Business Bankruptcy

28 Aug Farm Bankruptcy Relief – Would You Qualify for Chapter 12?

Chapter 12 bankruptcy is debt relief for family farmers. It allows these farmers to reorganize their debts and save their farms and their way of life. But who qualifies as a “family farmer”? The bankruptcy code gives some guidelines, but does not always make it clear. Large agri-businesses do not qualify for Chapter 12. A family that grows a small vegetable garden in their back yard probably does not qualify. Among other factors, a family farmer is one who gets at least 50 percent of their gross income from their farming operation. But what does that mean?
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16 Oct Should My Business File for Chapter 7?

I frequently meet with clients who own a business that has financial problems. It may not be able to pay its bills as they come due, there may be an eviction threatened, or a lawsuit. These clients have done some homework, and usually start out our meeting by saying that they want to retain me to file Chapter 7 bankruptcy for their corporation or LLC. They are also surprised when I tell them that for most businesses, Chapter 7 makes absolutely no sense. Why?
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25 Jul Three Bankruptcy Traps for Small Businesses

Perhaps you're self-employed. Or maybeyouown a small corporation or LLC. Times are hard. Time to see a bankruptcy attorney. You might be surprisedto realize that thesetwo items are considered assets: accounts receivable and unbilled work in progress. A trustee can try to take these by telling...

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