About Me

bankruptcy for failing businesses

My wife and I made the decision to open a residential cleaning business. We needed enough money to get the equipment, do a bit of advertising and get the licensing and insurance to protect ourselves and our customers. For about two years, things went very well, but then, things took a terrible spin for the worst after we hired a few employees to help us with the workload. Since then, we have gone bankrupt and have gone back to working full time jobs. If you are struggling with your business and considering bankruptcy, this blog can give you some answers to the many questions that you have.

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bankruptcy for failing businesses

    The Means To Pay And Bankruptcy
    When financial troubles pile up, you may be considering the bankruptcy option. Nothing can allow you to make a fresh start faster than filing chapter 7 bankruptcy, but the ramifications can affect you for years to come. Not everyone can file for bankruptcy, so one of your first steps might be to make sure that this will be an option for you. There is one major potential stumbling block that could affect your ability to file, so read on to learn more about the means testing and your ability to get debt relief.

    3 Things You Need Before Filing For Bankruptcy
    If you are thinking about filing for bankruptcy, you want to make sure that you have all the necessary documents. You don't want to go file and find out that you don't have everything you need.  Proof of Income You are going to need to show how much money you make. There are several ways that you can do that. One is that you can take your tax papers in and attach copies to your filing.

    What Debts Are Forgiven In Chapter 7 Bankruptcy?
    Are you considering filing bankruptcy to get rid of your debts and have a fresh start? If so, it's important for you to find out what debts Chapter 7 discharges before you file. If you owe money on debts that cannot be discharged through Chapter 7, filing for this branch of bankruptcy may not offer you any relief. Here are several things to know about the debts Chapter 7 will discharge.

    Why Filing Bankruptcy May Be The Best Option For You
    Before you make a snap decision, you may want to consider some of the reasons why filing bankruptcy might be the best possible option for you at this time. This way you will have a much easier time making the decision that is best for your personal financial situation. You No Longer Have Debt Collectors Hounding You Dealing with all of the late statements, collection calls, and the fear of wage garnishments can be time consuming and be the cause of a lot of anxiety.

    3 Ways Income Affects A Chapter 13 Bankruptcy
    Chapter 13 bankruptcy offers several benefits over Chapter 7 bankruptcy, which is why many people use it to regain control of their finances. Among the benefits, one major one is the ability to keep the assets you own, including your house. The downside to this is that your income can affect your case, and here are three main effects your income can have on your Chapter 13 bankruptcy. Your Ability To File

    How Do Social Security Disability Payments Factor Into A Chapter 13 Bankruptcy?
    Filing for chapter 13 bankruptcy is a good way to get your finances back on track, because this type of bankruptcy focuses on helping you pay off your bills while also protecting you from creditor harassment. Since Social Security disability payments are typically protected from seizure in chapter 7 bankruptcy by federal and bankruptcy laws, you may be wondering what the court does with this money in a chapter 13 case.

    3 Important Questions (And Answers) About Engaging A Tax Attorney
    In a perfect world, your taxes would automatically sort themselves out to the government's satisfaction -- but unfortunately, real-life challenges, errors and misunderstandings often get in the way. If your tax situation is causing you sleepless nights and anxiety-ridden days, you may be wondering whether a tax attorney might be just what the doctor (or accountant) ordered. But what do tax attorneys do, exactly, and how do you know whether they can help in your specific case?