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 »
Continue Operating Your Business by Gaining Control over Tax Debts
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 »
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 »
Chapter 7 Bankruptcy Can . . . Help You Walk Away from Your Business
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 »
The Business Debt Exemption from the Chapter 7 “Means Test”
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 »
Making Sense of Bankruptcy: Can Filing a Chapter 11 Reorganization Save Your Business?
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 »
