Business Bankruptcy Law | Small Business Bankruptcy Laws

married almost 20 yrs, she disappeared with daughter (14) for 2 weeks with no contact left son (18) on farm. the husband offered her large cash settlement to leave farm
running she refused. farm sold his mom borrowed them the cash for the farm (basically like a bank) ex wanted the money but not to pay off the debts. her theroy is she should get money and he gets the debt.his mom received her money back and now his ex claims she wants spousal and she is going to claim bankruptcy on her share of the debts unless he takes all the debt.but as of now
he no longer has the farm or that type of cash flow to cover those debts on his own. but as stated they were business parteners she sold many items from the house and she kept the money.she walked away from the business and family (only taking the daughter) and has worked various jobs since she has left and now is claiming she is unable to work and he needs to pay for her living?this man has lost everything his dream his life his farm his daughter for 2 yrs his son, his ex would not let him have contact with his daughter.she is looking for someone to take care of her financially .so he has nothing now and is still 100,000.00 in debt and she wants him to take it all and pay her spousal but they were parnters half the debt should be hers and there should not be spousal. he pays for his daughter but why should he pay spousal when they were business partners and she wasn’t financailly dependent on him, as she stated she worked the farm.the 1st judge said he wanted farm to still run be smart (to ex wife) and make a deal(to ex husband).. the husband tried..should she be entitled to spousal support, she refused the offer, forced the sale of farm, has racked the debts up with interest due to not agreeing to releasing the money to pay the debts off, but they were business partners who jointly worked on the farm and jointly earned from the farm and jointly made the debts and loans? they are still going through court. her lawyer has given her terrible advice she should of taken the cash settlement and not forced the sale of the farm.. as her life would of still been easy.as of now the ex husband works for another farmer, and she works on an assembly line. in your opinion as i know there are courts for these issues.. in your opinoin would you think she should be entitled to spousal support?

I personally own 4 properties. Each of these are in my name. I have a private loan set up from a hard money lender on each of these properties. one of them is my main residence. The others are rented out. I use the money from the renters to pay the lender. He is a nice guy, and will let the loan ride out as long as I need to. I’ve been working with him for years. I’ve borrowed on each of these homes about half of their value. But through the years, the prices/equity has been cut down, so now there is probably only about 10K profit on each house.

On top of these 4 houses, I have 3 homes that are currently in my name as well, but I am working on remodeling/reselling. My dilemma is complex. I have two other business partners. My dad, and my husband. We’ve never had problems working together, its just we’ve run into problems in the finance dept. Currently, we have a business account for the three of us. We only have enough money for our business to run for one more month. Currently, our bills run about 9K a month. We’re waiting for a house to sell, its valued at 80 but we’re trying to take ANYTHING that will keep us going…so maybe around 60/etc….I dont even know exactly what we’ll take for it, or if it’ll even sell b/c of the economy. We’re trying to pull a loan on it instead to keep things going. But the problem with that, is that we have to use the money we’re going to pull on a loan to remodel another property (we’ll call property #2). We already pulled an 80K loan on property #2 for 80K but its coming in two draws. We spent the first draw on business expenses to keep the business running, and as soon as we spend 20K on the house #2 (its a big time fixer in the napa, ca vacation community) we can get the second draw of 40K, of which, we will have to spend maybe 30K on the house.

All and all, this is the worst case scenario we’ve ever been in. We even have a small rinky dink house #3 tied into the loan of house #2 to protect the investors. House #3 is only worth about 20K….thats why we didnt mind backing it against the other one.

On top of worrying if we’re going to have enough money to survive financially, once we get the napa vacation house (#2) on the market, we dont even know if it will sell at a low/fair market price. We just want to get rid of the house and get rid of the loan and hope to keep business going with the bills.

Also where it gets weird, and concerning the bankruptcy talk….there is an attorney who I owe some money to. At first he was kind, we got along great, and he saw a lot of potential in myself, the business that I do. A few years ago I was needing money so he lent me 20K at 80% interest. I knew that where I placed the money would help me to continue working, and would be worth it in the long run. It was….its just, I havent paid him back yet, so he’s already made about 20K off of the loan, and im continuing to pay him 1,200 per month of interest. He tacked on an old attorney bill from his other firm, but at one point he said he discounted it, but now he’s charging me again. All and all, and please, without judgement of me or him, nothing has been written on paper, and I know there is that saying that a verbal contract is as good as the paper its written on. So all an all. He’s screwing me in several ways. He practically ‘but kindly’ demands that I send several leads to him, to where he’ll make 50-100 on residential properties that are sent his way by ME.

The positions for goes as follows:
My dad has been in charge of the finances and working with the attorney.
My husband has been doing the computer work and finding leads
I have the bank account in my name, go to court, and use MY name on EVERYTHING. Everything that we do between the three of us is open for all 3 of us to see on paper. There is no money laundering or anything strange between us. We are all best friends.

I am just REALLY REALLY freaking stressed. Mainly because I am so young, and worry about my future. If I were to file bankruptcy couldnt I put the houses in a trust or my sisters name and bankrupty off the attorney? I know its ridiculous but we dont even know how much we owe him. It could be 50K or it could be 100K.

If the business fails, what precautions can I take before hand??? I may only have a month or two before it hits the fan….I was thinking of opening a second bank account at another bank, it case we go broke with the one, and get into check systems, at least i’d have another account, b/c once you go into it you cant open another account. Im so scared. And not that I want to make this a focal point of my storyline, but my dad has a 400K life insurance policy. He said that if something ‘happened to him’ and he died, we would get it. Im worried about our business, my ‘name’ in general, losing my family, my future….im stressed and need advice. On ANYTHING. Im young and fragile righ

…going to file bankruptcy soon.
My husband is going to buy a new car and is going to trade the car that has both our names on the title as "or". I have hired a lawyer to file bankruptcy for my business. My husband is not filing bankruptcy. Will this be considered fraud or what kind of problems will this cause if he trades this before the bankruptcy is started. When he buys a new car my name will not be on the title. Please let me know what to do. I will try to contact my lawyer next week to answer this but I will be crazy about this before then.

I gave my Lawyer a deposit for my personal and business bankruptcy its going on 16 months he got me a case number for my personal and then it was dismissed do to lack of filing income statements and a few other things. Is there anything I can do to get all my money back from him.

They all seem to be so busy and even the receptionist has her own voice mail. This is frustrating. I’m ready to do business and pay the f-ing money and I don’t want to drive all the way there and find out they can’t help or I need to come back and do another thing. UGHHHH!

I have a non-collateralized loan (0K) in my personal name used for my small business. I cannot make the payments any longer. I know this is going to court. I am in Florida, so my house and head of household income are not touchable. Other than that I really do not own anything – maybe ,500 in a vehicle. If the bank gets a judgment, and there is no way to pay it, what happens? Does it hang around until I get assets to cover it? ie if I win the lottery, do they get theirs? A bankruptcy attorney said I could file for BK but do I really need to? What is the long term problem of a judgment, other than negative credit?

Madoff Had Wide Role in Mets’ Finances

When Fred Wilpon’s son Jeff was married at Fresh Meadow Country Club on Long Island, Bernard L. Madoff and his wife were there. When Mr. Madoff’s son Mark was married at the same country club, Mr. Wilpon, the principal owner of the Mets, was a guest as well.

When the Mets negotiated their larger contracts with star players — complex deals with signing bonuses and performance incentives — they sometimes adopted the strategy of placing deferred money owed the players with Mr. Madoff’s investment firm. They would have to pay the player, but the owners of the club would be able to make money for themselves in the meantime. There never seemed to be much doubt about that, according to several people with knowledge of the arrangements.

“Bernie was part of the business plan for the Mets,” a former employee of the club said.

Since the day of the disaster — Mr. Madoff’s December 2008 arrest for orchestrating a billion Ponzi scheme — Mr. Wilpon’s relationship with Mr. Madoff has been generally acknowledged but not well understood. Mr. Wilpon and his family have offered scant details about the friendship, except to indicate they felt deeply betrayed by the scam and were harmed financially.

Now, however, a lawsuit against Mr. Wilpon and Mr. Katz brought by the trustee for victims of Mr. Madoff has suggested the relationship — financially and personally — was deeper than anyone might have suspected. The trustee, Irving H. Picard, has alleged that the two men’s dealings with Mr. Madoff were extensive and longstanding, and that they went on even after suspicions about Mr. Madoff’s operation were raised, according to two lawyers involved in the case.

As a result, according to the lawyers, Mr. Picard has asserted that Mr. Wilpon and Mr. Katz either knew or should have known that Mr. Madoff’s operation was a potential fraud. Mr. Wilpon, Mr. Katz and their lawyers have refused to comment on the lawsuit, which was filed under seal in December in federal bankruptcy court in Manhattan.

But interviews with current and former associates of Mr. Wilpon and Mr. Katz, as well as former employees of the club, former employees of Mr. Madoff and others, make it clear that the relationship was substantial and that the role Mr. Madoff played in the financial life of the ball club and the Wilpon and Katz families was pervasive.

The rest of the story is on the link.->

http://www.nytimes.com/2011/02/02/sports/baseball/02mets.html?_r=1&ref=sports

Only poor person files bankruptcy. And only large banks and credit card companies (which are rich) oppose bankruptcy. Whether a person is financially responsible or financially irresponsible, the government has NO business telling citizens how to spend. This is free country. We don’t want government interference in our lives. Republicans don’t preach their own mantra. This bankruptcy crackdown interferes into the lives of the lowest man of the ladder. Furthermore these bankruptcy laws don’t prevent people from filing bankruptcy. The bankruptcy lawyer industry is equally very large and they have all figured out numerous ways to get around tighter 2005 laws, which in effect defeated Bush efforts to make it harder. This is evident by the fact that 1.5 million filed chapter 7 last year, compared to less than a million prior to 2005 laws.
billysab: reported for violation and you will get email violation notice.
Also how can the government teach the citizens to spend responsibly when the government itself is a reckless spender? this puts GOP as hypocrites
Will: why should the government interfere and tell us how to live our lives? I thought that’s GOP slogan?
beltway 8: Lehmann brother was chapter 11. I meant to say only a poor files chapter 7.
if you’re filing bankruptcy you are poor. why else would you file it? You don’t have money to pay the bill — that technically makes you poor. FAIL
stratam: see above my comment for beltway 8. Lehmann brother was chapter 11. I meant to say only a poor files chapter 7. The bankruptcy laws cracked down on chapter 7, not chapter 11
did lehmann file chapter 7? who files chapter 7? ordinary people like me and you! that’s what the law targeted. Poor people file chapter 7.
TOP DOG: yes, what happened to personal responsibility? Government itself being financially reckless is giving financial advise to the common citizen?
beltway and strat: FAIL. You never followed up to my additional details. Post and run

I’ll leave out the details but I am almost certainly going to file. Already spoken to 3 lawyers and picked one. Would like to hear from folks whov’e been through this in the past. I’m curious what "life is like" after it’s all said and done. Do you have regrets? I never in a million years thought I would be ever filing bankruptcy but I started a side business 6 years ago and it’s failed in this economy. And I’ve spent every penny I had saved up.

I’ve been told after it’s discharged, you will be able to get a loan to say, buy a car within 6 months? And a mortgage within a year? (I need to re-fil my home on the lower rates).

Thanks in advance.

Seeking some one who has worked with the IRS in help with my tax problems, I turned partner in for sales tax fraud and audit was done but, I got the bill and now the IRS used my audit to increase the fee owed, I now am under appeal with more than ,000. owed I fled motions to take me off partnership fees owed but they are playing hard ball, my partner had thrown away requested documents that I had filed motions for and now partner has filed chapter 7 bankruptcy. So you see I need help I am pro-se [ with out a lawyer ] and need help, questions as follows for Pa.

1.Will bankruptcy erase sales tax and employee taxes?

2.As silent partner and whistle blower in this Irs case can I be excused from these fees due in this partnership?

3.The hard ball style used with IRS, If I go to hearing and state my case pro-se will I get releif?

4.Can the tax people as seen on tv really help, I called one company and was told for 00.00 they will reduce fees to ,000. Is this true?

My husband and I just got royally screwed by our employer and after 4 months with no pay decided to leave our jobs. I know that sounds crazy and you are thinking why would you wait 4 months to leave. Well it is complicated. You see for the last 9 years or so I have been employed by a business that I rightfully owned and help to start. This was a family business but it was all in my name. So this business slowed down so much so in the last year that we decided it was time to move on and try and do something else. My husband and I had always wanted to open a honky tonk and I thought this might be the perfect time. So with some discussion, I talked my husband and my dad into opening a large scale nightclub. Jason and I could not put the business in our names at this time so it was put into my dad’s name. We sold all of the assets of the business that was in my name and put them into the start up of this nightclub. Jason and I had some doubts about my dad in the beginning but we thought we could trust him. Unfortunately we where wrong. We should have been making huge profits but my dad swore we where not making money. I could look and see that we had made money. He would say he was paying bills but we where getting calls saying the bills weren’t paid. Dad wouldn’t show us the books or turn them over. We wanted to hire and accountant or to do the books ourselves. Not to cut my dad out of money but to make sure it was being done right. My dad refused saying that my husband and I had nothing in this company but a couple months of work and that this was all his and he would do what he wanted with it. All his are you kidding me! He has got to be out of his fringing mind. Actually he is. But anyway now my husband and I are like super behind on everything. We can’t pay our bills. We are looking for jobs but they are harder to come by these days. There has got to be some kind of legal recourse for me here it is just killing me to watch someone else make money on our hard work while we are trying to figure out how to keep from filing bankruptcy. It is a weird situation but if anyone knows anything about what I might be able to do here I would be so thankful. I am not even sure what kind of lawyer I could discuss this with. PLEASE HELP ME!

i am filling for bankruptcy i have an old Mobile home that has never been in my name the place that i got it from has went out of business also there is no plates or numbers on the Mobile home. I don’t know the guys name that i got it from the lawyer is wanting me to get a title for it how am i to get one? The Mobile home also has no fuse box in it the wires are also gone out of it the floors are falling though i have told her this but she still wants a title.
i have looked every where on the mobile for the serial numbers and i can not find them. they have been renoved or something. Everbody that I have talked to needs the serial numbers but I do not have them and can not find them.

I owe a man who filed bankruptcy chapter 7 in Ohio and I recieved a letter saying to pay the lawyer not him. It says in the letter and I quote "The undersigned is the duly appointed and qualified Trustee in the above captioned proveeding under Chapter 7 of the Bankruptcy Code. As trustee I have legal title to all non-exempt assets of the Debotors in this case invluding any of their right to the balance uner a vertain installment sale of may 10th 2010, where you purchaed back from Mr. **** his interest in my company name. Then it says to send all payments to the lawyer.

My question in why am I sending him the money? Who is actually getting the money and what if I am looking to file bankruptcy? I am not looking to lose my business but now I am curious.

If you need more info just let me know I’m trying to be as specific as I can.

middle-class in America?
1) The 12% of the population still unionized?
2) The small business entrepreneurs who average survival is five years between bankruptcies
3) The former professional class, Doctors, Lawyers, Dentists, Veterinarians
4) Friends and associates of the top 2% once the boss throws them a bone
5) Celebrities
6) Outlaws, drugs dealers, pimps, thieves

Basically people that have a skill that the rich need.

We filed Chapter 7 in Sept 2009 it was final Dec 7 2009. Now our son and his family were trying to buy a house and found bills on his report on me with my husbands Social Security Number on them. He called me yesterday all Huffy. Asked how our bills showed up on his Social Security Number like I had any way of explaining this to him. I told him I did not know How they could be on his credit report.When he and his father have different Social Security Numbers.Big difference between 332 and 432 one born in 1958 one born in 1982 My husband is Paul Lee and our son is named after his father he is Paul Lee II. He gave me the number I called the business and they got nasty with me. It ended up being a screaming match before it was all over. I told them that we had filed bankruptcy and anything with MINE or My Husbands Social on then went in Bankruptcy. They told me HELL NO they did not that these were my bills they were on my husbands Social Security Number with me as patient and they were on my sons credit report since they could not get the money from us Our son would have to pay them Or else they would go to Collection But Someone was sending them the money. I told them they went with our bankruptcy. But she refused to hear what I was saying Everytime I opened my mouth to say anything the woman would cut me off. I called my lawyer who handled our Bankruptcy and he assured me that these went with the bankruptcy. Because we listed this Company Name on our Records as having bills with them and so they pull up any accounts with Mine and Hubby’s Social Security Number on them they do not look at names or any thing they go into their system and pull up the accounts with Number that match ours. And then they are deleted. But can someone tell me who to call to find out why this happened. Nobody can bother to explain to us how to fix this. Only Seious Responses to this please this is Hurting Our sons Credit.
Son is not Junior he is the 2nd. But I think some of the problem is he refuses to use the 2nd after his name. And at different times in their marriage they have lived at our address and or expected me to take their kids to the Doctor or Hospital because they are to Lazy to tend their own business. But my lawyer said it goes on Social Security not name anyway. So I have no explanation for my son
I was on the phone call with my son yesterday they told him to hae me call them about the bills so I did they dialed him back and told me I had to take care of the fowl up. Because they were my bills. The lady was giving out my husbands social securtity number like it was candy. My son told her it was nothis number. She told us both tough crap basically it was there we filed Bankruprcty so pay it. Or it would not be removed.

I own a beauty salon for about 6 months and every month i have to put out my own pocket money to pay the business bills. I’m about to have more trouble on the way paying my mortgage…My landlord said I can’t advertise with car’s flyer, no banner, no street sign, building is in the back of the plaza behind a tree and my lease is 5 years…I’ve tried negotiate with the landlord but failed do anything. I’ve made a very bad choice choosing this location. Is there anything i can do to break this lease? I want to avoid filing bankruptcy, i want to see if i can find a loophole to cancel this lease, and where can i find the right people to help me? Real Estate lawyer or Contract Lawyer? and how do i find out about their reputation? PLEASE HELP!

Former employees of a shuttered California auto plant sued the factory and Toyota Motor Corp. on Wednesday, claiming they were denied fair severance packages because injuries kept them off the job in the months leading to the facility’s closure.

The suit, filed Wednesday in U.S. District Court in Oakland, seeks a revised severance agreement, restitution, lost compensation, other employee benefits and monetary damages.

The lawsuit also seeks class-action status. Lawyers claim that about 300 of the 4,700 employees who lost their jobs when the Fremont-based New United Motor Manufacturing Inc., or Nummi, closed April 1 may be affected.

Many of the laid-off employees, who assembled Toyota cars and trucks. Employees who worked continuously in the six months before the plant’s closure also received enhancements based on years of service and other factors.

Tony Lawson, a lawyer for the plaintiffs, said the enhancements added an average of ,000 to an employee’s severance agreement, so denying those who were on disability leave during that six-month period translated to a huge loss for the worker.

"Some of these people had worked there 25 years and were injured in the last six months," Lawson said. "We allege they’re being discriminated against with respect to their severance because of their disability."

The lawsuit also claims that disabled workers were not allowed to take advantage of some employment services such as career and skills assessments, and they were refused employment when they attempted to go back to work after a doctor said it was OK.

Nummi spokesman Lance Tomasu said the company doesn’t typically comment on pending litigation, however, the factory "has always prided itself on treating its team members with respect and fairness and we believe we’ve done so in this situation."

Toyota spokesman Rick Hesterberg did not immediately return a message seeking comment.

The Nummi plant was established in 1984 as a joint venture between General Motors Co. and Toyota. GM made the Pontiac Vibe there but withdrew from the alliance last year after filing for bankruptcy protection.

Toyota made the Corolla sedan and Tacoma pickup at the plant but said it could not sustain the factory without GM and warned Nummi it would shutter operations.

Besides the jobs lost at the factory, the closure devastated thousands of others whose businesses were made servicing and supplying the plant and its workers. Nearly 8 million vehicles were built at the sprawling facility at the southern edge of San Francisco Bay before it closed.

New hope has been injected in the area with two recent announcements, however.

Tesla Motors Inc. said it was purchasing the plant to build its Model S electric sedan and collaborate with Toyota on an electric vehicle that will combine a high-volume Toyota vehicle with a Tesla electric powertrain.

The federal government also said it would provide million in emergency grants to help workers who lost their jobs when Nummi closed.

Would this have been so easy to do if they were in a Union?

Hello, I’m starting a business targeting debt consolidation and bankruptcy lawyers, the service that I will be providing is bringing them clients. I will network out and bring in clients to the law firms that I’m working with. The law firm only pays if the client does business with them and they don’t pay me until they get paid! My question is, how much do I charge them for such a service and is this a good niche to target? I want it to be fair on both ends so that way I can keep them fed with new clients so they can stay continuously busy on what their good at and grow their firm while at the same time turning a profit for myself and growing my business. So what percent of the revenue generated would a law firm be willing to payout for such a service and is that the best niche to target? Thank you so much for you advice!

I’m being sued by a company that purchased a debt I owed to a loan company. The loan company had refused to work with the credit counselors, I mean we made an offer, the loan company came back asking for more and we accepted but they then decided to persue collections anyway. I’ve got all my debt aside from the DMP addressed (federal tax debt) except for this issue. The DMP is working but this civil suit put’s all of it in jeoperdy. I spoke to an attorney who thinks I can handle this but I don’t agree. He think’s I can file the answer, buy some time to build up cash, and make them an offer once a meeting is set up. Other attorney’s want to push me to file Bankruptcy. I don’t want to do this, I’ve been trying to get a small business going. Any advice? The debt is ,100, they want an additional 7 plus interest and legal fees. If they get that judgement I’ll have to file Bankruptcy. I’m in Ohio and the case is in Franklin county.
I think I left something out, the DMP (debt management program) is a combination of debt I’m paying off around ,000 not including the ,100.00 I’m being asked for. Also, I would have an additional ,600 in November so I’m looking to see if this is something I can get pushed out until around then and arrange a settlement. This to me is just a situation where I’ve been working on getting things taken care of and I would have been able to in about 2 more months but before I could get there they decided to go ahead and sue.

I had the bad luck of doing business with a very vicious, ruthless, and crooked creditor. He used every single tactic he could to get money out of me, but i kept resisting him. He placed over 67 calls a day using an automated voice. He then bombarded my email with demands to pay. he totally flooded my inbox with like 40,000 mails demanding payment. I told him i have bankruptcy lawyer and he responded using abuses, "no you don’t, you bus turd" My bankruptcy lawyer contacted this creditor asking him to stop placing calls. Then this creditor sued me in court, KNOWING i have a bankruptcy lawyer. I physically had to go to court just to tell i have lawyer. His objective was to stress me out, by making me go to court because he knew it bankruptcy filing will discharge the debt. Then he again sued me in court of appeals, saying, "proof of bankruptcy still not shown". Second time my bankruptcy lawyer contacted court and his suit was thrown out. Then i filed chapter 7 bankruptcy. However, even after filing chapter 7 this vicious creditor keeps reporting to collection agency that i’m seriously delinquent. I checked my credit report and all other creditors whose debt was discharged no more contact the credit bureau. But this creditor alone keeps doing it out of pure vengeance.