Category: Bankruptcy

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…

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…

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…

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…

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…

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…

Filing bankruptcy isn’t just for low-income debtors. As 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…

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…

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…