Filing for bankruptcy

Call: 888-297-6203 A good query! When does it make sense for a company to file for bankruptcy, given that a corporation doesn't receive a discharge under Chapter 7? Why not just shut the doors, liquidate the assets, and let the state declare the corporation to be dissolved? Positive aspects of corporate bankruptcy Under our opinion, a corporation should only file a Chapter 7 petition in the following two circumstances: When an asset that may be used to pay obligations for which the shareholders or executives are personally accountable, such as trust fund taxes, is about to be encumbered [...]

Call: 888-297-6203 #1 Myth: There is no longer bankruptcy relief available. Almost all of the bankruptcy relief that was available before the law changed in 2005 is still preserved in the current bankruptcy statute. It is a little more complicated and pricey than it was before the "reform," but it still functions. #2 Myth: If you are employed, you cannot declare bankruptcy. The new "means test" is intended to prevent some filers from filing under Chapter 13 if their income is higher than the median income for households of their size in their state of residence. You must [...]

Call: 888-297-6203 It only causes further confusion if one realizes that bankruptcy can discharge liens, taxes, and other debts. The laws governing taxes and bankruptcy are numerous and intricate, like other legal issues. What if the five-year Chapter 13 plan doesn't allow a person to pay off my non-dischargeable tax debt? The general rule is that the priority taxes owed as of the filing must be paid in full under a Chapter 13 plan. Sometimes, the sum is simply too high to be paid within the five-year window allowed under Chapter 13 bankruptcy. Think about making the IRS [...]

Call: 888-297-6203 Getting sued frequently causes panic followed by the feeling that you need to declare bankruptcy immediately. Does this imply that one must declare bankruptcy? There are no definitive answers to the topic since the legal theories behind litigation might differ greatly.  A complaint may be as straightforward as a collection action or as complicated as a corporate tort lawsuit. However, it's quite unlikely that one has to declare bankruptcy today, this week, or even this month. However, you could choose to respond to the lawsuit. Should One respond to the grievance? If we don't respond to the complaint, the [...]