On Friday, June 26, 2009, Governor Ted Kulongski signed HB 2306, which provides increased protection for a debtor to protect his vehicle and his home from creditors.   Formerly, a debtor could protect $2150 in value of a motor vehicle.   The bill amends Oregon Revised Statute 18.345(d) motor vehicle exemption value up to $3000.    Oregon has [...]

My client’s business corporation is long dead and he’s back to working for others.  But six quarters of unpaid corporate payroll taxes  not only become his  personal debt, but a  tax that is never dischargeable in bankruptcy and a priority claim which must be paid in his Chapter 13 case.
It is so tempting for the [...]

According to the Eighth Circuit Bankruptcy Appellate Panel, real estate commissions due from purchase agreements entered into prior to the filing of a chapter 7 case were property of the bankruptcy estate, even though the closings occurred after the case was filed, and even though the real estate agent continued to perform services after the [...]

Small corporations may have their names on the shareholder’s credit card, but likely are not actually liable for the charges made on the card.  Clients come with lists of “personal” credit cards and “business cards” for their corporation or LLC.  In looking at bankruptcy options, we need to know which debts are those of the [...]

Your individual bankruptcy can discharge your personal debts.  Debts that you guaranteed for a corporation can be discharged as to you, but the corporation will still owe those debts.
Most small corporations cannot obtain credit without a major shareholder/owner signing the loan application as a personal guarantee.  Often new or small corporations have few assets and [...]

People seek bankruptcy relief in times of personal financial crisis.  Now, we are all facing a national financial crisis.  As 2009 starts, I have asked myself, “What can I do about this?”   Just asking this question, I have discovered, raises the bar for my own expectations and possibilities. As a consumer bankruptcy attorney, I help people [...]

The election is over, and Joe the Plumber isn’t on the forefront anymore.  He became the symbol of people everywhere who wanted to own their own business and become rich doing it.  The ultimate “American Dream“.
Because of my 20+ years experience as a bankruptcy lawyer in Charlotte NC, I think that I may have listened [...]

Money Magazine has been following the situation of Jeffrey Yarbrough, a Texas restauranteur who filed Chapter 13 after his three Dallas restaurants went under.
The most recent article, published September 17, 2008, takes a look at how Mr. Yarbrough has done recently.

Incorporating a small business can save that business when the owners need the protection of filing bankruptcy.  A separate entity is created, and is isolated from a bankruptcy filing by the owners.  Thus, the only thing that becomes property of the bankruptcy estate is the stock in the corporation owned by the debtors.
My friend and [...]

People who have been known to their creditors by more than one name should pay special attention to using the correct name in a bankruptcy petition.  The best choice will often be to list a primary name, and then list any other names the debtor has been known by to his or her creditors.  The official bankruptcy [...]