In the face of insurmountable debt you have made the decision to declare bankruptcy. It should be a knockout blow. But, fully comprehending the mistakes made in managing debt, you have decided to get up again and pull your company through the crisis. Make certain you have in your corner, a lawyer seasoned in bankruptcy […]
How do I File Bankruptcy for My Business
“I must file bankruptcy for my business.” That is not likely a part of your business plan but, if conditions bring you to that point, you must formulate a cohesive plan to manage safe passage through the bankruptcy minefield. Rule number one: If you are filing bankruptcy for a business entity you must use an […]
How to File a Claim in a Bankruptcy Case
You just received notice that your customer who owes you money has filed bankruptcy. What should you do? Read the notice you receive from the court. Among other things, that notice will give you the deadline for filing a claim in the bankruptcy case. In a Chapter 7, 12 or 13 case, in order to receive […]
Payroll Taxes are Not a Short Term Loan From the IRS
A client came to see me because the IRS was threatening to shut down his business for non-payment of payroll taxes of over $100,000. I asked why the taxes hadn’t been paid and he told me that he had cash flow problems so he used the payroll taxes as a short term, low interest loan […]
Can My Claim Survive Bankruptcy?
One of the key reasons a debtor files bankruptcy is to obtain a discharge of the debtor’s pre-petition debts. Generally, only an individual debtor obtains a discharge. In cases of corporate reorganizations, the Plan may include a provision that except as provided in the plan all pre-petition obligations are discharged, but otherwise, the corporation does […]