LLC v S-Corp for the New Business Owner
Bottom lining the choice between a Limited Liability Company and an S Corporation for the new business owner Lawyers and accountants are guilty of a lot of blah blah blah around entity selection. Let’s cut to the chase. If you are a new business owner just starting out with a business, there are really two…
I Defaulted On My SBA Loan, Now What?
If you’ve defaulted on a Small Business Administration (SBA) loan, you could find yourself personally liable and your assets at risk. Fortunately, you may find relief by filing bankruptcy but you must understand how SBA loan defaults are handled so that you can move quickly to protect your assets. What Happens When You Default? You…
My Client Just Sued Me, How Can I Protect My Assets?
If you’ve been in business long enough, getting sued by a client is almost inevitable. Fortunately, there are things you can do to protect your business assets and your reputation. Don’t Ignore The Lawsuit Even if you believe a lawsuit to be frivolous, there are serious consequences for ignoring it. Most lawsuits require you to…
What Happens If I Can’t Make My Chapter 13 Bankruptcy Payments?
When you file Chapter 13 bankruptcy, the repayment plan generally lasts three to five years. Unfortunately, a lot can go wrong in that time. Job loss, injury, illness, divorce, or adding to your family can impact your ability to make payments as agreed to in your bankruptcy. So what happens if you can’t make your…
What To Do When You Want To File Bankruptcy But Your Business Partner Doesn’t?
Business partnerships are great when business is booming but once you hit a severe downturn or realize that the business isn’t earning enough money, you may need to consider Chapter 7 bankruptcy. But what happens when you realize that you need to file a necessary business bankruptcy but your partner doesn’t agree? Here’s what you…
Drowning In Debt And Trying To Exit A Business
Filing for a personal bankruptcy is a difficult decision but going through a personal bankruptcy while exiting a business, adds its own extra dimension of challenges. If you’re considering bankruptcy and trying to exit a business, there are a few best practices you should follow. Open Communication When you’re filing for personal bankruptcy and either…
What Happens To My Business When I File Bankruptcy?
Filing a business bankruptcy? What happens to your company will depend on the type of bankruptcy you file. If you intend to liquidate your business, filing a Chapter 7 bankruptcy allows you to do sell off your assets and cease doing business. But if you want to reorganize your business, Chapter 11 bankruptcy gives you…
Can I Keep My Kid In Private School And File Bankruptcy?
Filing bankruptcy isn’t just for low-income debtors. A matter of fact, it’s the high income debtors who most benefit from a bankruptcy filing because they have assets that they need to protect from creditors. That said, if you’re a high-income debtor with a child in private school you may be concerned that you will be…
Chapter 13 Vs. Chapter 11 Bankruptcy: What Business Debtors Should Know
For business owners facing a mountain of debt, filing bankruptcy may be the only viable option. But what if you’re a business debtor who wants to keep their business open and not dissolve it in Chapter 7 bankruptcy? Fortunately, there are two bankruptcy options that allow you to restructure your business debts—Chapter 11 and Chapter…
Business Debt Vs. Personal Debt: Know The Difference
Debtors filing for bankruptcy have basically two types of debt: consumer debts and non-consumer debts (aka business debts). If you’re considering a bankruptcy filing, it’s important to know the difference between a consumer debt and a business debt because it will impact your case. What Is A Consumer Debt? A consumer debt is any debt…