Business Bankruptcy Law | Small Business Bankruptcy Laws

Here comes all the "empty suit" references from the rightwing mouthbreathing, knuckledragging squad.
John McCain/Bush stands for a third term of the disasterous Bush administration, the guy should be stuffed and mounted and put in a museum somewhere in South Carolina.

Here are some of Senator Barack Obama’s positions:

Opposed the Iraq war from the start.
Voted to end the war in Iraq.
Supports capturing and killing Osama Bin Laden.
Favors a 00 tax cut for every working American family.
Will implement tax form simplification to reduce filing time.
Provide tax credit for all middle class homeowners.
Provide a tax cut for all families making less than ,000 a year.
Amend NAFTA to protect American workers.
Amend NAFTA to strengthen environmental protections.
Providing Flex Ed training accounts for workers.
Extending Trade Adjustment assistance to service workers.
Supported Patriot Employer Act of 2007 that gives tax credits to large companies that keep workers here in America.
Double funds for basic federal research.
Implement a long term research and development tax credit.
Invest in green technologies.
Reduce carbon emission gases.
Tackle the challenges of global warming.
Create an energy focused youth jobs program.
Create Federal Renewable Portfolio Standard.
Extend the Production Tax Credit.
Expand Broadband into every community.
Keep the Internet tax free.
Expand high speed internet access in rural areas.
Fight for passage of Employee Free Choice Act.
Ensure freedom to unionize.
Would overturn "Kentucky River" classifications of Bush’s NLRB
Protect rights of striking workers.
Increase the mininum wage to index it to inflation.
Crack down on predatory lenders.
Provide a universal mortgage tax credit for homeowners who don’t itemize.
Sign the Stop Fraud Act to prevent lending fraud.
Mandate accurate loan disclosure.
Create a fund to protect people from foreclosures.
Close the bankruptcy loophole for mortgage companies.
Establish a credit card rating to improve disclosure.
Ban utilateral credit card charges.
Apply interest rate only to future debt.
Prohibit credit card interest on fees.
Prohibit Universal defaults.
Require prompt and fair crediting of cardholder payments.
Protect working people from unfair bankruptcy laws.
Ban executive bonuses for bankruptcy companies.
REquire disclosure of pension investments.
Cap outlandandish interest rates on payday loans.
Implement legislation to drive unscrupulous lenders out of business
Create a bankruptcy exemption for people that went broke because of medical bills.
Double funding for after school programs.
Extend Family and Medical Leave Act.
Encourage states to adopt Paid leave.
Expand the Child Care Tax Credit
Supports ratification of UN Convention Rights of Persons With Disabilities.
Supports independent, community based living for people with disabilities.
Expand educational opportunites for people with disabilities.
Expand job opportunities for people with disabilities.
Strengthen civil rights enforcement.
Sign into law the Fair Pay Act.
Sign law reversing recent SCOTUS rulings that permitted discrimination against women.
Sign law reversing recent SCOTUS rulings that permitted discrimination against racial minorities.
Strengthen federal hate crimes legislation.
Eliminate the sentence disparities regarding crack cocaines.
Establish drug courts for first time, non violent offenders.
Create a prison to work incentive for those transitioning back into society.
Passed a law to prohibit the practice of racial profiling.
Supported reauthorizing the Voting Rights Act.
Opposes all discriminatory barriers to voting.
Helped reform death penalty system in Illinois to protect innocent people on death row.
Voted to ban cluster bombs.
Provide high quality affordable child care to families.
Will quadrulple Early Head Start funding.
Will increase Head Start funding.
Creates early learning challenge grants.
Abolish overly rigid teach to the test curriculum in schools.
Improve accountability in public schools.
Invest in intervention strategies to reduce dropout rates in schools.
Increase funding for afterschool programs.
Supports Step Up program to increase summer learning opportunities.
Support English language learner programs.
Expand college outreach programs.
Create teacher service scholarships.
Requires all public schools to be accredited.
Create teacher residency programs.
Create the American Opportunity Tax Credit for higher education.
Streamline financial aid application.
Introduced legislation to increase Pell Grant to ,100.
Reduce carbon emissions by 80% by 2050.
Confront deforestation.
Promote carbon sequestration.
Accelerate commercialization of plug in hybrids.
Promote development of commercial scale renewable energy.
Invest in low emission coal plants.
Transition to new electric digit grid.
Double science funding for clean energy products.
Create Green Jobs Cor

My old boss recently filed bankruptcy for his business and person. He says that his wife was just served with 2 lawsuits. Another employee is suing him and the company for wages and expenses and has named her as his wife. Also a credit card company is suing her as his wife saying that his credit card debt is hers because of community property law in Arizona.

As I have just started my own business I was concerned as to the legality and how to protect my wife if things go badly in my new business.

I’m a business major so obviously there are many presentations and group projects involved. I was always pretty confident in my presentations. I’ve gotten nervous but it always went away quickly once I started. I even spoke to large groups of people at a school assemblies before. I even gave a presentation on bankruptcy laws and regulations which I knew nothing about and I still got the highest grade. I am taking currently taking a class that is considered to be the hardest class in our business adminstration department. I had the easiest speech ever…it was a self introduction. I started out articulate and confident and 30 seconds into it I started noticing my neck tensing up and my head started to shake like I was laying on those soft massaging chairs. I had to take a deep breath & I blanked out for a good 3 seconds then I was a better throughout the rest of my presentation but it still wasn’t as smooth as the rest of my speeches. What could have triggered my tremor out of nowhere?

so ofthen finds unintended consequences from govt regulations, don’t you think?

Yet Ron Paul was exorcised for voting against the law discussed below:

http://www.tampabay.com/news/health/article962020.ece

On Web sites and blogs around the country, those who manufacture or sell children’s items are calling Feb. 10 National Bankruptcy Day.

The law requires both new and used items to have certification that they contain less than 600 parts per million of lead. Lead exposure can cause brain and nervous system damage, behavioral and learning problems, among other things, in children. After August, that amount drops to 300 parts per million in total lead content and 90 parts per million in paint.

And it’s not limited to toys.

To sell a pair of polyester pants with an applique, the buttons, zipper and applique would need to be tested. A Mr. Potato Head toy would have to be examined not only for lead and phthalates, which are chemicals in plastics, but to make sure the small parts aren’t likely to make a child choke.

With so many requirements, nonprofits like Goodwill Industries are trying to figure out how to comply, and many small-business owners are confused.

"Is a diaper changing mat affected by the new amendment?" asks one woman on a Web site that tries to explain the law.

"I’m questioning the same thing about the ring bearer pillows I make," another says.

Carol Vaporis, owner of Duck Duck Goose Consignment, said she has stopped accepting children’s items at her New Port Richey store. "I won’t sell in violation of the law," said Vaporis. "But I’m going to fight it with every breath."

Mindy Socher, owner of the consignment shop Baby Boomerang in Tampa, hadn’t even heard of the new law.

"I guess I’m not even taking it serious because it sounds insane," said Socher, who has been in business 18 years.

Hammil and Eckert, who say the business they started a few months ago sold ,000 in used children’s goods in November, plan to have a fire sale Jan. 31.

Then Hammil will walk away. Eckert, a 46-year-old single father, will keep it open and sell maternity clothes.

Both wondered how the government planned to enforce the law, which carries criminal and civil penalties, including fines up to millions of dollars.

Will garage sales be affected?

"I think it’s important to understand that the Consumer Product Safety Commission is a small agency and the first place we would go would not be the neighborhood yard sale," said Vallese, the CPSC spokesperson. "But this is not a law that retailers and manufacturers should roll the dice on in the off chance they might not get caught. They have an obligation and responsibility to meet the law."

Still, she acknowledged the agency is trying to figure out how to enforce the law with limited resources.
Are there good reasons why the Constitution enumerates no power for the federal government to micromanage industry standards?
As an example of the issue, toys made from lead free components still would have to be tested….

idiocy.
What do you think?

Now that K-mart has went into business with Sears and under a new name, does anyone know if people that were holding the previous K-mart stock before it took the bankrupt law have any rights? I can’t seem to find out anything except taking a complete loss on the stock I now have. Would appreciate any knowledge on this subject.

I’m slowly going out of business due to the economy. Bankruptcy is in the near future. Simultaneously after closing the business, I was wondering whwether or not I can reopen under an almost exact name as it is already. For example: Scorpio’s Tree Service, Inc. How much play do I nhave LEAGALLY. What is the law?

I am wondering if I am personally liable for a business default on a lease, we were evicted for being behind on rent, and were sued, we have no money to pay so bankruptcy is possible, but I dont want to be personally bankrupt. WI law

I have heard proposals stating that health care reform should include tort reform and deregulation.
Over the past 9 years there has already been tort reform for businesses, deregulation for businesses has well as changing the bankruptcy laws. What have any of these done? Costs still continue to go up. Wages still continue to go down. And lender interest rates are higher than ever. What evidence that any of these reforms have ever been directly passed onto the consumer and not to company executives or shareholders?
Remember in capitalism the role of business is not to create profit, but to maximize it.

My SO is worrying that his company may go out of business. Does the law guarantee that he gets paid his accrued vacation? Knowing the owners, they would declare bankruptcy…

I am a business developer, But I am in need of some australian legal advice. One of my clients is being sued by a creditor(Fairfax Newspapers) for an unpaid advertising account(The client did try to organize payment plan, but requested that their advertisement remain printed so that they may have the funds to continue to make payments, but was refused). Their business went belly-up during Christmas last year, and they sadly have not recuperated from the blow, and are suffering some heavy financial troubles. They are young, and stuck, and I am inclined to tell them to apply for bankruptcy to stop the creditors from pursuing them legally. What do law gurus say about this?

Okay, so I’m a business major specializing in finance and business law, so i was wondering what kind of jobs I could get that are recession-proof after graduating with a BA? And if I couldn’t get a recession-proof job with just that degree, could I go into financial law or bankruptcy law and would that be a steady future? And also, before I graduate, I wanted to know if it would be a good idea to go and study abroad with my business finance major and would that give me a leg-up on other graduates later on? please give me some good advice!!

I have heard proposals stating that health care reform should include tort reform and deregulation.
Over the past 9 years there has already been tort reform for businesses, deregulation for businesses has well as changing the bankruptcy laws. What have any of these done? Costs still continue to go up. Wages still continue to go down. And lender interest rates are higher than ever. What evidence that any of these reforms have ever been directly passed onto the consumer and not to company executives or shareholders?
Remember in capitalism the role of business is not to create profit, but to maximize it.

Congress has passed billions of dollars in payments and subsidies to big oil companies , pushed through a corporate-written , consumer -crippling bankruptcy law .
They distract and divert public attention from profound issues such as , educating our youth , equatlity and the war against radical islamic terrorist that affect our daily lives .
They supported illegal immigration for the sake of cheap labor . Who benefits from that , Corporations , not the American Working Middle Class .
What if for this election we decided to declar war on both partys .
Decided to register as Independent .
For the first time , working middle class Americans might just get the attentionof the other two party’s in Washing ton .
The middle class has suffered in silence long enough .
We can’t afford to keep silent any longer .
We need to let the two partys know , that " We are mad as hell and we are not going to take it any more " !!!

The votes on a bill making it harder to declare Bankruptcy ( pro bank).
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=109&session=1&vote=00044
Obama (D-IL), Nay
Clinton (D-NY), Not
McCain (R-AZ), Yea

Here’s the bill.
From Congresspedia:
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (S.256), as passed, was introduced in the 109th Congress (2005-2006). The act made sweeping changes to American bankruptcy laws, affecting both consumer and business bankruptcies. Many of the bill’s provisions were explicitly designed by the bill’s Congressional sponsors to make it "more difficult for people to file for bankruptcy" in order to curb abuse. The act was passed by the 109th United States Congress and signed into law by President George W. Bush on April 20, 2005,

I’m doing a project in my Business Law class, and I’m looking for an answer to these questions:

Under what circumstances would a person file for bankruptcy?

If you knew someone that was in financial distress, what advice would you give them/ what web sites would you direct them to?

What type of advice would you give your friend to help prevent him/her from being oerwhelmed with debt?

Also, I need the links to the web sites. If anyone could offer a hand, it would really be appreicated.

Thanks!!

and they got to vote on these laws and policies passed by congress and signed by the president of give it their blessing……..I am just curious as to how many of these laws would actually get approved by the american people by a 51% majority?

For example: the bankruptcy law, the tort reform law, the free trade deals..fast track etc….

Would the american people approve of these things?

Save your breath, I know some of you feel the people have no business giving input on such grand matters beyond their peonish comprehensions.

Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals with unsecured debts of less than 6,900.00 and secured debts of less than ,010,650.00 as of April 1, 2007.
ahem, this is politics and government. the question is about america. perhaps you’ve heard, we are deep in debt and our economy is on the verge of collapse.

Assume for a minute that you earn ,000 this year and spend ,000. Next year, you earn ,000 and spend ,000. You’d be on the fast track to bankruptcy.

Now add eight more zeros to those numbers, and you get a sense for the federal government’s dire financial situation. This year, Washington is on track to spend nearly two dollars for every dollar it takes in. Under President Obama’s budget for 2010, the government would spend about three dollars for every two coming in.

Need attorney for my small business, personal, bankruptcy specialists. Own real estate in FL and MO

I’m taking my LSAT in October and am seriously considering going to law school. I realize corporate/securities/bankruptcy law all have some application towards business, but how sought after would I be once I graduate compared to MBA’s, CFA’s, and finance undergrads from the Ivys? I currently have a few years experience as a research associate and market analytics analyst and my ultimate goal is to work for/start a hedge fund focused on high yield and distressed debt investing.

My question is targeted towards money managers and analysts.

Thank you.