhelming stress caused by debt, contact us to schedule a free initial consultation with a San Diego bankruptcy lawyer today. Attorney John C. Colwell and the rest of his staff at the DRLC are dedicated to helping you find the right solution to solving your debt problems.

Over 29 Years of Exclusive Bankruptcy Experience, a CA Bar Board of Specialization Certified Expert in Bankruptcy

Attorney Colwell has been practicing in the field of consumer and small business bankruptcy for 30 years. These are not combined years as trumped up or boasted by some supposed long term practitioners. 30 years of doing one thing, helping hard working San Diego residents deal with the overwhelming pain of burdensome debt. Attorney Colwell is recognized by the State Bar of California as one of only 12 certified legal specialists in San Diego County in the area of Bankruptcy Law. Sometimes, it is hard even to pay the monthly interest, much less pay down the balance on your debt. But if you are facing foreclosure. car repossession. collection harassment. lawsuits, back taxes, student loan debt or wage garnishments. you do have options. We will explain the Chapter 7 straight bankruptcy and Chapter 13 repayment plan. as well as bankruptcy alternatives that can help you get debt relief.

Helping clients throughout Southern California and San Diego County get the debt relief they deserve through bankruptcy since 1975, our entire practice is dedicated to making your life better. When you don t have to worry about overwhelming debt, you can spend more time on the important things in life. Let us explain how the new bankruptcy laws can work for you.

Contact the Debt Relief Legal Clinic for a San Diego Debt Relief Attorney

Our experienced San Diego bankruptcy attorneys can help you get a fresh start. Our firm has been helping clients find answers to their debt problems continuously for over 35 years. With offices in San Diego. Bonita. and Vista. we are ready to provide all San Diego County residents with simple and straightforward advice. Call 877-663-3287 or contact us online to schedule a free initial consultation.

Debt Relief Legal Clinic Scholarship

We re proud to offer a scholarship of $1,000 to a law student from California. We understand that law school is a difficult, time-consuming, and expensive venture and we want to give back to the community by supporting an aspiring lawyer. For more information and to apply, click here.


Columbus Ohio Chapter 7 Bankruptcy Attorney Ronald Wittel #bankruptcy #lawyer #columbus #ohio


#

Ronald A. Wittel, Jr.

Attorney at Law

Chapter 7 Bankruptcy Attorney Columbus Ohio

Ever feel like debt has totally overwhelmed you? Many people are completely over their head in debt, and the anxiety causes difficulty breathing. Don’t give up hope. You are not alone.

As an experienced Columbus Ohio bankruptcy attorney, I can help you determine if filing bankruptcy is a good choice. As a licensed Ohio attorney, I can guide you through the process and help you achieve a fresh start to your life. Filing bankruptcy is not always the best choice for a situation. If an alternative is better for your situation, I can help you determine that as well.

How Chapter 7 Bankruptcy Works

There are generally 2 types of bankruptcy for the average debtor. a Chapter 7 bankruptcy and Chapter 13 bankruptcy. To determine if you qualify for a Chapter 7 bankruptcy, the court uses 2 tests for eligibility, the Means Test (or your income relative to the average American median income) and the Totality of the Circumstances Test (or look at the total circumstances to determine your monthly debt to income). The courts also consider a 3rd test called the Special Circumstances Test which looks at circumstances of a situation (like major medical, health, or other factors).

Discharge

When a person receives a Bankruptcy Discharge. the discharge allows the debtor to discharge all underlying contractual obligations on unsecured debts. A Chapter 7 bankruptcy is known as a fresh start because it allows debtor (or the person filing the bankruptcy) the opportunity of a fresh start from the unsecured creditors of credit cards, medical bills, and other types of debt. A Chapter 7 bankruptcy allows the debtor to get rid of or discharge most unsecured debts. A Bankruptcy Discharge means that the estate has successfully discharged all unsecured debts that are owed.

Federal Bankruptcy Stay Order

When a person files a Chapter 7 Bankruptcy Petition. they are protected under federal law by a Federal Bankruptcy Stay Order. which stops most lawsuits. If there are pending garnishments or repossessions, the filing of the bankruptcy may stop the collection efforts (except for child support).

Bankruptcy Trustee

A 341 Meeting of Creditors is conducted to evaluate the debtor’s situation. The Bankruptcy Trustee represents the various creditors of the debtor, and Trustee’s Duty is to evaluate all the assets and liabilities of the debtor. A Trustee has the power to Avoid Liens and recover assets on behalf of the bankruptcy estate. The debtor is entitled to a certain amount of protection through exemptions provided by state and federal law. These exemptions allow the debtor to protect some equity in cars, bank accounts, houses, and tax refunds. The Bankruptcy Trustee can sell property if there is equity in the property, and they can Distribute the Proceeds to the various creditors according to priority of the claim.

Non-Dischargeable Debts

Generally, a federal stay order applies to all unsecured debts. However, some debts are not eliminated in a Chapter 7 bankruptcy. The most common non-dischargeable debts are taxes. student loans. child support. and government loans. Any debt created by false pretenses, a false representation, or actual fraud is also not dischargeable. Also, any personal injury caused by a motor vehicle driven by debtor while intoxicated may not be dischargeable. Generally, a creditor needs to bring a non-dischargeable adversary action to assert a debt survives bankruptcy discharge. The exception to bringing an adversary action is child support, taxes, and most student loans.

Repossession

With automobiles, a Chapter 7 bankruptcy filing may stall out repossession efforts. There is usually a 45 day period after filing where the creditor cannot repossess the car. During that time period, a debtor may be able to work out payment arrangements with a car company. Only a Ch. 13 bankruptcy filing can help catch up on car and house payments. In addition, sometimes a Ch. 13 bankruptcy can “cram down” the amount owed on a car if the car has been owned more than 910 days. A Redemption makes it possible to reduce an existing car loan down to fair market value.

Utility Shut-Offs

Some Utility Shut-Offs may be stopped for a limited time after filing for bankruptcy. The Utility company may request an additional deposit within 20 days of the filing of the bankruptcy petition.

Dismissal

If a Ch. 7 bankruptcy case fails, it is dismissed. Generally, a dismissal is a bad thing. There are various effects of dismissal. One of the major effects is that creditors can go after the debtor and try to collect again against them. The creditor can garnish wages, go after bank accounts, file judgment liens, or suspend driver’s licenses in the effort to collect on the debt. Sometimes a bankruptcy case can be converted to another type of bankruptcy.

In my free initial consultation, I assess what is going on with a client and determine if I can help them. My fees are based on the complexity of the bankruptcy case, but I try to competitively price my fees in a reasonable, affordable, and efficient way. Please call me at the following to set up a free initial consultation:

Phone: (614) 445-3000

Take the next step, and call today.


Farrell – Pak: Texas Elder Law #farrell # # #pak, #farrell, #pak,


#

Elder Texans and their families face increasingly complex decisions about legal and financial matters. Appropriate legal and financial plans can prevent personal and family crisis from occurring when health deteriorates and the need for long-term care arises. Our services include: benefits planning and applications including Medicaid; estate planning including special needs and other types of trusts, wills and powers of attorney; guardianship; probate and alternatives to probate when appropriate. We serve the elderly, caregivers, and those who wish to plan for their choices and values to be honored.

Legal Services for Elder Texans and Their Families

Many of our clients face expensive medical needs, such as care in a nursing home, assisted living facility or at home. We help them and their families conserve their assets to the extent possible, while seeking the best care in the most suitable environment. We seek to provide peace of mind for our clients.

U.S. News World Report Best Law Firms in Texas in Elder Law (First Tier) , 2013-2016

Services we provide routinely include:

  • Legal and financial planning for long term care
  • Medicaid planning, applications and appeals
  • Estate planning for individuals and couples
  • Special Needs Trusts for family members with disabilities
  • Power of Attorney Agent and Guardianship advisory
  • Probate and estate administration
  • Alternatives to Probate
  • Guardianship
  • Referrals to related geriatric services

Attorneys

H. CLYDE FARRELL has been in private Elder Law practice since 1993. He is a Certified Elder Law Attorney, certified by the National Elder Law Foundation, as recognized by the State Bar of Texas Board of Legal Specialization.

BLISS BURDETT PAK joined Mr. Farrell as a partner in 2010. She is a member of the College of the State Bar of Texas, the State Bar of Texas (licensed since 1999) and the State Bar of Illinois (licensed since 1996).

GREG R. JOHNSON joined Farrell Pak in 2011. He obtained his Texas law license in 2004 after graduating from the University of Texas School of Law. He also holds a Master’s degree in Public Affairs

MEREDITH A. SULLIVAN, associate. Meredith earned her J.D. from Baylor Law School in 2015 and joined the Texas Bar in 2016. She is a member of the Texas Bar’s REPTL, Travis County Women Lawyers Association and Texas Young Lawyers Association.


Montgomery Bankruptcy Lawyers #bankruptcy #attorney #montgomery #al


#

Montgomery Bankruptcy Lawyers

We are charging $850 for no asset Chapter 7 bankruptcy filings in the Montgomery area. If you are in need of debt relief and are seeking some financial advise, then call and speak with our Montgomery bankruptcy lawyers today.

Filing for Bankruptcy

If you are drowning in debt and it seems like you will never get caught up, then filing for protection under the Bankruptcy Code might be the best option, depending on your particular financial situation. If you find yourself fighting an uphill battle financially and do not see a way out of it, then give our Montgomery bankruptcy lawyers a call and let us answer any questions you may have.

Many people have found themselves in these types of situations due to such life changing events as divorce, injuries, loss of a job, or even certain personal difficulties that cause one to go through a difficult period in their life. These types of situations can cause anyone to go through a tough financial time and spiral into debt so quickly that they are in over their head before they realize it.

If most of your debts are unsecured (meaning that the debts are not secured by property such as a house or vehicle), and they are not student loans, child support, recent tax debts, or certain other specially protected debts, then you may be able to file a Chapter 7 bankruptcy. This type of bankruptcy can eliminate your obligation to pay these types of debts very quickly, with most Chapter 7 cases lasting about three months. At the end of the case you will receive something called a discharge, eliminating these debts and giving you a fresh financial start.

That ability to eliminate debts so quickly is what makes a Chapter 7 bankruptcy so powerful. In order to file this type of bankruptcy you must qualify, and in order to qualify there is an income based test that is applied. The test is based on your average gross monthly income for the six months prior to filing. Our Montgomery bankruptcy lawyers can perform this test in person or over the phone, and help determine whether you can qualify for a Chapter 7 bankruptcy.

Filing for Bankruptcy in the Montgomery Area

If you qualify for a Chapter 7 bankruptcy, then once your case is filed you will have to go to a Meeting of the Creditors or a 341 hearing. This is usually scheduled about thirty days after your case is filed and no creditors usually show up for this hearing. If you are in Montgomery or the surrounding areas of Prattville. Selma. or even down in Dothan or Auburn. then you will most likely be filing in the United States District Court in the Middle District of Alabama and your Meeting of the Creditors will likely either be held in the federal courthouse in downtown Montgomery, Opelika. or in Dothan (depending on your county of residence). Our Montgomery bankruptcy lawyer will be with you at this hearing, there is no judge, and no creditors usually show up. When your bankruptcy is filed there is an attorney called a Trustee that gets appointed to your case. Among other responsibilities, the Trustee must ask you questions under oath to ensure you are telling the truth about your assets, income, and all other information in your bankruptcy schedules and petition. The Trustee will usually just ask a few questions concerning your assets and income at this Meeting of the Creditors.

There can be issues in your Chapter 7 case if you have substantial assets or if you have a large amount of equity in your house, vehicles, or other property. If you do have assets, then this type of bankruptcy may not be the best option for you. If you do not qualify for a Chapter 7 or have certain unprotected assets, then you may need to file something called a Chapter 13 bankruptcy. This is basically a five year payment plan, where you repay all or some of your debts over time. If you call today, one of our attorneys can talk to you to determine what type of bankruptcy is best for your financial situation.

Our local Montgomery bankruptcy lawyer is a member of the Montgomery Bar Association, and the Harris Firm is a member of Montgomery Chamber of Commerce and the Central Alabama Better Business Bureau. If you are considering filing for debt relief, then call our Montgomery bankruptcy attorneys today and let us answer your questions and counsel you and your family through this difficult financial time.

Montgomery Office

Phone: (334) 782-9938
4144 Carmichael Rd.
Suite 100
Montgomery, AL 36106
MAP AND DIRECTIONS


Erie Bankruptcy Lawyer – Debt Relief Law Firm #erie #bankruptcy #lawyer, #foster


#

Erie Bankruptcy Lawyer | Filing Bankruptcy in Erie, PA

Choosing the right bankruptcy attorney can be a difficult decision. Whether you have lost your job, are unable to work, suffered a business setback or simply don t have the money to pay your bills, our licensed Pennsylvania debt relief attorneys are here to help you get the fresh start you deserve. The sooner you schedule a free consultation to start your debt relief journey, the sooner you can start to breathe freely again.

Filing Bankruptcy in Erie, PA? You should you hire Foster Law Offices as your bankruptcy lawyer.

Our firm is dedicated to providing individuals and families in Northwestern Pennsylvania with affordable, comprehensive legal services. As a Erie bankruptcy attorney and debt relief law firm, we understand the local economy. Our licensed Pensylvania bankruptcy attorneys and knowledgable legal staff are here to aid you in receiving the fresh start you deserve. In addition to serving Erie, PA we also have six other convenient offices to serve you: Meadville. Franklin. Warren. Mercer. New Castle and Pittsburgh, Pennsylvania. Bankruptcy has afforded thousands of individuals, families and businesses a TRUE fresh start and a new financial beginning. Let us show you how .

With over 60 years of combined experience, our knowledgeable staff wants to help YOU get the debt relief YOU deserve. Call today to schedule your FREE consultation.

Comprehensive Debt Relief Services:

  • Chapter 13 Bankruptcy
  • Chapter 7 Bankruptcy
  • Chapter 11 Bankruptcy
  • Chapter 12 Bankruptcy
  • Credit Rehabilitation
  • Small Business Reorganization
  • Bankruptcy Recommendations
  • Payment Plans
  • Mortgage Repayment Plans
  • Mortgage Modification
  • Credit Card Elimination/Negotiation
  • Medical Bill Elimination/Negotiation
  • Wage Garnishment Elimination
  • Stop a Scheduled Sheriff Sale
  • Stop a Scheduled Real Estate Tax Sale
  • Stop Pending Lawsuit, even post judgment

Local Bankruptcy Attorney Serving Erie Pittsburgh Districts:

Licensed Pennsylvania bankruptcy attorneys Free initial consultation Seven convenient Office Locations:

Did you know? Bankruptcy can stop a tax sale, sheriff sale and/or pending foreclosure. Also, filing for Chapter 7 or Chapter 13 bankruptcy prohibits utility companies (such as water and electric company) from turning off your service. Read more frequently asked questions about bankruptcy and debt relief .

Filing for Bankruptcy: The Basics

  • Free Consultation with a licensed Attorney
  • We can STOP a pending lawsuit
  • We can STOP a garnishment
  • We can STOP a pending reposession
  • We can STOP the harassing phone calls
  • We can help you get the fresh financial START you deserve

Choosing a Bankruptcy Attorney

  • Our firm is 100% dedicated to the practice of bankruptcy
  • Our paralegals have over 20 years of combined experience in bankruptcy
  • The bankruptcy lawyers at our firm are licensed to practice in Pennsylvania
  • Our experience will make your experience better
  • We understand the burden of debt and will work with you to make the process as easy as possible

Business Bankruptcy: is bankruptcy the answer for your struggling business #business #address

#business bankruptcy

#

Bankruptcy in Brief

Home / Business Bankruptcy

Small businesses and bankruptcy relief

Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

First, is the business a corporation, a partnership, or a proprietorship?

  • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
  • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

  • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
  • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

Most reorganizations fail, usually for lack of a real plan to solve the problems.

Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

When Chapter 7 is best

A Chapter 7, whether for the individual or a corporation, may be the best choice when

  • the business has no future,
  • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
  • the debts are so overwhelming that restructuring them is not feasible.

Individuals can get a discharge of the dischargeable debts and a chance to start over.

Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet





Cincinnati DUI #cincinnati, #drunk #driving, #dui, #dwi, #ovi, #criminal #defense, #attorney, #lawyer,


Disputes, Criminal Litigation, DUI OVI DWI

If you are embroiled in a dispute that is headed for litigation, our Cincinnati lawyers are ready to vigorously protect your rights and represent you and your interests in court. Our civil and criminal litigation practice includes representation on cases involving misdemeanor and other criminal charges, dui/ovi/dwi, personal injuries and wrongful deaths, divorce, child custody, and support matters, will contests, employment discrimination lawsuits, bankruptcy litigation, business litigation, and property disputes. Whether you need an aggressive Cincinnati auto accident attorney, a bankruptcy lawyer, a divorce lawyer, or an experienced felony criminal defense attorney, our litigation team is ready to fight for you.
Contact Us

Need Information About Your Legal Options?

If you would like to discuss how we can help with your legal problem, contact us anytime. We are happy to answer your questions and schedule an appointment for you to meet with an attorney. Our attorneys are conveniently serve clients in Loveland, Cincinnati, Batavia, Hamilton, Fairfield, Mason, and Clermont, Warren, Hamilton, and Butler Counties in Ohio, as well as clients in Campbell and Kenton Counties in Kentucky. We are a debt relief agency. Our attorneys help people file for bankruptcy relief under the Bankruptcy Code.
Contact Us

Litigation in Criminal, Family, Business, Personal Injury, or Probate Law

The Cincinnati lawyers at the law office of James S. Arnold are dedicated to aggressively protecting your rights and fighting for you. We provide a broad range of legal services in Ohio and Kentucky. Because our practice is so diverse, we are always ready to go to work for you on virtually any legal need in Ohio and Kentucky.
Learn More

Cincinnati, Ohio Bankruptcy Attorney

If you are facing foreclosures, repossessions, wage garnishments, liens, and constant calls and letters from creditors and collection agencies, we are ready to assist you. At the Law Office of James S. Arnold, we are a debt relief agency, aiding clients in filing for bankruptcy relief under the Bankruptcy Code. Contact a bankruptcy lawyer at our firm today to learn more through an honest assessment of your situation.
Contact Us

Cincinnati DUI and Criminal Defense Lawyers

If you have been issued a ticket, charged, indicted, or arrested, you have the right to have your attorney present during ALL questioning by police and at EVERY court proceeding. Securing and preserving evidence and witness accounts immediately is imperative, so contact us at once.
Contact Us


New Jersey Lawyers – Find New Jersey Attorneys Now #bankruptcy #lawyers #new


#

New Jersey Lawyers

Instantly Post Your Case to New Jersey Attorneys

There’s no cost to post your case using LegalMatch. We instantly submit your legal issue to licensed, pre-screened attorneys in your area for review. When interested New Jersey lawyers respond to your case with an offer of service, we provide you full attorney profiles that include background information, fees, and ratings by other LegalMatch users so you can choose the right lawyer for you. Our system is 100% confidential and you only reveal your identity to an interested attorney when you choose to do so. Click to learn more about how LegalMatch works .

Choose a Legal Category to Find a Lawyer Now

About New Jersey

New Jersey is one of only four states that continue to divide their courts into courts of law and courts of equity. This judiciary system dates back to old England, where courts of law only awarded money damages, while courts of equity only issued injunctive relief. Today, the distinction between issues of law and issues of equity continues to be relevant in certain ways. For example, appellate courts apply a higher standard of review to issues of law than they do to issues of equity.

With a population of around 9 million residents, New Jersey is home to 41,000 practicing lawyers (and counting). New Jersey is home to many famous residences, among them is Virginia’s former Attorney General Kenneth Cuccinelli. Over the past few years, the New Jersey bar passage rate has dropped from 79.5% in July 2013 to around 65% in July 2016. This is following an overall trend of the more populated states and might be reflective of the growing difficulty of the exam. That being said, over 4,000 prospective lawyers take the bar exam every year with over 1,000 new lawyers entering the legal profession.

Attorney Referral Service In New Jersey

Getting a lawyer in New Jersey may be a difficult task since the New Jersey Bar Association does not offer any sort of attorney referral service. However, most of the local county bar associations in New Jersey offer attorney referral services. These services are usually free, but there is a consultation fee ranging from $25-45.

If you are looking for more options, an attorney referral service or online legal service such as LegalMatch, we can provide you with access to New Jersey Lawyer who can help you with your case.

Another website for Attorney Referrals that can give you assistance is the Lawyer Referral Service in Essex County

Information About the Courts of New Jersey

In New Jersey, there are several different types of courts which include the New Jersey Supreme Court. the Appellate Division of New Jersey. New Jersey Tax Court, and the Municipal Courts .

Most of the cases that are filed in New Jersey are heard in the Municipal Courts which involve

  • traffic cases
  • DUI
  • Speeding, traffic violation
  • minor criminal cases
  • small civil cases

For additional information about the laws and regulations of New Jersey, feel free to visit:

Find a Lawyer in New Jersey

LegalMatch.com is a great way to find lawyers in your area. By matching lawyers with clients, LegalMatch provides a free service to citizens across the US. There are many lawyers that specialize in all different types of law that can assist you in your case. These attorneys can represent you in many diverse areas of law including: personal injury. bankruptcy. automobile accidents. tax, DUI. arson. assault, divorce. child custody and alimony issues and more.

Let LegalMatch Find New Jersey Lawyers for You!

Last Modified: 02-02-2017 01:30 PM PST


Arizona Bankruptcy Services #arizona #bankruptcy #lawyers


#

Dawn R. Kaiser has been preparing Chapter 7 and Chapter 13 bankruptcies in Arizona for over 25 years. Dawn is an experienced certified legal document preparer for the State of Arizona and located in Phoenix. Dawn is not an attorney, and therefore cannot provide any legal advice.

As an Arizona BankruptcyPetition Preparer. my job is to prepare your Petition and Schedules. My fee for preparing these documents is $200.00, whether it be a Chapter 7 or Chapter 13 Bankruptcy.

We will have a total of three appointments to prepare your paperwork. At the first appointment, I will give you worksheets to complete, give you the Court approved credit counseling classes that are required (these classes can be taken online or by phone and the cost for the class is nominal) and provide you with some bankruptcy notices from the Court. We will sign a Contract for my services and retain. My fee of $200 can be paid either in full at the first appointment, or if you would like a payment plan, you can pay $100 at the first appointment and $100 at the second appointment, whichever is more convenient for you. Forms of payment accepted are check, cash, money order or certifed check. Unfortunately, I am unable to take debit or credit card payment for Arizona bankruptcy preparation work.

At the second appointment we will review your completed worksheets, you will give me your first credit counseling certificate, and paystubs and/or other proof of income for the last six months.

At the third and final appointment, I will have the Arizona bankruptcy petition and schedules completed for your review. We will both then sign the bankruptcy and I will give you the original and copy to take down to the court and file. At the present time the filing fee for a Chapter 7 is $335.00 and the filing fee for a Chapter 13 is $310.00. After you file your bankruptcy, the court will notify me of your case number and I will file the bankruptcy electronically.

Dawn Kaiser
10211 N. 32nd Street, Suite D-3
Phoenix, AZ 85028

602-788-8900 office
602-788-1530 fax

Dawn Kaiser is NOT AN ATTORNEY, and therefore cannot attend hearings on your behalf, nor offer any legal advice. The purpose of a paralegal and certified document preparer is to prepare legal documents at low cost, and provide procedural information only to clients. Should you wish to obtain legal advice, referrals to attorneys can be provided. You can find her on Google+.


Atlanta Bankruptcy Attorneys #law #firm, #law #office, #legal #advice, #lawyer, #attorney, #lawyers,


#

Atlanta Bankruptcy Lawyers

Georgia Debt Relief Attorneys

If you are facing overwhelming debt, you probably feel like you are stuck, like you have no options or that there is nothing you can do. The Kent Law Firm is here to help. We know that you need a hand up to conquer your debt, not a hand out. A helping hand is exactly what we offer.

The Kent Law Firm has more than 40 years of experience guiding our clients through the process of seeking debt relief through filing for bankruptcy. Our attorneys have personal experience with the realities of bankruptcy debt relief, and we can help you find freedom and feel good about yourself again.

Stop Foreclosure Lawsuits

Let us help relieve your Stress…

We started this bankruptcy firm because we wanted to help people like you get free from excessive debt. We use tools like Chapter 7 and Chapter 13 bankruptcy to help you get a financial fresh start and we strive to provide our services at reasonable fees.

Facing Bankruptcy

Although the factors causing debt are usually out of their control, our clients often feel overwhelmed, ashamed and even guilty because of their debt. We are here to calm their nerves and help them understand whether they should file for bankruptcy. which bankruptcy method would best suit their needs, how to stop creditor harassment and how to rebuild their credit after a bankruptcy filing.

At The Kent Law Firm, we are also committed to giving back and going the extra mile to provide debt relief assistance and cost-effective legal services to seniors and military veterans.

Call The Kent Law Firm ∙ We Treat You Like Family

When you are looking for an attorney to help you with your debt, we know that you have many choices. The Kent Law Firm is different, though. In addition to our extensive legal knowledge and our experience, we believe in treating our clients like family, giving them the same level of service we would want for ourselves. We offer every client:

  • Personalized service: We have seen people in bankruptcy court, and their lawyers didn’t even show up. We never treat our clients this way. One of the most important parts of our job is to be with you throughout the process.
  • Fast Turn-Around: We know that you need this process taken care of quickly, so we do everything we can to make sure no time is wasted in your case.
  • Accessibility: One of the hallmarks of our firm is availability. We never leave you wondering where your lawyer is or what’s happening in your case. We return our clients’ calls.

Contact Us Today ∙ 404-504-7090

Either call our Atlanta, Georgia office or contact us online to set up an appointment. We are available for weekend appointments when necessary.

Consultations are strictly confidential.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Fast Facts


Unusual loan in Wordsworth Academy bankruptcy case #bankruptcy #attorney #philadelphia #pa, #harold


#

Unusual loan in Wordsworth Academy bankruptcy case

Harold Brubaker

When attorneys for bankrupt Wordsworth Academy go before a judge Thursday in the case s first hearing, they will present a highly unusual proposal to fund the human-service agency s operations during the early stages of its bankruptcy: a $1.5 million loan from another nonprofit that leases space from it.

The lender, Play Learn, an operator of preschools, was once affiliated with Wordsworth and had a member of its board, Gerald Schatz, in common with Wordsworth until Schatz resigned from the Wordsworth board shortly before the bankruptcy filing Friday. Wordsworth operated a residential treatment facility in West Philadelphia where a teenager died last fall in a struggle with staffers.

Lawrence G. McMichael, a Dilworth Paxson bankruptcy attorney representing Wordsworth, acknowledged that the proposed financing arrangement was unusual, but said it was appropriate.

Despite substantial efforts, the debtors have been unable to secure alternative financing from any source other than Play and Learn in the time frame required, Wordsworth said in a motion Friday asking U.S. Bankruptcy Judge Ashley M. Chan to approve the loan.

Play and Learn is obviously not a traditional lender, but has mobilized quickly to solve the debtors immediate liquidity crisis. Without Play and Learn, the viability of debtors Chapter 11 cases would be jeopardized, the filing said.

A traditional financing package is in the works from Siena Lending Group that would supplement the proposed loan from Play Learn. But the current arrangement illustrates the difficult financial position Wordsworth was in before it resorted to bankruptcy, coupled with a plan to be acquired by Public Health Management Corp. (PHMC), a Philadelphia nonprofit that provides health and community services.

It s not as bad as it seems, McMichael said Saturday.

Like many businesses, Wordsworth faces a gap between when it has to pay its bills, such as payroll, and when it gets paid. That gap is typically covered by a line of credit, and Wordsworth had a $5 million line of credit with M T Bank. A month ago, McMichael said, M T froze the line of credit while it had a zero balance.

That was one of the reasons for this bankruptcy, McMichael said. Other reasons include numerous lawsuits after a decade of allegations and charges of sexual and physical abuse at what was Philadelphia s only residential treatment center for troubled youth, as chronicled by the Inquirer and Daily News in April.

Wordsworth, which provides education, behavioral health, and child welfare services to children and youth and is now being managed by PHMC, still owes $4.7 million to M T on a separate loan.

The board, including Schatz, approved the bankruptcy filing June 12.

Schatz and other representatives of Play Learn, which was founded in 1981 by Wordsworth educators and psychiatrists, could not be reached for comment Saturday.

Until about a decade ago, Schatz was president of Wordsworth, which was founded in 1952. The website of Wyncote Academy, a private school in Elkins Park, describes Schatz as founder of Wordsworth Academy, Play Learn Children s Centers, and Wyncote Academy. The latest available 990 tax return for Play Learn, for the year ended June 30, 2015, lists Schatz as president.

As part of the proposed loan agreement, PHMC will negotiate with Play Learn on the possible sale of the property Play Learn occupies on Wordsworth s Fort Washington campus, which a bank appraised at $9.35 million in 2014.

We have aligned interests. Where they are getting the $1.5 million, I don t know, McMichael said.

The 990 shows that Play Learn had $7.7 million in investments two years ago.

Laura Otten, executive director of the Nonprofit Center at La Salle University, said a nonprofit is permitted to make such a loan as long as it is from unrestricted money and the board approves it, though she wondered how Play Learn has that level of liquid assets.

It is very unusual, she said.

Help us moderate this thread by flagging comments that violate our guidelines

Commenting policy | Comments FAQ

Comment policy:

Philly.com comments are intended to be civil, friendly conversations. Please treat other participants with respect and in a way that you would want to be treated. You are responsible for what you say. And please, stay on topic. If you see an objectionable post, please report it to us using the “Report Abuse” option.

Please note that comments are monitored by Philly.com staff. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable. Personal attacks, especially on other participants, are not permitted. We reserve the right to permanently block any user who violates these terms and conditions.

Additionally comments that are long, have multiple paragraph breaks, include code, or include hyperlinks may not be posted.

Please enable JavaScript to view the comments powered by Disqus.


Accredited online college algebra courses #accredited,medical,health,college, #education,high #school,continuing #education,distance #learning,online #courses,vocational #job


#

About CALCampus

Who We Are

Regionally accredited. CALCampus is a private, international, online distance learning institution, located in New Hampshire, which offers both college and high school courses solely through the medium of the Internet. Recognized and licensed by the Higher Education Commission – Career School Division of the New Hampshire Department of Education and accredited by the North Central Association Commission on Accreditation and School Improvement (NCA CASI), CALCampus has been recognized and accepted by the international community for decades as an exclusive online distance learning institution. Enrollment is open to individual learners anywhere in the world who have access to the Internet.

CALCampus was founded in 1982 as the Computer Assisted Learning Center (CALC) and has been teaching exclusively online since early 1986 when it opened its first online tutoring center for high school and continuing education learners on the QuantumLink network. It was known for years as the CALC Online Campus and adopted the name of CALCampus. CALCampus was the first to develop and implement the concept of a totally online-based school through which administration, real-time classroom instruction, and materials were provided online.

CALCampus provides individual courses for job skills enhancement, career change, continuing education, adult basic education, personal and professional development, undergraduate college credit, and high school prerequisites for adult learners. Courses are offered in the academic areas of mathematics, science, social science, humanities, business, law, and English. English (ESL) courses are offered for non-native speakers.

CALCampus issues a hardcopy official transcript of course completion with grade earned for each individual course successfully completed. For programs, we issue a certificate of program completion with transcript of courses completed for the program. Refer to the Academics page for information about courses and for prices of currently available courses. To register, see Admissions.

Online Campus

CALCampus services (libraries, administrative communications, conference rooms, Web site, Web applications, etc.) are provided through our dedicated Course Management System, which is accessible to registered students via the Internet at http://cms.calcampus.edu/

Through our Online Campus, students and teachers utilize our online classrooms and libraries. Teachers are available through the Course Management System and e-mail, and they hold weekly office hours online for realtime chat. We provide an online Bookstore for course textbooks.

Accreditation & State Approval

We have two divisions: Postsecondary (non-degree) and High School. CALCampus serves adult learners with courses that are primarily postsecondary for college credit. We also offer high school credit courses for adult learners.

  • Postsecondary Division: Licensed and approved by the State of New Hampshire Higher Education Commission, Career School Licensing RSA 188-G:1-10, as a private non-degree granting distance learning postsecondary career school. The Commission’s mission is to provide access to higher education and to ensure educational quality.
  • Postsecondary Division: Regionally accredited by the North Central Association Commission on Accreditation and School Improvement (NCA CASI), which is a division of AdvancED. Click here to see a copy of our NCA CASI Accreditation Certificate. CALCampus school number: 105354.

    Click here for our listing in the AdvancED database of accredited institutions.

    By our choice, we do not offer financial aid nor participate in federal student loan programs and do not offer degrees. This means, of course, that we will not be on lists of degree-granting colleges nor on lists of colleges that participate in federal loan programs.

  • The High School Division is also accredited the National Association of Private Schools (NAPS). NAPS accredits our High School Division. NAPS is a consortium of Christian Educators and Private School Administrators from across the United States and Canada. The Association is dedicated to recognizing and improving the Spiritual and Educational quality of Private and Christian Schools.
  • Mission, Purpose, and Philosophy

    History and Vision

    CALCampus began as the Computer Assisted Learning Center (CALC), which was founded in 1982 in Rindge, New Hampshire, as a small, offline computer-based, adult learning center. The center was based on the vision of providing affordable, quality instruction to individual learners through the use of computers. In those early years, CALC also compiled and distributed public domain educational software and published articles dealing with the use of computers in education.

    CALC’s vision broadened over the years as the online world opened and we were able to serve students from diverse geographic locations through the use of computers and the Internet. In early 1986, CALC became a totally online school through its Tutoring Center on the QuatumLink network, and followed with structured courses in 1986. From 1986 through 1995, CALC Online Campus, as it was known, opened its online school on several major telecommunications networks, including PC-Link, AppleLink, AOL, Delphi, GEnie, and CompuServe. In early 1995, CALC Online Campus made its online school available through the Internet as CALCampus.com and after receiving regional accreditation, the domain changed to calcampus.edu. Since 1986, CALCampus has been in continual operation as an online school and we have been pleased to see the increasing adoption of online education by the mainstream educational community over the decades.

    Our Faculty and Administration

    The CALCampus Faculty are veterans in online distance teaching and are practicing educators and professionals in their fields. Some have been teaching with us online since the 1980s. Most instructors have a Master’s degree in their subject areas; some have Doctorates. Teachers in our high school diploma program core curriculum are certified. CALCampus is administered by a Director who has extensive experience and academic credentials in the field of online distance learning and educational administration. The Director and Faculty regularly consult on curriculum matters, make improvements to existing courses and programs, and develop new courses and programs to fulfill the needs of our students. CALCampus has a School Committee, comprised of the Director, a senior Faculty member, and a school Attorney, which communicates on matters of importance to the school’s curriculum, operation, financial matters, and student body needs. We all have one shared goal: to provide quality instruction to our students.

    To learn more about the faculty, please see our faculty page:

    • CALCampus Faculty

    Admissions

    Policy of Nondiscrimination

    CALCampus does not discriminate on the basis of race, color, religious belief, nationality, ethnic origin, or region of residence. Its educational and admissions policies are based on this policy of nondiscrimination.

    Student Advisement and Career Planning

    The CALCampus Director and Faculty welcome questions from current and prospective students via e-mail or telephone. For transfer credit, we tell all students to check with their own school advisor. CALCampus also provides career planning information online.


    Miami Bankruptcy Lawyers – Bankruptcy Attorneys, Miami FL #miami #bankruptcy #lawyers, #bankruptcy


    #

    About Our Law Firm

    The Law Firm of Freire & Gonzalez, P.A. was established in 1998 by Edward Freire and Laila S. Gonzalez, two attorneys, dedicated to representing individuals that need professional help with financial issues. The Firm serves clients in Hialeah, Miami, Ft. Lauderdale, Ft. Myers & Naples. The attorneys and legal assistants in our office will help you in Spanish or English, whichever you prefer.

    Contact Us

    Practice Areas

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy is an ideal solution, for the right person. The goal in a Chapter 7 bankruptcy is to discharge all debts and keep all of the property you wish to keep.

    Chapter 13 Bankruptcy

    A Chapter 13 Bankruptcy is also known as a “Reorganization” and gives a person the opportunity to repay his or her debts manageably over time.

    Loan Modifications

    The Bankruptcy Court instituted a program to modify mortgages through mediation in bankruptcy, known as the Mortgage Modification Mediation Program.

    Making the decision to file bankruptcy has nothing to do with shame and has everything to do with taking control of your life.

    Considering your bankruptcy options is the first step to regaining control of your finances and of your life. In our many years as bankruptcy attorneys, we have seen what money concerns do to people. Some of our clients cry. Some of them tell us they can’t sleep at night. They don’t know what to do to begin digging themselves out of the financial difficulties they have fallen into. Your problems are not going to go away unless you take the necessary steps to resolve them .

    Don’t be afraid of bankruptcy.

    Bankruptcy is often misunderstood. Your credit is not ruined forever. You will be surprised how quickly you are back on your financial feet. Creditors are in the business of loaning money and will advance you credit before you know it. We have had many clients thank us and tell us that bankruptcy was just what they needed. They are now well on their way to financial stability. They are finally able to sleep peacefully at night. They can pick up the telephone without worrying a creditor is on the line. You should think of bankruptcy as the permanent cure to your current financial ailments.

    Our free consultation will cover whether or not bankruptcy is the right decision for you.

    Each and every case is unique. We have the knowledge and experience to guide you successfully through the bankruptcy process. We are the bankruptcy attorneys that other bankruptcy attorneys turn to when their cases are too complicated. Other bankruptcy attorneys have confidence in us, and so can you. Don’t assume that bankruptcy can’t help you. See our frequently asked questions section.

    Also, take advantage of our knowledge and experience with a free consultation, because what you don’t know about bankruptcy may cost you.

    Freire Gonzalez is an attorney’s office where the attorneys are involved with their clients from beginning to end. You, as the client, will not be passed off to secretaries or paralegals like at other bankruptcy law firms. The attorneys will meet with you. will return your phone calls. and will answer your questions. We provide services in English and Spanish.

    Freire Gonzalez believe that only by truly listening to a client’s concerns, problems, or fears, can an effective solution to the problem be found. Our office will provide you not only the first consultation free but as many as you need in order to make a decision as important as whether or not to declare bankruptcy.

    We strive to be a hands-on law firm. As a result of that hands-on philosophy and our experience, you can be confident that we will guide you through your legal or financial difficulties.

    Our lawyers will answer any bankruptcy question you might have during the free consultation. To request a free consultation, please call us at 305-826-1774. Please browse through our website, read our bankruptcy FAQ and see if our firm can help you resolve your financial issues .


    Business Bankruptcy: is bankruptcy the answer for your struggling business #international #business

    #business bankruptcy

    #

    Bankruptcy in Brief

    Home / Business Bankruptcy

    Small businesses and bankruptcy relief

    Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

    First, is the business a corporation, a partnership, or a proprietorship?

    • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
    • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

    To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

    • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
    • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

    In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

    The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

    Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

    The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

    A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

    Most reorganizations fail, usually for lack of a real plan to solve the problems.

    Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

    This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

    When Chapter 7 is best

    A Chapter 7, whether for the individual or a corporation, may be the best choice when

    • the business has no future,
    • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
    • the debts are so overwhelming that restructuring them is not feasible.

    Individuals can get a discharge of the dischargeable debts and a chance to start over.

    Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

    Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet





    San Antonio Bankruptcy Attorney – Malaise Law Firm #fort #worth #bankruptcy #lawyers


    #

    San Antonio Bankruptcy Attorney

    For All Your Bankruptcy Needs in San Antonio, TX

    Thousands of residents in San Antonio are facing difficult times due to our current economic conditions. Whether you have been affected by a job loss, divorce, medical expenses or overwhelming credit card debt, you may find yourself unsure of what your next step should be. Having to confront handling your finances can be a difficult thing to do, but ignoring them can lead to dire consequences. With the help of a caring and dedicated San Antonio bankruptcy attorney at the Malaise Law Firm, our firm will work closely with you to determine your financial situation and recommend the best option for your circumstances. Our bankruptcy attorneys in San Antonio will not speak to you in complicated legalese, instead they will explain in simple terms the options for relieving your financial situation. Scheduling a free bankruptcy consultation is your first step towards financial peace of mind.

    Many people assume that bankruptcy should never be an option, buying into the many bankruptcy myths that surround the process. It appears complex, frightening and may seem insurmountable, something you can never come back from. This is not the case, however, and the myths should not be believed. With the proper guidance and experienced legal support of a knowledgeable San Antonio bankruptcy attorney, it doesn t have to be the end of your life, but rather a way to begin the next chapter of it.

    By sitting down and evaluating your situation with you, your lawyer will be able to help you decide whether a Chapter 7 or a Chapter 13 would be a better fit, as well as help you understand all of the aspects caused and affected by it, including foreclosure. credit card debt and life after bankruptcy. By thoroughly and completely comprehending both the process and all the ramifications, you can feel more comfortable as your begin to navigate through it with the help of your San Antonio bankruptcy lawyer at your side.

    Considering that it is generally the fastest and most straightforward form of bankruptcy, consumers often file under Chapter 7 of the U.S. Bankruptcy Code. This type of bankruptcy involves a liquidation of eligible assets to pay off creditors, although much of the debtor s property is likely to be protected and creditors may not be paid off in full from the proceeds of liquidation. A debtor will also have to qualify to file Chapter 7 by taking the means test, which involves a comparison of the debtor s income against the state median. Although Chapter 7 is often referred to as straight bankruptcy, it is a complex legal process that is best approached with the protection and guidance of an experienced lawyer. Our firm handles these cases with professionalism and personal, friendly service.


    Criminal Law and Wills, Trusts and Estates Attorney, Tulsa, Oklahoma #tulsa #criminal


    #

    Criminal Law and Wills, Trusts and Estates Attorney, Tulsa, Oklahoma

    I have been a practicing Criminal lawyer and Personal Injury attorney in Tulsa for more than 20 years with extensive trial law experience. In addition, I can help in preparing your Will, Trust and Estate matters.

    Your first consultation is free and all information is held in confidence. Appointments are set at your convenience, with evening and weekend appointments available.

    As a criminal defense attorney in northeast Oklahoma, I’ve assisted many individuals. I understand the life-changing nature of criminal charges and convictions as well as false accusations and wrongful charges. As your criminal defense lawyer, I will work directly with you to have inflated charges dismissed or amended or negotiate favorable sentencing options, such as a deferred or suspended sentence that keeps you out of prison while you complete the terms of your probation.

    My areas of practice as a criminal lawyer in Tulsa include: drug crime law, federal crime law, sex crime law, violent crime, civil, DWI/DUI, family law, and white collar crime law. My extensive experience in Oklahoma criminal law allows me to bring you an optimum solution for your situation. I also work with clients to expunge criminal records in Oklahoma.

    Criminal Lawyer Tulsa

    • Criminal Violent Crime Law, Tulsa OK
    • Domestic Assault and Battery Law, Tulsa OK
    • Drug Crimes, Tulsa OK
    • Expungement Law, Tulsa OK
    • Federal Crime Law, Tulsa OK
    • Sex Crime Law, Tulsa OK
    • White Collar Crime Law, Tulsa OK
    • Personal Injury (Car Accident) Attorney, Tulsa, Oklahoma

    Tulsa Estate Planning Attorney

    You will find a completely trustworthy Tulsa attorney for any and all of these areas of practice:


    Attorneys – Goldstein, Buckley, Cechman, Rice and Purtz #charlotte #bankruptcy #attorney


    #

    800-332-9404
    239-500-HURT

    Attorneys

    Goldstein, Buckley, Cechman, Rice Purtz is a team of local attorneys working together, proud to assist our friends and neighbors throughout Southwest Florida. We possess legal expertise in a variety of practice areas, representing individuals and businesses across Lee, Collier and Charlotte counties. At Goldstein, Buckley, Cechman, Rice Purtz, we understand that you are seeking legal representation at a vulnerable time in your life—whether you’re injured, out of work, or distressed by difficulties with your business, family or finances, we will work to help you through this difficult time and seek the legal justice you deserve.

    Our Attorneys

    Ray Goldstein

    Stephen W. Buckley

    John B. Cechman

    J. Jeffrey Rice

    Richard L. Purtz

    Christopher J. Smith

    Andrea Pleimling Smith

    Derrick G. Isaac

    Goldstein, Buckley, Cechman, Rice Purtz, P.A. has six offices in Southwest Florida. The offices are located in Fort Myers (two offices to serve you), Cape Coral, Naples, Lehigh Acres, and Port Charlotte for your convenience. Call us first at 800-332-9404 or fill out a simple case form today.

    FREE Case Consultation


    Bankruptcy Attorney Omaha #bankruptcy #lawyers #omaha


    #

    Lawyers Helping People Solve Debt Problems

    We are NOT your TYPICAL Bankruptcy Law Firm.

    Nebraska Bankruptcy Attorneys

    This website is designed to be a resource to help those facing serious financial problems. We encourage you to survey the helpful information we post in this site. If you have recently been sued, you may find the following articles helpful:

    Whether due to an illness, job loss, divorce, credit card debt, medical bills or wages that do not keep up with the cost living – many people find themselves in financial distress.

    Sam Turco Law Offices helps people in financial trouble understand their options. make choices. and take action to prevent debt problems from escalating out of control. Our goal is to help you make an educated decision about your financial situation.

    Is bankruptcy the right decision? The only way to really answer that question is to ask yourself this: How much do you have to pay every paycheck to get out of debt? That really is the key question. Can you afford to pay off the debt? We are not in business to “sell” you a bankruptcy case. Our job is to help you decide if bankruptcy is the right choice. Our duty is to help you evaluate the different debt elimination options including bankruptcy, credit counseling, and debt settlement.

    We believe in providing a high level of legal representation. What that means to you is that your case is handled by one attorney and one paralegal from beginning to end. We answer telephone calls and emails promptly. We go through an extensive quality checklist on every case and we hold ourselves accountable. You are represented by veteran bankruptcy attorneys and a team of highly experienced support staff. We limit our practice to handling bankruptcy cases and debt resolution matters. This is our focus, and we take it seriously.

    We have offices located in Omaha and Lincoln, Nebraska. We offer a free initial consultation in person or over the telephone. Calling a Nebraska bankruptcy attorney should not be scary event. Our staff is friendly, knowledgeable and compassionate. We are here to help!

    Omaha NE Office:

    Lincoln NE Office:

    Call Us Now: 402 810-7810 or Use The Form Below for HELP!


    Martha C #attorney, #lawyer, #partner, #lawsuit, #divorce, #dispute, #complaint, #corporation, #partnership, #business


    #

    Certified Specialist in Tax Law. Arizona Board of Legal Specialization

    Martha Patrick is a peer review rated AV Preeminent attorney who has been recognized by The Best Lawyers in America in the field of Tax Law every year since 2008. Martha was named 2014 and 2016 “Lawyer of the Year” in Phoenix for Tax Controversy and Litigation, a prestigious honor as only one attorney in each metropolitan market is named in represented practice areas. In addition, Martha has been selected as a Southwest Super Lawyer from 2007-2016 and as one of Arizona s Finest Lawyers since the program began in 2011.

    Martha joined Burch Cracchiolo in 1987 after nine years as a senior trial attorney in the Office of Chief Counsel of the Phoenix and San Diego Districts of the Internal Revenue Service, handling both criminal and civil tax controversies. She also worked closely with the Criminal Investigation Division of the IRS, providing advice and legal representation in criminal tax investigations.

    Martha is Certified as a Tax Specialist by the State Bar of Arizona. Her practice deals exclusively with tax controversies, handling both civil and criminal matters. Drawing on her experience with the IRS and her first-hand knowledge of its practices and procedures, as well as over 25 years of experience serving clients in private practice, Martha represents taxpayers involved in civil and criminal tax controversies before the Internal Revenue Service, the Arizona Department of Revenue and other taxing agencies, from the inception of a tax audit, the administrative appeal and litigation before the United States Tax Court, the United States District Court, the Arizona Tax Court, and the federal and state courts of appeal. She also represents clients in tax collection matters, negotiating installment payment agreements, offers in compromise, voluntary disclosure and amnesty matters, and seizure and forfeiture actions. Martha has considerable experience handling levy enforcement and lien matters, currency violations and all forms of civil and criminal tax investigations.

    Honors Awards

    Selected, Best Lawyers in America, 2014, 2016, Lawyer of the Year, Phoenix, Tax Controversy

    Selected, Best Lawyers in America
    Tax Law 2008-2017 editions

    Selected, Southwest Super Lawyers
    Tax Law 2007-2017

    Selected, Arizona s Finest Lawyers 2011-2017

    Selected, Arizona Business Magazine Top Lawyers, Tax, 2014-2016

    Top 25 Women Attorneys, Southwest Super Lawyers, 2013-2014, 2017

    Selected, Arizona Business Magazine 2016-2017 Top 100 Attorneys in Arizona

    Ranked AV Preeminent 5.0 out of 5* in Martindale Hubbell*

    *AV Preeminent and BV Distinguished are certification marks of Reed Elsevier Properties Inc. used in accordance with the Martindale-Hubbell certification procedures, standards and policies.

    Representative Engagements

    Achieved dismissal of two criminal cases after referral by IRS to Department of Justice (a significant achievement in light of the considerable review that occurs prior to referral)
    Assisted numerous clients in voluntary disclosure and amnesty programs related to both offshore and domestic issues
    Represents restaurant owners, sports figures, business owners and entrepreneurs in all phases of civil and criminal cases arising from tax matters.
    Represents potential witnesses and targets before Grand Jury in criminal tax cases
    Represents taxpayers in obtaining innocent spouse status in connection with tax liabilities arising from joint tax returns for both domestic and offshore matters
    Represents businesses with employment tax challenges involving assessment and collection issues
    Represents individuals in connection with proposed assessment of trust fund recovery penalties resulting from underpaid employment taxes
    Represents taxpayers in civil and criminal forfeiture actions resulting from currency violations

    Other Relevant Employment

    Prior to joining Burch Cracchiolo, Martha was a senior trial attorney with the Internal Revenue Service, working for nine years in the San Diego and Phoenix District Counsel offices on both criminal and civil matters.

    Professional Leadership

    Former member, Executive Committee, Tax Law Advisory Commission, State Bar of Arizona

    Professional Affiliations


    Increased Use of Bankruptcy Petition Preparers Raises Concerns #bankruptcy #milwaukee


    #

    Increased Use of Bankruptcy Petition Preparers Raises Concerns

    Published on June 18, 2012

    From FY 05-11, a total of 2,529 formal actions were filed by the U.S. Trustee Program against bankruptcy petition preparers under 11 U.S.C. § 110. Formal actions include all motions, complaints, and objections filed by Program personnel with the bankruptcy court seeking some type of relief. For FY 05-11, the success rate was 98.5 percent. Success rate is defined as the total number of formal actions where the court granted some or all of the relief sought or the defendant agreed to relief satisfactory to the U.S. Trustees, divided by the total number of formal actions adjudicated or satisfactorily resolved prior to adjudication. Source: US Trustee Program Enforcement Activity, FY 05-11, Annual Data Tables.

    U.S. bankruptcy courts increasingly are concerned with abuses committed by some non-lawyers in the business of helping prepare bankruptcy filing documents for a fee.

    A growing number of people who seek bankruptcy protection navigate that challenging process without a lawyer’s help, as so-called “pro se” filers. But federal bankruptcy law also allows them to pay non-lawyers to prepare petitions for them. The law defines a “bankruptcy petition preparer” (BPP) as “a person other than an attorney for the debtor or an employee of such attorney. who prepares for compensation a document for filing.”

    Many preparers operate within the strict limits the law imposes on them, but some do not.

    “We have seen an increase in abuse,” said U.S. Bankruptcy Judge Maureen Tighe in the Central District of California. “The increase in ‘foreclosure rescue’ and ‘loan modification’ services seems to be the source in the past three years. The homeowners are desperate and take advice from the most questionable sources. There is a wide range of BPPs, from those who are well-meaning but still are giving legal advice, to out-and-out fraud perpetrators—and the down-and-out consumer debtor doesn’t know the difference most of the time.”

    In Tighe’s district, several petition preparers have been fined for, among other infractions, the unauthorized practice of law and collecting higher petition-preparation fees than the $200 allowed by the bankruptcy court. (Petition-preparation fee limits vary in the 91 bankruptcy courts.)

    “We have seen an increase in abuse. the increase in ‘foreclosure rescue’ and ‘loan modification’ services seems to be the source.”

    —U.S. Bankruptcy Judge Maureen Tighe

    “I have had debtors who have paid thousands of dollars for assistance that was useless or non-existent,” Tighe said.

    A locally focused report recently presented by Tighe’s court includes a troubling finding: “While self-represented debtors receive discharges at a lower rate than represented debtors, the group that did not personally file the cases at the courthouse had their cases dismissed at double the already high rate.”

    That finding suggests that reliance on inadequate “representation” by BPPs may be the reason. Earlier studies have shown that the vast majority of debtors referred to as “pro se” filers are, in fact, assisted by BPPs. “A 2003 study by the U.S. Trustees Program reported that only 3 percent of debtors filing were truly pro se. At the time of the study, 23 percent of all debtors used a BPP to file,” the bankruptcy court report said. “This may have changed recently due to the presence of self-help desks in every division. Court forms and rules require BPPs to disclose their involvement, but the court has reason to believe that approximately half of them fail to do so.”

    In Maryland, a BPP was sentenced to two years in prison to be followed by three years of supervised release for contempt of court for continuing to offer his services after being barred from doing so.

    In New Mexico, a BPP was permanently banned from helping debtors after being cited with violations in nine separate cases.

    In Colorado, the bankruptcy court imposed more than $42,000 in sanctions against a bankruptcy petition preparer.

    And in the Eastern District of Wisconsin, bankruptcy judges have cited four preparers with contempt and referred the cases to the U.S. District Court to determine whether criminal charges should be filed against them. “Unethical preparers who are serial filers are a problem for us,” said Bankruptcy Judge Margaret Dee McGarity in Milwaukee. “We have a pro se help desk staffed by volunteer attorneys, and a designated person in the clerks office to help get all the right papers filed. But we need to provide even more assistance.”

    Over the past five years, McGarity’s bankruptcy court, which limits the fee a BPP can charge to $75, has barred seven individuals from preparing petitions. But some preparers do not sign the petitions as required by law, and tell their clients not to tell the court about the help they received.

    Eastern District of Wisconsin Chief Bankruptcy Judge Pamela Pepper noted in a memorandum, prepared for a meeting on pro se debtors, that anyone filing papers now must produce a driver’s license, a copy of which is placed in the court file—an effort “to identify people who are filing petitions for someone else.”

    It can be a difficult task. “We’ve discovered networks of people—in one, a preparer was barred, then was replaced by her boyfriend, who eventually was barred, only to be replaced by her brother, who was using her formerly incarcerated father’s name and a false Social Security number on the petitions,” Pepper said. “All of these people accept money that the most destitute debtors have to beg or borrow to provide paperwork that is deficient at best and damaging at worst.”

    In its fiscal year 2011 report, the U.S. Trustee Program said bankruptcy trustees nationwide had filed 504 actions against BPPs, with a success rate of 98.8 percent. More than $1.9 million in fines were imposed and some $419,000 in fees recovered during that year, the report said.

    The U.S. Trustee Program, part of the Department of Justice, features a warning on its website (Justice.gov) for those who might seek help filing for bankruptcy protection.

    “Non-attorney bankruptcy petition preparers may type bankruptcy documents with information supplied by the debtor. They may not provide legal services, such as helping you choose whether to file under Chapter 7 or Chapter 13 or identifying your property that is exempt from the reach of creditors,” it states. “Bankruptcy petition preparers may advertise their services under ‘document preparation services’ and similar categories of services, but not under ‘legal services.’ If a bankruptcy petition preparer offers to provide legal services to you or fails to disclose that he or she is not an attorney and may not provide legal services, please report this to a U.S. Trustee Program field office.”

    Efforts to thwart fraud by BPPs are hampered in some districts by cultural differences. “Our challenge is exacerbated by the large Latino population who confuses notaries with ‘notarios’ because ‘notarios’ actually can carry out simple legal functions in Central America,” Tighe said. “Some of our BPPs just advertise as ‘notarios’ and reel them in.”

    In Arizona, the state Supreme Court certifies document preparers—including BPPs—but such state regulation is not available in all states.


    When is Bankruptcy Removed from Your Credit Report #bankruptcy, #bankruptcy #schedule, #chapter


    #

    When is Bankruptcy Removed from Your Credit Report

    Dear CJN,

    The amount of time that a bankruptcy listing remains on your credit report depends on which chapter is filed. Bankruptcies included in credit reports typically fall into two chapters, either Chapter 13 or Chapter 7. You didn’t say under which chapter you filed, but your question suggests that it was probably a Chapter 7 bankruptcy.

    Under Chapter 13 bankruptcy you repay a portion of the balances owed to creditors through a debt repayment plan. Because payments are made on your debts in order for this type of bankruptcy to be discharged, a Chapter 13 will only remain on your report for seven years from the date filed. If you filed Chapter 13 bankruptcy, it should have been removed in 2012.

    Under Chapter 7 bankruptcy, all debts are forgiven. There is no repayment. Chapter 7 bankruptcy remains on the report for 10 years from the date it was filed.

    You indicated that your bankruptcy was filed in 2005. Assuming that your bankruptcy was a Chapter 7, it would be removed in 2015.

    If you filed a Chapter 13 bankruptcy, you should submit a dispute by following the instructions included in your Experian credit report or visiting How to Dispute Credit Report Information .

    Submitting a copy of your bankruptcy Schedule A will help enable Experian to update its records. You can submit copies of any documentation at www.experian.com/upload/ .

    Thanks for asking.
    The “Ask Experian” team

    Good credit begins with knowing where your credit is today. Get started with your free Experian Credit Report, updated every 30 days on sign in. No credit card required.

    Related Articles

    Should I File for Bankruptcy?

    I have multiple charged off accounts and want to know if I should file bankruptcy or try to pay off the debt? I owe quite a bit. –

    Can I Apply for Credit Cards After Declaring Bankruptcy?

    Can I apply for credit cards after declaring bankruptcy? What kind of credit card might I qualify for? I am trying to rebuild my credit. GSP Dear

    When Will a Paid Judgment Be Removed?

    I paid a civil judgment in full this year. Will that ever be off my credit report? It shows the amount owed is $0, but

    What s the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

    From a credit reporting perspective there is one fundamental difference in the two bankruptcy chapters. Under Chapter 13 bankruptcy you must repay at least a portion of the debt .

    Previous Article

    Divorce Agreements and Credit Reports

    Next Article

    Quitclaim Deed Does Not Override Contractual Obligation


    695 Affordable Arizona Bankruptcy Attorney #bankruptcy #attorney #phoenix


    #

    Why is Bankruptcy Sometimes Necessary?

    Imagine a world where no mistake you every made or misfortune you encountered could be made right. We have all taken risks and gambled with our future. These decisions are usually based on our level of experience and temperament. Tech folk heroes like Bill Gates, Steve Jobs, and Mark Zuckerberg all took incredible financial risks that were ultimately wildly successful. Arguably, the world is a better place because people take assertive risks. But for every success story, there are also countless failures. And that is not necessarily a bad thing! Failure is an integral part of future success. How we react to our failures is much more important than the failure itself.

    A close relative of failure is tragedy. Tragedy is no respecter of persons. No one is immune from tragedy. Medical issues can affect anyone at any time. And while we do not like to think about the cost of treating serious medical issues, the costs nevertheless continue to climb. By some accounts, medical costs in the United States have already surpassed 18% of gross domestic product (GDP) or about 3.2 trillion dollars a year! These costs are only projected to grow.

    Many industries are also periodically affected by downturns in our economy. Some risk takers find themselves over leveraged, but even blue collar workers who always played it safe can often meet financial tragedy when extended layoffs eat into their savings. Any one of us can fall victim to the ups and downs of this capitalistic economy. And while filing bankruptcy should never be taken lightly, I for one am very grateful that an escape valve exists that prevents the economy and the lives of honest people from completely blowing up.

    If you or someone you know is experiencing financial hardship, contact us to set up a free bankruptcy evaluation. We will gladly meet with you to discuss the pros and cons of a bankruptcy filing and help you plan your next steps toward a financial fresh start.

    Frequently Asked Questions

    Bankruptcy wipes the slate clean for most unsecured debt. It stops collection efforts by creditors including garnishments, foreclosures, bank levies, and harassing creditor calls and collection letters. Bankruptcy is governed by Federal Law under the Federal Bankruptcy Code. This is also known as Title 11. The two most common forms of bankruptcy are Chapter 7 and Chapter 13. Throughout history many famous people have filed for bankruptcy protection. Bankruptcy is a vital part of a thriving economy, because it encourages risk taking and innovation. Imagine how much more cautious we would all be if we didn’t know that we could file for bankruptcy protection as a last resort. There are still a few countries in the world who have not grasped the concept of bankruptcy, and many of their economies are stuck in the dark ages.

    Bankruptcy is not for everyone. The decision to file for bankruptcy must be informed by a number of different factors, which includes your income/expenses, assets, debts, urgency (such as a pending foreclosure or garnishments) and your ability to repay your debts outside of bankruptcy. An experienced bankruptcy attorney can evaluate your circumstances and help you decide whether bankruptcy is right for you.

    Many people are surprised to hear that they can keep all of their property when they file for bankruptcy. This includes their house, cars, furniture, etc. The term we use in the bankruptcy world to protect an asset is called “exemptions.” If you have lived in Arizona continuously for the two years prior to filing your bankruptcy, then you will be permitted to use Arizona’s bankruptcy exemptions. Among other things, Arizona allows a bankruptcy filer to protect $150k equity in the home they reside in. Arizona also allows you to keep a vehicle (up to $6k equity), household goods (up to $6k), wedding engagement rings (up to $1k equity). For a summarized list of all Arizona exemptions, click here. It’s important to note that exemption laws are not all black and white. An experienced bankruptcy attorney will be able to evaluate your assets and determine which assets will be protected in your bankruptcy filing. Furthermore, if it is found that you own property that is not covered by an exemption (such as a boat, for example), then your attorney will be able to discuss pre-bankruptcy planning options that will help to limit your losses without running afoul of the law.

    A bankruptcy discharge is the end goal of almost all case filings. This is the point in your case where the bankruptcy Judge assigned in your case signs an general Order declaring that your debts are wiped out. Discharges are general in nature so they will not specially dictate which debts were wiped. However, your attorney will explain to you that debts like credit cards, medical, evictions, repossessions, pay day loans, utility bills and other debts are eligible to be discharged. Some common examples of debts that cannot be wiped in a discharge include student loans, domestic support obligations, government fines/penalties and most tax debts.

    In virtually every case the debtor will need to appear at a hearing called a section 341 meeting of creditors. Section 341 refers to the section of the bankruptcy code that requires that this hearing take place. At that hearing you will need to present your ID and proof of your Social Security Number. Debtors will be sworn in and asked questions by the trustee while under oath. All creditors are also invited to appear to question the debtor, however creditors rarely show up at this meeting. Other situations may arise in your case requiring your appearance before the Judge or other hearings. However, this is more of the exception rather than the rule.

    There is a three step process. STEP 1: Meet with attorney Alexander D. Sanchez (“Alex”) for a free case evaluation. During this meeting we’ll advise whether bankruptcy is right for you and which Chapter we recommend. During this meeting we will also introduce our petition preparation packet (“PPP”). STEP 2: Complete the PPP and return it to the Firm with attached documents. STEP 3: Once we have completed a final draft of your petition, we will meet to review it and obtain required signatures. Once the above steps are completed, we will be able to file your bankruptcy petition with the court.

    If you feel confident enough in your own ability to navigate the quagmire of bankruptcy laws, then your main cost will be the Court filing fee. If you want to make certain that your case is handled the right way, then we highly recommend hiring an experienced attorney to file for bankruptcy. Attorney fees run an average of $1700 for a basic Chapter 7 filing. At our firm we strive to make access to legal representation affordable to all. Our fees for a Chapter 7 cases will start at $695, with affordable payment plans available to fit any budget. For full details on the fees and costs at our firm, click here .

    STOP GARNISHMENTS


    Chesterfield Traffic Attorney #personal #injury, #automobile #accidents, #tractor #trailer #accidents, #wrongful #deaths,


    #

    Attorney Profile

    Thomas L. Gordon, Partner

    • Meadowbrook High School, Class of 1973
    • North Carolina State University, Bachelor of Science in sociology and criminal justice, 1976
    • T.C Williams School of Law, University of Richmond, Juris Doctor, 1979
    • Licensed as an Attorney and Counsellor at Law in the Commonwealth of Virginia in 1980
    • Member, Virginia State Bar Association (Family Law Section)
    • Member, Richmond Criminal Bar Association
    • Member, Chesterfield/Colonial Heights Bar Association

    Randy B. Rowlett, Partner

    • Matoaca High School, Class of 1980
    • College of William and Mary, Bachelor of Arts 1984
    • College of William and Mary, Marshall-Wythe School of Law, Juris Doctor, 1993
    • Licensed as an Attorney and Counsellor at Law in the Commonwealth of Virginia in 1993
    • President-Elect of the Chesterfield/Colonial Heights Bar Association
    • Member, Virginia State Bar Association (Criminal Law Section)
    • Assistant Commonwealth’s Attorney, Chesterfield Commonwealth’s Attorney’s Office, 1992-98
    • Teacher and Coach, Meadowbrook High School, 1984-90
    • Instructor, Criminal Law, University of Richmond since 1995
    • Instructor, Legal Writing and Research, J Sergeant Reynolds Commiunity College, 1992 – 1998
    • Instructor, Criminal Law, Criminal Procedure Evidence for the Chesterfield Co Police Academy
    • Adjunct Faculty at University of Richmond
    • Undergraduate School of Arts Sciences – teaches Criminal Law
    • TC Williams School of Law – teaches Lawyering Skills
    • Past President of Chesterfield Bar Association

    David S. Clements, Associate

    • Lloyd C. Bird High School, Class of 1990
    • Longwood College, graduated in 1994 (B.S. Degree in Political Science with a Pre-law Concentration )
    • University of Richmond, T.C. Williams School of Law, graduated in 1999. (J.D.)
    • Associate, Gordon, Dodson and Gordon
    • Associate, Jay Tronfeld and Associates
    • Intern, Chesterfield County Commonwealth’s Attorney Office
    • Licensed as an Attorney and Counselor at Law in the Commonwealth of Virginia in 1999.
    • Virginia State Bar Association (General Practice Section)

    Donald E. Gulledge, Associate

    • Meadowbrook High School, Class of 1975
    • Virginia Commonwealth University, B.S. Business Administration and Management, 1983
    • T.C Williams School of Law, University of Richmond, Juris Doctor, 2001
    • Licensed as an Attorney and Counsellor at Law in the Commonwealth of Virginia in 2001
    • Qualified as guardian ad litem for children, 2001
    • Admitted U.S. District Court and U.S. Bankruptcy Court for the Eastern District of Virginia,2003
    • Admitted U.S Court of Appeals for the Fourth Circuit, 2003
    • Member, Virginia State Bar Association
    • Member, Chesterfield/Colonial Heights Bar Association
    • Vice President, Sure Way Transportation Co. Inc. 1995-1998
      Operations, Great Costal Express, Inc. 1981 – 1995

    Ryan T. Spetz, Associate

    • Graduate of Mary Washington College in 1997
    • Graduate of University of Richmond Law School 2007
    • Clerked for Judge Powell of the Chesterfield Circuit Court, 2007-2008
    • Associate at Gordon, Dodson, Gordon Rowlett since 2008
    • Practice areas include criminal defense, domestic relations, Guardian ad litem for children, workers’ compensation,and social security

    Matthew T. Mikula, Associate

    • Trinity Episcopal School, Class of 2000
    • Virginia Military Institute, Bachelor of Arts, English & The Fine Arts, With Distinction 2004
    • College of William and Mary, Marshall-Wythe School of Law, Juris Doctor, 2010
    • Licensed as an Attorney at Law in the Commonwealth of Virginia in 2011
    • Admitted to the United States Eastern District Courts, 2012
    • Admitted to the United States Western District Courts, 2012
    • Law Clerk to The Honorable Herbert C. Gill, Jr. Chesterfield County Circuit Court Judge, 2010-2011
    • Intern, Chesterfield Commonwealth Attorney’s Office, 2008
    • Member, Richmond Bar Association
    • Member, Chesterfield County Bar Association
    • Director, VMI Club of Richmond
    • Graduate of Auburn University, Bachelor of Arts 2008
    • Graduate of Cumberland School of Law, Samford University 2011
    • Licensed as an Attorney and Counsellor at Law in the Commonwealth of Virginia
    • Licensed as an Attorney and Counsellor at Law in the State of Alabama
    • Attorney, BrownGreer, 2013
    • Consultant, Avery Educate, LLC, since 2012
    • Legal Intern, United States Senate, November-January 2012
    • Judicial Aid, Judge Butch Binford, Alabama Circuit Court, June-August 2010
    • Data Analyst, RASBO, Inc. May-August 2011
    • Intern, Office of the District Attorney, Circuit 20, May-July 2007
    • Member, Alabama State Bar
    • Member, Virginia State Bar
    • Matoaca High School, Class of 2004
    • University of Virginia, Bachelor of Arts in Economics, 2008
    • Campbell University, Juris Doctor, 2014
    • Licensed as an Attorney at Law in the Commonwealth of Virginia in 2014
    • Intern, North & Associates, 2014
    • Intern, The Law Offices of John T. Orcutt, 2014
    • Intern, Gordon, Dodson, Gordon & Rowlett, 2013
    • Intern, Everett Gaskins Hancock, LLP, 2013
    • Intern, Office of the Attorney General of Virginia, Medicaid and Social Services Division, 2012
    • Research Assistant, Campbell University, 2012
    • Senior Associate Paralegal and Appellate Consultant, The Lex Group, 2008-2011
    • Member, Virginia State Bar


    Cook County, IL Free Public Records #cook #county #bankruptcy


    #

    About Cook County, IL Public Record Searches

    Search Cook County public records using best found research sources online. Look up recorded information of Cook County including demographics and local economy. Link to all levels of Cook County government and their sites with services which provide public information. Current economy, business and housing data. Read about up to date current events and what is occurring in any city of Cook County. Find out about the background of residents and recorded statistics. Request Cook County criminal records from law enforcement departments with access to the state’s repository with official background check of arrests and convicted felonies. Access a directory aimed toward producing open public records and instant information available online. Cook County sources are added on a regular basis for the best and most current services.

    Cook County Free Public Records Directory

    Departments which record, maintain and provide official documents, certificates or information requested by the general public.

    Where and How to Request Criminal Record Checks.

  • Criminal cases, civil filings, divorces, bankruptcy and judgments.
  • Names and information of wanted persons by sheriffs and police departments.
  • Photos and description of fugitives wanted by law enforcement agencies.
  • Location and information of convicted sex offenders and predators by neighborhood.
  • Database of available photos and details of jailed inmates in custody.
  • Statutes, information and services regarding individuals in violation of child support payments.
  • Government department official public web-portal.

  • Cook County Free Court Records Search

    Recent divorce records, court criminal actions, civil lawsuits and bankruptcy filings.


    General Practice Attorney, Gastonia, NC #nc #bankruptcy #attorney


    #

    Family Law and Divorce

    Our firm represents parties through separation agreements, custody matters, divorce actions, the distribution of property, and all of the processes that go with them, whether resolved peacefully or litigated.

    Small Business Assistance

    Whether you are incorporating, have changes in your business, need to formalize your business practices, have financial trouble, or need to sue or defend a suit, we can help.

    Bankruptcy

    Do you need to file bankruptcy? Have an individual financial problem? Don’t really see a solution? We can diagnose the problem and help.

    Why a small firm? Why a diverse practice?

    Legal needs don’t come in ones; often, financial problems, domestic trouble, and other misfortune come together. When this happens, they should be dealt with in an integrated manner.

    Entrust your legal concerns to our general practice attorney at Kakassy Law in Gastonia, NC, and rest easy knowing that your case is in good hands. Attorney Thomas Kakassy represents clients in the following areas:

    • Bankruptcy law
    • Social security and disability law
    • Family law and divorce
    • Personal injury and wrongful death cases
    • Litigation in all courts
    • Criminal law and traffic law
    • Wills and estates
    • Business law
    • Horse Protection Act (HPA) defense
    • Real estate closings and title searches

    Through the years, we have connected with the community, gaining extensive experience and in-depth knowledge. Part of our contribution to society is serving the Salvation Army, Rotary Club, and other civic clubs and nonprofit organizations.

    To learn more about our law firm and areas of practice, feel free to contact us today. We look forward to speaking with you and assisting any way we can.

    OUR CLIENTS SAY:

    “We have used Tom in the past for a couple different things with great results. I wish all lawyers did as good of a job as Tom and his staff!”– Jay Barry, Owner of AirBorn MFG in Denver NC

    “I found Mr. Kakassy and his staff to be friendly, professional and efficient.”– Brenda W.

    “Mr. Kakassy and his assistant helped to calm my fears. Their knowledge of the law helped me pursue a successful ending.”– Hannah G.

    “I’ve lived in the Gastonia area for about 11 years and on several occasions need some legal advice and legal help. Tom Kakassy was very helpful and saved me a good bit of money. I needed a lawyer to assist me with a storage company that totally ruined my high end furniture. Tom and his staff were amazing. He fought for what was right and won! On another occasion my son was purchasing his first home, Tom and his staff treated my son with respect and walked him through the process all the way. I’m so thankful for what he has done for me and my family. I will definitely use Thomas Kakassy again!”– Lisa W.

    “I am so pleased with my experience as a client of Tom Kakassy. Tom was incredibly attentive and helpful. He gave me the unvarnished truth and provided unbiased insight based on the law and his experience. I don’t know about you, but I’m not paying an attorney to tell me what I want to hear. I’m paying for guidance that prevents loss or hardship and benefits me. While Tom gave me feedback to burst my bubble, he was gracious and sympathetic. I am grateful he prevented me from making a mistake.”– Anonymous


    Bankruptcy New York #new #york #bankruptcy #attorney


    #

    Bankruptcy New York

    Our firm is a New York Bankruptcy Law Firm located in New York City and in Garden City, NY. For more then 15 years, the Law Offices of Stephen B. Kass, P.C. has offered experienced legal counseling in the areas of Bankruptcy (Chapter 7. Chapter 13 for Consumers and Chapter 11 Reorganization filings for Businesses with high tax debt as well as Chapter 11 filings for individuals with substantial liabilities), Tax Litigation and Agreements with the Internal Revenue Service [ IRS ] and Debt Negotiations with Creditors.

    We have daily contact with IRS Special Procedures agents in Brooklyn, Asst. Attorney Generals in NYC, IRS Local counsel in NYC, NYS Counsel in NYC, Long Island and in Albany, NY. We practice business and consumer bankruptcy in NY.Our firm provides Chapter 11 Bankruptcy Services in NYC, Brooklyn and in Long Island, NY. We file Business Bankruptcy cases in the greater tri state area. We are counsel to other attorneys, CPA s, doctors, investment bankers, engineers as well as other professionals and high net worth individuals.

    We are Corporate Bankruptcy Attorneys in New York. All of our attorneys are Bankruptcy Attorneys in New York and are members of the American Bankruptcy Institute, New York District Courts and the Tax Court.

    We have authored articles on taxation and bankruptcy and have lectured on these subjects to other attorneys and accountants. We have attorneys admitted to the Supreme Court holding LLM in Taxation and also a CPA, attorneys fluent in Russian and paralegals fluent in Spanish.As a New York City Bankruptcy law firm, with the main office in downtown Manhattan close to Bankruptcy Courts and an office in Garden City near the local courts/business district, we are able to work on complex bankruptcy litigation cases in New York, Brooklyn, Queens, Long Island, Westchester and Bronx Counties.

    Please review our latest articles on the topic of tax discharges and bankruptcy as well as our prior articles. For bankruptcy clients in New York, please compete the following contact form for a free consultation.

    • Confirmed Chapter 11 case in Brooklyn with over a $700K discount in payroll tax debt in New York. Repayment period extended to double the amount as per the statute;
    • Structured deal with IRS and NYS to reduce income taxes over $800K per Chapter 11 Plan in Long Island, NY;
    • Reduced Payroll tax debt by over $1.3M in Chapter 11 case in New York ;
    • Discharged substantial amounts of tax liabilities through the Tax Adversary Litigation cases. Settled with the IRS in Washington, D.C. for over a 2 Million reduction in Income tax Debt;
    • Structured deal with NYS for Sales Tax Debt resulting in discounts with extended payment periods up to 10 years;
    • Tax Discharges in NYC and in the greater NY area. Discharged business and personal taxes in NYC, Brooklyn and in Long Island, NY.

    We provide the following services:

    • Business bankruptcy filings in New York and Corporate Bankruptcy Consultation. We work on complex Chapter 11 Bankruptcy cases in New York with high business taxes such as payroll or sales tax debt;
    • Individual Chapter 11 Bankruptcy filings for high net worth professionals;
    • We represent creditors with respect to other Chapter 11 cases in New York to help maximize their claim potential and payout;
    • Bankruptcy Debtor in Possession financial consultation;
    • Bankruptcy Adversary representation;
    • Chapter 7 filings for consumer credit card debt, old tax debt and to stop lawsuits and remove bank levies and wage garnishments;
    • Chapter 13 filings in New York to cure mortgage arrears, protect non-exempt property or for consumers who do not meet the Chapter 7 Means Test;
    • Debt Negotiation for consumers who do not want to file bankruptcy or who do not qualify for bankruptcy;

    For more information on the legal services provided by The Law Offices of Stephen B. Kass,P.C. please contact us for more information and to schedule a Free Consultation

    Comments on this entry are closed.


    Filing Without an Attorney #bankruptcy #attorney #phoenix #az


    #

    Filing Without an Attorney

    Welcome! While the information presented is accurate as of the date of posting, it should not be cited or relied upon as legal authority. It should not be used as a substitute for reference to the United States Bankruptcy Code (Title 11, United States Code) and the Federal Rules of Bankruptcy Procedure, both of which may be reviewed at local law libraries, or to local rules of practice adopted by each bankruptcy court. Finally, this information should not substitute for the advice of competent legal counsel.

    In addition to the information presented here, the Court also provides walk-in Self Help Centers for visitors who are seeking more information about how the bankruptcy process works in Arizona. In Phoenix, the Self Help Center is located on the 6th floor of the U.S. Bankruptcy Courthouse located at 230 N. 1st Avenue. In Tucson, the Self Help Center is located in Room 100 of the James A. Walsh Courthouse at 38 S. Scott Ave, and in Room 247 for free attorney consultations by appointment (see below).

    The current hours of operation in Phoenix are from 9:00 a.m. to 4:00 p.m. daily, and in Tucson from 9:00 a.m. to 4 p.m. daily. In Phoenix and Tucson, the Bankruptcy Section of the State Bar of Arizona provides volunteer attorneys to consult with individuals about bankruptcy for 20 – 30 minutes without charge. Additionally, volunteer attorneys are available by telephone. The volunteer attorneys are available by appointment only. Appointments may be scheduled online, using the Court’s online scheduling application. This service is available only to individuals who have filed or are considering filing a chapter 7 or chapter 13 case and to an individual creditor in a bankruptcy case. The volunteer attorneys do not consult on Chapter 11 cases.

    To use this service, you must first watch bankruptcy education program videos and complete an online questionnaire. The bankruptcy videos give general important information about bankruptcy. The questionnaire is important because it allows the attorney to give you specific advice about your situation. Completion of these materials requires serious consideration and a minimal time commitment of about one hour before you meet with an attorney. For additional information about the Self Help Center, please contact our front counter staff or call 602-682-4000, 520-202-7500 or 800-556-9230 and select 0 (zero) for the receptionist. Court staff will not be able to provide legal assistance but can answer general questions about bankruptcy forms and procedures.

    Self Help Center Customer Satisfaction Survey: If you have used any of our Self-Help Centers in the District of Arizona, we want to know what you think. Please take a few moments to fill out this short survey to help us improve our services.

    The United States Bankruptcy Court for the District of Arizona in conjunction with the Arizona Foundation for Legal Services Education has created a U.S. Bankruptcy Court Help Line. This help line was developed as part of the court’s mission to provide the greatest level of public service, access and information.

    The Arizona Foundation for Legal Services Education will utilize its technical expertise to host the hotline, thus providing a cost efficient location for the bankruptcy line while also ensuring the Foundation continually meets its mission of promoting access to justice for all Arizonans.

    By calling the toll free number 866-553-0893, people in need will be able to access information, in English and Spanish, about filing Bankruptcy. The person can also be transferred to the court or leave a message for an attorney. The attorneys answering these messages will be volunteering their time to consult individuals for 20 – 30 minutes without charge. The volunteer attorneys will be coordinated by the Bankruptcy Section of the State Bar of Arizona.


    Small Business Bankruptcy Information #personalized #business #gifts

    #business bankruptcy

    #

    Small Business Bankruptcy

    If your small business is struggling with debt, bankruptcy may provide some relief.

    If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

    • the legal form of your business — for example, is your business a sole proprietorship, general partnership, corporation, or limited liability company?
    • whether you are personally liable for business debts
    • whether you want to close your business or keep it running, and
    • how much and what types of debts you have.

    In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.

    Get Informed Articles Information

    Overview Articles

    Overview Articles

    Start here to learn about filing for bankruptcy for your small business.

    Chapter 7, Chapter 13, and Chapter 11 bankruptcy may help your small business if it is struggling with debt. Learn more.

    If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

    If you’re a small business owner struggling with debt, Chapter 13 bankruptcy may help you reorganize your debts and save your business.

    With Chapter 11 bankruptcy, a small business can restructure and eliminate debts and continue in operation.

    Find out if bankruptcy can help your struggling business keeps its doors open.





    Small Business Bankruptcy Information #business #plan

    #business bankruptcy

    #

    Small Business Bankruptcy

    If your small business is struggling with debt, bankruptcy may provide some relief.

    If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:

    • the legal form of your business — for example, is your business a sole proprietorship, general partnership, corporation, or limited liability company?
    • whether you are personally liable for business debts
    • whether you want to close your business or keep it running, and
    • how much and what types of debts you have.

    In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.

    Get Informed Articles Information

    Overview Articles

    Overview Articles

    Start here to learn about filing for bankruptcy for your small business.

    Chapter 7, Chapter 13, and Chapter 11 bankruptcy may help your small business if it is struggling with debt. Learn more.

    If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.

    If you’re a small business owner struggling with debt, Chapter 13 bankruptcy may help you reorganize your debts and save your business.

    With Chapter 11 bankruptcy, a small business can restructure and eliminate debts and continue in operation.

    Find out if bankruptcy can help your struggling business keeps its doors open.





    Mesa bankruptcy attorney #mesa #bankruptcy #attorney


    #

    Experience You Can Trust

    What Should I Do If I Don’t Want a Divorce? Read More »

  • What is Accountability Court? During a divorce or paternity matter, Read More »

  • Steps Involved in a Contested Divorce Going through a divorce Read More »

    Professional Mesa | Phoenix, Arizona Attorneys

    Udall Shumway PLC has been serving businesses and consumers since Mesa was a small suburb of Phoenix. Located in the center of growth in the East Valley, we remain a leading Law Firm in the Phoenix-metro area because of the variety of legal services we provide as well as the skill and experience of our attorneys and staff. Several attorneys in the Firm have been and continue to be leaders in the community.

    As a mid-sized Arizona law firm, Udall Shumway PLC is large enough to offer a full diversity of service and expertise, yet small enough to maintain personal contact with our clients. As a result of our knowledge, resources, talent and dedication to clients, the Firm has excelled in handling complex cases and obtaining excellent outcomes for clients in Personal Injury, Medical Malpractice, and Commercial Litigation, Family Law, Estate and Tax Planning, Education Law and Business, and Real Estate Transactions. A number of our attorneys have been Certified as Specialists in their fields by the State Bar of Arizona.

    Not only do we strive for excellence in legal strategy and practice, we actually enjoy working together to serve our clients, the courts and the community. As a result, the Firm has been selected as one of the top law firms in the State by Arizona Business Magazine.

    Call 480.461.5300 today for affordable lawyers attorneys in Mesa | Phoenix, Arizona

    Participate in the 2017 vote here!

    Do You Have A Case?

    Contact Information


  • What does a paralegal do compared to a legal assistant or a


    #

    What does a paralegal do compared to a legal assistant or a legal secretary?

    Many clients wonder what does a paralegal do for me. The simple answer to that question is a paralegal does whatever tasks assigned to him or her by the supervising attorney to assist the attorney in representing the client. What does a paralegal do :

    • Assist attorneys during trials
    • Organize case files and prepare trial notebooks
    • Perform legal research on current laws and cases
    • Prepare legal briefs
    • Draft correspondence and legal documents
    • Conduct client and witness interviews

    In smaller firms, a paralegal may perform secretarial duties while she is completing assignments. For instance, if the attorney gives the paralegal a legal pleading to draft, she may type the document herself rather than dictating the document for a secretary to type. A paralegal may also do her own office filing, copying and mail outs instead of giving these tasks to other staff members. However, some paralegals may spend all of their time performing legal research, interviewing clients or drafting pleadings.

    Because there are no national standards or certifications for paralegals, it is up to the legal community as a whole to determine job descriptions. A paralegal’s job description will vary depending on the attorney, the type of law the attorney practices, the size of the law firm and the location of the law firm.

    Question: What does a paralegal do?

    Answer: Any task assigned to her by the attorney.

    What does a paralegal do that a legal assistant cannot do nothing. The National Association of Legal Assistants states that the terms legal assistant and paralegal are interchangeable. Therefore, a legal assistant may perform the same tasks for an attorney that a paralegal performs for him. However, some attorneys consider only assistants who have a degree to be a paralegal. Anyone without a paralegal degree performing similar tasks would then be considered a legal assistant. Smaller firms may use either term to describe the same position but larger firms and corporate legal departments will normally require a paralegal to have a minimum of an Associate’s Degree before they can use the title of paralegal.

    What does a legal secretary do?

    Now that you know the answer to the question, “What does a paralegal do?” you will be able to distinguish a paralegal from a legal secretary. A legal secretary types documents for the attorney from dictation, prepares correspondence, answers the telephone, greets and assists clients and maintains the attorney’s calendar. In some firms, the duties of a legal secretary may include some of the same tasks that would be assigned to a paralegal or legal assistant in larger firms. The same is true for legal secretaries as it is for paralegals they do whatever is assigned to them to assist the attorney and keep the law office running smoothly.

    Job skills required to be a paralegal, legal assistant or legal secretary

    To perform the legal tasks assigned to them by an attorney, legal staff members must possess certain skills. Computer skills are required because a growing number of law offices, and courts, are paperless. Good communication skills and strong organizational skills are essential since paralegals work with the public and under multiple deadlines. Attention to detail and the ability to multitask round out the qualities of a good paralegal.

    If you want to know how to become a paralegal, the first step you should take is finding an accredited paralegal program through a university or community college. Search for a paralegal school that has been accredited by the American Bar Association. Programs that have been accredited by the ABA have met the educational standards of the ABA’s Standing Committee on Paralegals. Some programs offer a paralegal certificate but those programs are usually very short and overly broad. An Associate’s Degree in paralegal studies offers a two-year degree. These programs are more in depth and provide a better foundation for a career as a paralegal.

    For individuals who desire to work in larger law firms, a Bachelor’s Degree is usually required. The advantage of having a Bachelor’s Degree, in addition to a paralegal degree, is that the student receives a more rounded education including courses in English, literature and history, which help develop good communication skills.

    How much does a paralegal make?

    The answer to this question depends on several factors. The factors that influence paralegal salary primarily are:

    • Education
    • Experience
    • Type of law
    • Location of law firm
    • Size of law firm
    • Attorney’s attitudes and preferences

    According to the Bureau of Labor Statistics, the median income for a paralegal is $46,680 per year. However, this does not take into consideration many of the individual factors listed above. Salary.com reports that the median income for a paralegal is $47,377 per year; however, you can narrow this figure by entering the location of the job. The region’s cost of living and the salary trends for that specific location will also affect the average salary of paralegals.

    It is important to remember that paralegals holding a Bachelor’s Degree often earn more than paralegals without a degree; however, there are exceptions to this rule experience and the attorney. Some attorneys give more weight to experience over education because no matter how much education a paralegal may have it can never be substituted for real world experience. In order to increase base salary, a paralegal can focus on a specific area of law to obtain more experience.

    Is becoming a paralegal a good career choice?

    Now that you know the answer to the question, “What does a paralegal do?” you may want to know if being a paralegal is a good career choice for you. The Bureau of Labor Statistics reports that jobs in the paralegal field are expected to increase by 18% between 2010 and 2020. Therefore, paralegal graduates can be optimistic with the outlook for the career.

    Furthermore, careers in the legal field will not likely disappear with changes in the economy. Individuals will continue to need the services of an attorney for various life events such as buying a home or preparing a will. In addition, as attorneys seek ways to cut overhead, corporate law firms try to reduce in-house legal costs and clients demand lower legal fees, the role of a paralegal will become increasingly more important since a paralegal can perform many of the same tasks as an attorney but for a much lower rate.

    Posts related to What does a paralegal do compared to a legal assistant or a legal secretary?

    Business Debt and Bankruptcy #how #do #business #loans #work

    #business bankruptcy

    #

    Business Debt and Bankruptcy

    Most businesses will incur some form of debt as a necessary part of operations, whether it’s the use of credit cards or bank loans. However, problems arise when the debt load is unsustainable and out of balance with revenues, sometimes leading to bankruptcy. This section contains information and resources to help a financially troubled business, including personal liability and what to expect when filing for bankruptcy. Also included are government resources to help businesses better understand debt and bankruptcy.

    Good Debt vs. Bad Debt

    Most people are not exactly thrilled about owing people money. But there is a distinction among different kinds of debt, as some debts are held in a much better esteem than others. More to the point, good debt refers to debt on assets that earn your business more income than the cost of that debt. The cost of any debt is the interest charged. In contrast, bad debt — such as emergency loans meant to keep a business afloat during hard times — doesn’t contribute to the company’s growth and may hurt the company’s overall value.

    You may have to incur some bad debt from time to time, but the key is to pay it off as quickly (and painlessly) as possible.

    Prioritizing Debts: Which to Pay Off First

    Deciding which debts to pay down first can be overwhelming when your company’s revenue is less than your debt obligations and monthly payments. Since you can’t satisfy all debts at the same time, it’s best to prioritize these obligations in a strategic way. For instance, certain debts must be paid in full — taxes, for instance — while other debts can be paid down gradually or even negotiated.

    Your unique situation and business needs will dictate how you repay your debts, but the following debts generally should take priority (this is not a comprehensive list):

    • Payroll and payroll taxes – While it may be tempting to use money withheld from employee paychecks to plug financial holes, it could lead to problems come tax time; also, you likely will face steep penalties if you fail to pay your workers on time or in full.
    • Utilities and communications – Resources and services such as electricity, water, telephones, and Internet are absolutely critical to most businesses; and if you fall behind, you may lose these vital services.
    • Loans with personal liability – Partners and sole proprietors are personally liable for business debts, although officers of corporations and LLCs also may be liable for debts they personally guaranteed.
    • Court Judgments – Creditors that have won court judgments against you or your business may legally seize property or even garnish wages.
    • Secured Loans – Many small business owners put up personal property, including their private home, as collateral for a loan; a default could lead to losing one’s home, or home office.

    If you’re unable to secure additional funding or otherwise find yourself without options to revive your struggling business, bankruptcy may be the next step. Businesses that have a shot at a turnaround typically file for Chapter 11 bankruptcy protection. This allows businesses to have certain debts forgiven while they reorganize, with limited protections for the its suppliers and vendors as well. But generally, the type of bankruptcy available to your business depends on your legal structure, amount (and type) of debts, plans for the future, and your personal liability for these debts.

    Other types of business bankruptcy — those which are more common for small businesses — include Chapter 7 and Chapter 13. You will want to file Chapter 7 if you are a sole proprietor and therefore liable for all business debts, which involves the liquidation of most assets and the eventual winding-down of operations. Another option for sole proprietorships or partnerships is Chapter 13, which allows you to keep your assets while reorganizing and paying off your debts.

    Click on a link below for more detailed information about business debt and bankruptcy.





    Oakland bankruptcy lawyer #oakland #bankruptcy #lawyer


    #

    C. Jason Cardasis Oakland County Bankruptcy Lawyer

    Attorney C. Jason Cardasis, JD – Oakland County Bankruptcy Lawyer

    Experienced Michigan Bankruptcy Attorney – Oakland County

    Attorney Jason Cardasis devotes one hundred percent of his legal practice to assisting people resolve their debt issues.

    Born and raised in the Detroit area, Jason Cardasis graduated from the University of Michigan in 1992. He was admitted to the State Bar of Michigan in 1995, after graduating from the Detroit College of Law.

    Mr. Cardasis is devoted to helping his clients with debt resolution and bankruptcy matters. He has helped hundreds of people regain control of their lives and get the fresh start they deserve.

    Mr. Cardasis is admitted to practice in both the Eastern Western District Bankruptcy Courts, and is a member in good standing of the State Bar of Michigan and the American Bar Association.

    For a FREE Consultation with Jason Cardasis CLICK HERE

    Oakland County Bankruptcy Lawyer

    Free Consultation with Affordable Oakland County Bankruptcy Lawyer


    Phoenix Arizona Bankruptcy Attorney #law #firm, #law #office, #legal #advice, #lawyer, #attorney,


    #

    Call 602-252-7552

    Welcome

    Arizona Debt Relief

    Your Financial Future

    Struggling with debt and financial worries is not a new phenomenon, however, in today’s economy, many who thought they would never find themselves in such a position are now unfortunately discovering that it can happen to about any one, at any time. Being faced with these circumstances can create a tremendous amount of fear and frustration. At Mark W. Lischwe, P.C.. we strive to take some of those fears and frustrations out of your life and put you back on track to regaining control of your financial future.

    Learn More

    Please take some time and explore the links on our website. Under “Resources “, you will find sites that provide an abundance of information to not only many commonly asked questions, but some you’ve probably never thought of. Under “Bankruptcy Overview “, a general summary is provided on the different chapters of bankruptcy our office handles. In “Attorney Profile “, you will find Mark W. Lischwe’s legal credentials and experience in the area of bankruptcy law and under “Contact Us “, you can obtain information on how to arrange for your free consultation and prepare for your appointment.

    We hope that after your visit to our website and a meeting with our office, you feel you have been informed and educated as to the bankruptcy process and that you have made the right decision toward taking control of your financial future. Schedule your free initial consultation by Contact Us or by calling 602-252-7552.

    MARK W. LISCHWE, P.C.

    Recipient of Phoenix Chapter 13 TrusteesAward for Excellence .


    Business Debt and Bankruptcy #online #business #degree

    #business bankruptcy

    #

    Business Debt and Bankruptcy

    Most businesses will incur some form of debt as a necessary part of operations, whether it’s the use of credit cards or bank loans. However, problems arise when the debt load is unsustainable and out of balance with revenues, sometimes leading to bankruptcy. This section contains information and resources to help a financially troubled business, including personal liability and what to expect when filing for bankruptcy. Also included are government resources to help businesses better understand debt and bankruptcy.

    Good Debt vs. Bad Debt

    Most people are not exactly thrilled about owing people money. But there is a distinction among different kinds of debt, as some debts are held in a much better esteem than others. More to the point, good debt refers to debt on assets that earn your business more income than the cost of that debt. The cost of any debt is the interest charged. In contrast, bad debt — such as emergency loans meant to keep a business afloat during hard times — doesn’t contribute to the company’s growth and may hurt the company’s overall value.

    You may have to incur some bad debt from time to time, but the key is to pay it off as quickly (and painlessly) as possible.

    Prioritizing Debts: Which to Pay Off First

    Deciding which debts to pay down first can be overwhelming when your company’s revenue is less than your debt obligations and monthly payments. Since you can’t satisfy all debts at the same time, it’s best to prioritize these obligations in a strategic way. For instance, certain debts must be paid in full — taxes, for instance — while other debts can be paid down gradually or even negotiated.

    Your unique situation and business needs will dictate how you repay your debts, but the following debts generally should take priority (this is not a comprehensive list):

    • Payroll and payroll taxes – While it may be tempting to use money withheld from employee paychecks to plug financial holes, it could lead to problems come tax time; also, you likely will face steep penalties if you fail to pay your workers on time or in full.
    • Utilities and communications – Resources and services such as electricity, water, telephones, and Internet are absolutely critical to most businesses; and if you fall behind, you may lose these vital services.
    • Loans with personal liability – Partners and sole proprietors are personally liable for business debts, although officers of corporations and LLCs also may be liable for debts they personally guaranteed.
    • Court Judgments – Creditors that have won court judgments against you or your business may legally seize property or even garnish wages.
    • Secured Loans – Many small business owners put up personal property, including their private home, as collateral for a loan; a default could lead to losing one’s home, or home office.

    If you’re unable to secure additional funding or otherwise find yourself without options to revive your struggling business, bankruptcy may be the next step. Businesses that have a shot at a turnaround typically file for Chapter 11 bankruptcy protection. This allows businesses to have certain debts forgiven while they reorganize, with limited protections for the its suppliers and vendors as well. But generally, the type of bankruptcy available to your business depends on your legal structure, amount (and type) of debts, plans for the future, and your personal liability for these debts.

    Other types of business bankruptcy — those which are more common for small businesses — include Chapter 7 and Chapter 13. You will want to file Chapter 7 if you are a sole proprietor and therefore liable for all business debts, which involves the liquidation of most assets and the eventual winding-down of operations. Another option for sole proprietorships or partnerships is Chapter 13, which allows you to keep your assets while reorganizing and paying off your debts.

    Click on a link below for more detailed information about business debt and bankruptcy.





    Business Bankruptcy: is bankruptcy the answer for your struggling business #best #business

    #business bankruptcy

    #

    Bankruptcy in Brief

    Home / Business Bankruptcy

    Small businesses and bankruptcy relief

    Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

    First, is the business a corporation, a partnership, or a proprietorship?

    • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
    • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

    To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

    • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
    • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

    In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

    The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

    Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

    The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

    A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

    Most reorganizations fail, usually for lack of a real plan to solve the problems.

    Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

    This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

    When Chapter 7 is best

    A Chapter 7, whether for the individual or a corporation, may be the best choice when

    • the business has no future,
    • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
    • the debts are so overwhelming that restructuring them is not feasible.

    Individuals can get a discharge of the dischargeable debts and a chance to start over.

    Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

    Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet





    Business Bankruptcy: is bankruptcy the answer for your struggling business #free #business

    #business bankruptcy

    #

    Bankruptcy in Brief

    Home / Business Bankruptcy

    Small businesses and bankruptcy relief

    Your business is in trouble: how do you determine if bankruptcy is necessary or helpful for your situation?

    First, is the business a corporation, a partnership, or a proprietorship?

    • Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right.
    • Proprietorships are just an extension of the owner: they can’t file bankruptcy alone: the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or Chapter 13 (if the debt limits are met). See Chapter 13 eligibility standards.

    To answer this question, you have to know what has caused the problems the business now faces and what are the prospects for change:

    • Reorganization can’t create a market; increase gross revenue, or make up for a poor fit between the skills available and the skills required to run the business.
    • Reorganization could free up cash from servicing the old debt to permit current operations; permit rejection of leases or contracts that are no longer advantageous (an expensive facility lease or improvident equipment purchase); or prevent the loss of vital assets or cash to creditor collection actions.

    In between Chapter 7 liquidation and reorganization, a liquidating Chapter 13 or Chapter 11 could provide a breathing space for the owners to sell the business as a going concern or or its assets in something other than a fire sale.

    The resulting proceeds could pay taxes or unpaid salaries; sale of the business could provide ongoing jobs for the work force under new ownership. The bankruptcy could then be converted to Chapter 7 or dismissed if bankruptcy protection is no longer needed. The court will probably condition dismissal of the case on payment to creditors of the sale proceeds.

    Bankruptcy reorganization in Chapter 11 requires significant time on the part of the owners and managers to comply with the requirements of the bankruptcy system, interface with counsel, and negotiate with creditors. It is usually expensive as well.

    The bankruptcy bargain is that, in exchange for the protection of the automatic stay and other bankruptcy protections, the debtor provides full disclosure of its financial condition to creditors and the court, both at the beginning of the case and on a monthly basis thereafter, and operates as a fiduciary for its creditors while the bankruptcy is ongoing.

    A reorganization can drain an already stressed organization of management’s time to participate in bankruptcy proceedings and money since the legal expenses are significant.

    Most reorganizations fail, usually for lack of a real plan to solve the problems.

    Businesses that require little capital, have few assets, or are really just extensions of the owner’s skills and personality are ones that it may not pay to reorganize. The owners may be better off liquidating the business, in or out of bankruptcy, and starting over in a fresh entity.

    This can be a complex issue and requires good professional advice to do correctly. Thoughts on finding a lawyer.

    When Chapter 7 is best

    A Chapter 7, whether for the individual or a corporation, may be the best choice when

    • the business has no future,
    • it has no substantial assets or qualities that cannot be reproduced after bankruptcy, or
    • the debts are so overwhelming that restructuring them is not feasible.

    Individuals can get a discharge of the dischargeable debts and a chance to start over.

    Corporations don’t get discharges, so a corporation won’t get a fresh start in a Chapter 7, the way an individual does. Nonetheless, a Chapter 7 can provide an orderly liquidation under the direction of the trustee and at no expense to the shareholders. Creditors are assured that they will be paid to the extent of the assets available and the priority of their claim. Former management is assured that the assets that are available go (after the expenses of the Chapter 7) to pay taxes for which the individuals may be liable.

    Legal issues and bankruptcy questions are frequently complex and individual. The information contained here is intended to be educational only: it is not intended to be legal advice nor does it create an attorney client relationship between the viewer and the firm. You should consult with a bankruptcy attorney licensed to practice in your state for advice about your particular situation. See Law on the Internet