If your tax debt can meet 4 conditions, you can usually write it off with bankruptcy forever. Two Myths Two myths about bankruptcy and taxes persist because there’s a bit of truth behind them. First myth: You can’t discharge (legally write off) income taxes in ... Read More »
What Happens to Income Taxes in Bankruptcy
The two rather unpleasant-sounding topics—taxes and bankruptcy—can actually turn into a pretty good combination. If you got an extension to file 2016 tax returns, it’s now only three weeks until the extended October 17 deadline. So it’s a good time to look at the many ... Read More »
Be Careful About a Recently Dismissed Bankruptcy Case
Don’t get tripped up in a rule designed to prevent bankruptcy abuse. Don’t Lose the Precious “Automatic Stay” One of the most important benefits you get from filing bankruptcy is protection from your creditors. That legal protection is called the “automatic ... Read More »
When It Makes Sense to File Bankruptcy Too Soon to Discharge Debts
You can file a new bankruptcy very soon after a prior one, without getting a discharge of your debts. So how could that be worth doing? The last blog post was about how long you must wait after a prior bankruptcy to file a new one. The timing rules refer to getting a discharge of your debts ... Read More »
If You Filed Bankruptcy Before, When Exactly Can You File Again?
To file a bankruptcy case after filing one earlier, sometimes you must wait 8 years but it may be only 6 or 4 or 2 years, or even 0 years. To Get a Discharge—a Legal Write-off—of Debts There are various rules about qualifying to file bankruptcy. Some of those rules involve ... Read More »
Chapter 7 Can . . . Help You Close Your Business by Giving Your Bankruptcy Trustee the Headache of Selling Your Last Business Assets
Shut down your business without worrying about how to use your final resources and about how to deal with your competing creditors. As the owner of struggling business you have the challenge of figuring out whether to close down the business. And once you have decided to do so, how and when ... Read More »
Chapter 7 Can . . . Help You Close Your Business But Keep Business Assets
Protect your business assets right away with the “automatic stay,” and then permanently with property exemptions. Often, by the time you are ready to file a personal bankruptcy, your business has no meaningful assets that you could sell. That simplifies your situation because then ... Read More »
Collection against Your Business Not “Stayed” by Your Personal Bankruptcy
If your business is not a sole proprietorship, creditors of a business corporation can continue collecting from the business. This series of blog posts has been about the benefits of filing a bankruptcy case when closing down your business. We made the point last week that your ... Read More »
Chapter 7 Can . . . Help You Avoid or Escape a Business Lawsuit
You can prevent a threatened lawsuit against you or your business, or resolve an ongoing one, by filing bankruptcy. Business Disputes and Litigation A business, especially one on shaky ground already, can be brought to its knees by a lawsuit, or the threat of a lawsuit, against the business ... Read More »
Chapter 7 Can . . . Help You Deal with Secured Debts from Your Closed Business
Chapter 7 puts you more in control over whether to keep or surrender the collateral that secures your business debts. As you close down your business, what would you like to do with the collateral securing your business loans and debts? Is the collateral a business asset you no longer need? Then ... Read More »
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