Business Bankruptcy Law | Small Business Bankruptcy Laws

We wanted to move our business checking account to another bank offering more services and were denied an account because of a state tax lien. Is this the law or is this the bank not wanting to deal with any hassle of a bank levy? The tax debt has since been put into a reorganization wage earner bankruptcy and is being paid every month. Would we be able to propose this to the new bank and have a better chance of getting an account or is just a legal matter that they cannot. The tax lien will stay on our credit report until it is completely paid (not for a while yet)

My sister in law is thinking of declaring bankruptcy. I’m concerned about this because I hold two rental properties with her. We are holding the homes in an LLC. So I think were okay but just wanted to double check. Is there anyway that the creditors could come after the business’s assets?

In addition to this law question, I have some ethics questions:
How much SHOULD you have to be in debt to be legally allowed to declare bankruptcy? 0? 10k? 20k? 50k? 100k?

& why should debt for a home mortgage, business, or other be cleared during a bankruptcy, but not a studetn loan debt? shouldn’t all debts be treated the same? a debt is a debt is a debt, right?

. A bankruptcy may be commenced by involuntary petition under chapter 13. True are false

I say no because those who have more money than you do will use their lawyers and others to do what they can to cut your throat, ruin you and do everything they can to profit off their screwing you.

Welcome to typical corporate America.

Working to screw all who they can and then to profit from your misfortune.

Welcome to Corporate America and their support (buy out) of the American Congress. After all, thanks to the new bankruptcy laws the average American gets to balance the books of corporate irresponsibility.

1. A bankruptcy may be commenced by involuntary petition under chapter 13.

2. Generally in a bankruptcy proceeding and creditor claim is allowed.

Regardless of size those who find themselves in dire financial straits due to mismanagement must turn to outside investors for recapitalization and new talent or otherwise protection under bankruptcy laws.

When businesses cannot find such investors in the free markets to why would congress even consider using taxpayer funds to help them out?

Any guess as what the ulterior motives are?

Now that congress has passed the new bankruptcy laws that do not allow credit obligations to be totally wiped clean, this has given creditors free reign to file lawsuits for bad credit. The amount of lawsuits are jumping high as it is forcing people to file bankruptcy which under the new rules forces them to pay regardless. This use to be bad policy for creditors as it created bad business for consumers.

Do creditors have right to sue consumers with money they have made off of consumers? Should credit be regarded as an investment made by a creditor to a consumer and if that investment goes bad to not cry about it? Are in likewise manner people allowed to sue companies and stock brokers if our investments are lost for one reason or another? So if that cannot be allowed should corporations be allowed to sue consumers for their own bad investments?

Should this be allowed or should congress amend the law to disallow lawsuits for credit obligations?

2. True are false debtors are protected from losing the value of their property as a result of the automatic stay.

3. True are false the same principles cover the filing of a chapter petition and a chapter 11 proceeding.

4. A bankruptcy may be commenced by involuntary petition under chapter 13. True are false

5. Generally in a bankruptcy proceeding and creditor claim is allowed. True are false

6. When a business debtor files for chapter 11 protection the debtor is not allowed to continue in business. True are false

7. No small business can avoid creditor’s committees under chapter 11. True are false

8. Bankruptcy proceedings are held in federal bankruptcy courts. True are false

9. A discharge obtained by fraud can be revoked with one year. True are false

I want to become a laywer, and just need some tips and advice on what i should do: what’s the best school to go to, how should i prep for my lsats, and do you have to finish up at a 4 year university to go, or can u by pass all that lol.

Just need some tips and tricks on pre law and becoming a lawyer. Like what classes should i take, whats the best major for it, and how long does it usually take to become one. Any assistance with this is more than appreciated.
I need some help with this, and if im doing the right thing by going into the law field. I was thinking bankruptcy law or maybe family law, even business law has my attention right now. Which is the best category of law to go into and why?

Is all that work & school really worth it in the end? How much does it cost overall? Tell me anythng u kno abt prelaw!
Thank you so much for any info on this!!!! btw i live in california, but im sure becoming a lawyer has the same steps & process now matter where you live. Thank You!

If they don’t – and follow through with giving the UAW a much bigger share then they are entitled to – what will this say for the future of business and private contracts in our country?
Interesting – I wonder where all the usual O’bots are – wonder why they are not jumping in to defend this, crickets.

Washington Mutual Inc. got what it wanted in 2005: a revised bankruptcy code that no longer lets people walk away from credit card bills.

The largest US savings and loan didn’t count on a housing recession. The new bankruptcy laws are helping drive foreclosures to a record as homeowners default on mortgages and struggle to pay credit card debts that might have been wiped out under the old code, said Jay Westbrook, a professor of business law at the University of Texas Law School in Austin and a former adviser to the International Monetary Fund and the World Bank.

http://www.boston.com/business/personalfinance/articles/2007/11/11/shift_in_bankruptcy_laws_staggers_mortgage_holders/

I am trying to collect info on filling bankruptcy for an LLC- just oppened 7 months ago and have been able to keep upfloat until now but no longer have the funds to pay the high rent, business loans or even employee payroll.

What options do I have? Will a bankruptcy for an LLC kill my personal credit? Am I correct that personal belongings (such as my home) are safe?

I heard that the laws in NJ are "not so generous"… what can I expect?
Category

We went under. There are no offshore accounts or hidden assets. Everything was confiscated including personal property, even though we were an LLC business.
I can accept my mistakes and feel I’ve paid my debt to the bankruptcy courts. What I can’t fathom is this relentless pursuit by the IRS. How can any entity that isn’t even a part of our federal government wield so much power over the fate of the average American citizen. These people are even above our bankruptcy laws.
Am I unofficially indentured? Is it possible to end this harrassment?

My uncle filed for bankruptcy Chapter 7 back in 2001. He and my dad were partners in a business wich they just sold last week. My dad just told me that about 20K will be offset because of my uncle’s previous bankruptcy filing. Now is this legal, or is this included in the new change of the bankruptcy law that came in effect in 2005? Any infor will be appreciated.

I am going through a divorce and working on a settlement agreement which must be payed over a period of a few years. If bankruptcy is filed by my spouse in the interim, I will have to turn our settlement into a judgment and go after it that way BUT what can I secure now..meaning what is NOT dischargeable in court (retirement accounts, personal assets, businesses accounts, mortgages, etc.)

Give me some ideas on how you would market this kind of business. What do you think would be effective and why?

Have a small business and have a customer that has run up a debt and their company is now filing bankruptcy. How does a business go about collecting from the business. We are a small business also there has to be laws to help protect us also. Need some advice on how to legally go about being paid as a creditor. Also if a business says they are filing bankruptcy is it public record and what sites show this record.

I have a business that has an office in Dupage County, Elmhurst, IL to be exact. I’m looking for legal counsel that can assist with both bankruptcy law and international business laws. We operate in 20 countries around the world and our office in Dupage County, IL is among our largest branches in the world.

The ideal candidates would have decades of experience representing both United States and Worldwide headquartered companies. We do substanstial business in Hong Kong, Japan, China, India, Seoul Korea, Singapore, Holland, Argentina, and numerous other Asian and European countries.

Bonus: If law firm has experience in employment immigration matters, business transactions, business litigation, assisting with foreign-based companies in litigation, and more.

Thanks in advance for your help, feel free to let me know if you need me to elaborate on anything. Alex
@ craig williams – there are a ton of extremely intelligent people who use yahoo answers, including the smartest man in the world, stephen hawking.

I’m doing a project and need to find examples of court cases for these types of law: bankruptcy, consumer, corporate, education, entertainment, media, and military. Any help whatsoever would be greatly appreciated.