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Close Your Business While Resolving Your Tax Debts though Bankruptcy

By Chris Kane

If you’ve struggled to keep a business open but have now decided to close it, and you owe taxes, here’s how to deal with them.   The Two Bankruptcy Options Let’s assume that you have closed or are about to close a business because it was just not succeeding financially. As ... Read More »

Filed Under: Business, Tax Debts Tagged With: bankruptcy options, business debts, business taxes, income taxes, tax interest and penalties, tax withholding

Continue Operating Your Business by Gaining Control over Tax Debts

By Chris Kane

If you own a small business and are way behind on taxes to the IRS/state, Chapter 13 protects you and your business.   Have a Sole Proprietorship? Do you operate your own small business and are seriously behind on income and/or withholding taxes? Is your business in your own name or operated ... Read More »

Filed Under: Business, Tax Debts Tagged With: automatic stay, Chapter 13 plan, discharge of taxes, income taxes, tax interest and penalties, withholding taxes

Chapter 7 Can . . . Help You Close Your Business by Giving Your Bankruptcy Trustee the Headache of Selling Your Last Business Assets

By Chris Kane

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 »

Filed Under: Business, Chapter 7 Tagged With: business assets, business collateral, business debts, business disputes, business litigation, business taxes

Chapter 7 Can . . . Help You Close Your Business But Keep Business Assets

By Chris Kane

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 »

Filed Under: Business, Chapter 7 Tagged With: business assets, business collateral, business debts, business disputes, business fraud, business taxes

Collection against Your Business Not “Stayed” by Your Personal Bankruptcy

By Chris Kane

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 »

Filed Under: Business Tagged With: automatic stay, business assets, business debts, business disputes, business taxes, lawsuits

Chapter 7 Can . . . Help You Avoid or Escape a Business Lawsuit

By Chris Kane

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 »

Filed Under: Business Tagged With: business assets, business debts, business disputes, discharge, discharge of debts, lawsuits

Chapter 7 Can . . . Help You Deal with Secured Debts from Your Closed Business

By Chris Kane

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 »

Filed Under: Business Tagged With: business assets, business collateral, business debts, business disputes, business fraud, secured debt

Chapter 7 Bankruptcy Can . . . Help You Walk Away from Your Business

By Chris Kane

Closing down a failing business can be much easier and safer with the benefits of a Chapter 7 “straight bankruptcy” case.   Closing down a failing business can be a very challenging and stressful task. Most likely you have a bunch of creditors beating at your door to get paid. ... Read More »

Filed Under: Business Tagged With: asset Chapter 7 case, asset protection, business assets, business debts, business taxes, Chapter 7

The Business Debt Exemption from the Chapter 7 “Means Test”

By Chris Kane

If your debts are not "primarily consumer debts" then you may be able to qualify for Chapter 7 bankruptcy much more easily.   Last week we had a blog post about an adjustment in the “means test” that is used for qualifying for Chapter 7 “straight bankruptcy. We mentioned that ... Read More »

Filed Under: Business Tagged With: bankruptcy options, business bankruptcy, business debts, means test, median household income, passing the means test

Making Sense of Bankruptcy: Can Filing a Chapter 11 Reorganization Save Your Business?

By Chris Kane

Chapter 11 is a powerful way to address a business debt crisis, but because of its detriments must be used extremely selectively.   Here’s the sentence that we’re explaining today: Chapter 11—unlike Chapter 7 and 13—is primarily designed for businesses, almost any ... Read More »

Filed Under: Business Tagged With: bankruptcy options, business assets, business collateral, business debts, business taxes, Chapter 11

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