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 »
Making Sense of Bankruptcy: Should You File a Chapter 7 or Chapter 13 Bankruptcy if You Want to Continue Operating Your Business?
If you have a business that you need to continue of operate, choosing the right form of bankruptcy involves risks and opportunities. Here’s the sentence that we’re explaining today: Chapter 7 and 13 are very different procedures if you are continuing to run your business, with ... Read More »
Making Sense of Bankruptcy: Should You File a Bankruptcy for Your Closed Business and a Separate One for You Personally?
With a recently closed or about to close failing business, you often can’t and seldom need to file a bankruptcy for the business itself. Here’s the sentence that we’re explaining today: If your business is or was a sole proprietorship, it can’t file a bankruptcy ... Read More »
Making Sense of Bankruptcy: Avoiding the “Means Test” in a Business Bankruptcy
If you have debts from a closed or about-to-close business, you may be excused from the “means test” and qualify for Chapter 7. Here’s the sentence that we’re explaining in today’s blog post: Avoiding the “means test” can be highly advantageous, and ... Read More »
How Bankruptcy Handles . . . Income and Withholding Taxes You Owe as the Business Owner of a Sole Proprietorship
If you want to keep your business operating but owe too much in taxes, a Chapter 13 case will protect your business while buying you time. Chapter 13 Protects Personal and Business Assets and Income In contrast to Chapter 7 “straight bankruptcy,” Chapter 13 “adjustment of ... Read More »
