Tag Archives: business bankruptcy

“Asset” and “No Asset” Closed-Business Chapter 7 Cases

When the sole proprietor of a just-closed business files a personal Chapter 7 bankruptcy case, the trustee may or may not have assets to liquidate and distribute to the creditors. If not, the case will more likely be finished faster. But if the trustee does collect some assets, there can be some bigger advantages in […]

Keeping It Simple in a Closed-Business Chapter 7 Case

Using a Chapter 7 case to clean up after closing down your business will be easy or not depending largely on three factors: business assets, taxes, and other nondischargeable debts. These three will usually also determine if you should be in a Chapter 7 case or instead in a Chapter 13 one. Once you’ve closed […]

Anatomy of the American Airlines Bankruptcy

A corporation files a Chapter 11 business “reorganization” and tends to be seen as engaging in proactive strategic planning. A human being files a Chapter 13 consumer “adjustment of debts” and tends to be seen as an irresponsible failure. Let’s think about this from the perspective of American Airlines bankruptcy filing of last year, which […]

The Simplest Save-Your-Business Chapter 13 Case

Here’s how to focus on running your business, by stopping your creditors from taking the wind out of your sails. In the last few blogs I’ve been talking about some of the extra considerations that come into play when you own a business, are having financial troubles, and wonder if bankruptcy can help. No question—most […]

Basic Rules about Business Bankruptcy

If your business needs bankruptcy help, getting it done might not be much harder than a personal bankruptcy. But it depends on how your business is set up and how much you owe.   A few blogs ago I said that I would soon explain some of the most important benefits of filing a business […]

Can an Individual Chapter 7 Case Ever Save Your Business?

Chapter 13 can be a great way to keep certain small businesses afloat, but how about Chapter 7? Can’t it ever be a simpler and cheaper way to do so?   In my last blog I said that Chapter 7 is “seldom the right option if you own a business that you want to keep […]

Bankruptcy Can Save Your Business

Bankruptcy isn’t just for cleaning up after the death of a business. It can keep your business alive.   Bankruptcy saved General Motors. That business got out of a lot of it debt and restructured its operations, and ended up saving a lot of jobs. If you operate your own small business, bankruptcy may be […]

What Makes Your Bankruptcy Simple, and Not So Simple?

If your financial life is legally simple, your bankruptcy will likely be simple. What is it about your financial life that makes for a not so simple bankruptcy case? Bankruptcy can be very flexible. If your finances are complicated, bankruptcy likely has a decent way to deal with all the messes. My new clients are […]

What NOT to do after filing a bankruptcy case

Celebrity bankruptcies can teach you about your own bankruptcy about as much as celebrities’ lives can teach you about your life. Not much. But the bankruptcy of three-time baseball All-Star Lenny Dykstra CAN teach us something in the same way that fairy tales can teach kids about the lessons of life. The life lesson from […]

Alleviating the Burden of Business Tax Debts through Bankruptcy—Part 1

Just about every struggling business has tax problems. When expenses are very tight, it is very tempting for a small business with a few employees to withhold payroll taxes but then not pay them over to the IRS. Sole proprietors barely scraping by can’t scrape up the money to make their personal estimated income tax […]

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