Business Bankruptcy Law | Small Business Bankruptcy Laws

"The Pension Benefit Guaranty Corporation has become an increasingly popular option for private-capital funds and other investors who are seeking to spin investments in near-bankrupt industrial companies into gold. The key is to shift the responsibility for pensions, which weigh as heavily as bank loans on a company’s balance sheet, to the pension corporation.

The same financial alchemy has been performed at Polaroid and US Airways, at textile companies like Cone Mills and WestPoint Stevens, and at a host of smaller companies over the last four years. And bankruptcy specialists say that it is almost certain to keep happening, because shedding pensions – and pensioners’ health care obligations – is turning into an irresistible way to make a high-risk investment pay off. "

https://www.nytimes.com/2005/09/18/business/18pensions.html
Sorry for the bad link:

http://www.nytimes.com/2005/09/18/business/18pensions.html

I live in Florida. I work at a small vitamin store and am very close to the owners family. My bosses husband own an auto body shop. He is currently going through quite a few financial situations. So I guess it was made clear to him that if he "sold" his company to me and put the company into my name they cant seize his assets. So I guess he is filling for bankruptcy and doesn’t want them to take all of his equipment and cars that he owns out right and its all paid off. So my question is, is this legal and does this put me at risk to anything? Like if something were to happen when the business is in my name and they sue the company then they would be suing me right?

My parents are divorced and I live between my mom’s house and my dad’s house. However, the address on my driver’s license is my mom’s address. Once I arrive to Montréal however, I will be exchanging my license for a Québec license which will have my new Québec address on it (one of the apartments I’ve been looking at). I am wondering which of my parent’s income to put in order to receive the most money from OSAP. My mom does not work, however she is disabled under the Canada Pension Plan so she receives a substantial amount from the Disability Benefit. I will also be receiving some of this money (Child’s Benefit, 214$ per month) as a child aged under 18-25 of a disabled parent attending school. On the Income Tax Return, my mom makes much more money than my dad does. My dad owns a small business, a cigar shop in which he is the only employee. Business is not good, he has a considerable amount of debt from credit cards and currently owns no more credit cards. He didn’t file for bankruptcy but almost did. He currently lives on the upper level of his store, so he technically doesn’t have a house. When I go to live with him, I stay in that upper level of the store. Needless to say, his yearly income on the tax return is much less than my mother’s. In your opinion, which of my parents should I put for the income part of the application?

The answer for me is to put my dad as he makes less money, but the problem is that the address on my license is my mother’s. However, I’ll be changing my license for a Québec one in about 7-10 days and that one will have a completely different Québec license. Please advise me with what to do and which parent to put, I would really appreciate it. Thank you so much!
To "It’s me":
Yes, they live in different households. However, would they cause me any problems if I put my dad’s income on the application but the address on my driver’s license is my mom’s? That would technically mean that I lied about living with my dad wouldn’t it? I actually live between both (1 week here, 1 week there) but the address on all my official documents is my mom’s. The license will be exchanged very shortly to a Quebec license with a new Quebec address on it but I’m just wondering in case…Thanks for your help.
To "Miss Priss":
My mom and dad both live in Ontario. I have lived here my life. I am only moving to Quebec for university in September.

My full time I make an hour, barely enough.. well on the side to supplement my income I sell a few things on the internet online, I make about an extra 100 to 150 bucks a month but it varies depending on sales. All of my stuff was bought through me, I didn’t get any business loans or anything like that.
I have a ton of debt from the past few years and have decided to file personal bankruptcy..

My question… will they make me disclose this income and the site I use? Will they make me stop selling online? Or is it not enough income for a trustee to go after?
This is just an additional income, and not very much. I make more at my full time job.

My full time I make an hour, barely enough.. well on the side to supplement my income I sell a few things on the internet online, I make about an extra 100 to 150 bucks a month but it varies depending on sales. All of my stuff was bought through me, I didn’t get any business loans or anything like that.
I have a ton of debt from the past few years and have decided to file personal bankruptcy..

My question… will they make me disclose this income and the site I use? Will they make me stop selling online? Or is it not enough income for a trustee to go after?
This is just an additional income, and not very much. I make more at my full time job.

For lack of a better term i was forced to take out a mortgage last year on my home that was paid for. The terms and percentages were awful but thats besides the point.

My income at the time was sufficent to pay my bills and the mortgage.

I ran a successful business for a little over two years until 4 months ago when things went downhill. My mortgage payment is more than most people make in my area in 2-3 paychecks and now im unemployed with a SMALL list of other monthly bills besides the mortgage. I do have about k in other unsecured debt from the business and other unsecured creditors from when i was young that i never took care of.

I have thought about bankruptcy, chapter 13 is a no-go mostly because i cant afford the mortgage payments now so why would i waste my time with a 13?Otherwise it could work,but otherwise i dont really need a bankruptcy if were not including the house mortgage because i could just set up monthly payments with my creditors at a small payment.
7 minutes ago – 3 days left to answer.
my monthly expenses are slim so im not worried about that.

My problem seems to stem from my home, i have about 40k worth of equity in a 117k home.

With that kind of equity, it really does not make sense to file a chapter 7 because in my state you lose all equity besides 5k no matter what.

It really doesnt make sense to do a 13 because as already stated i cant afford the payments now,much less the payments to all my creditors plus the mortgage.

And the only other options are selling, of which is not really an option because foreclosure has already been initiated.

Or a deed in lieu of foreclosure, but then im giving them all of my equity for "free" although the foreclosure would likely not show up on my credit report and i could begin to repair the other damage.It would be faster to do this than to wait 10 years for a BK to come off the credit or 7 years for a foreclosure to come off.

OR just let it be foreclosed on……thats not appealing at all ofcourse.
ADVICE?

for instance there are any number of individuals such as CEOs, actors, athle;tes and the like who make several millions of dollars a year, even as the government goes bankrupt. In most cases these individuals have signed contracts that entitle them to whatever money they receive, although this is subject to change under certain circumstances. At any rate, it would seem to me that someone who is making million or more a year could stand to have at least a mere million taken from their annual salary, and would likely not even feel the difference from this reduction. Moreover, a reduction of million from the salary of 1,000 such people would alone generate billion over the course of a year, which would take on a whole new meaning when multiplied several times. With that said, has no one considered the idea of garnering additional income from cuts such as the aforemetioned, with or without the addition of cuts from wasteful spending as it relates to entitlement programs and/or other programs? I just think that the salary cuts I have mentioned would have a much better chance of improving the economy with less of an impact on the American people in general.

As far as raising taxes, I am not sure if this is being considered by Obama as an alternate way of increasing revenue in light of the government bankruptcy, but the fact is that this will do no such thing, in fact it will more likely make things worse than they are currently. Small businesses for instance will lay people off or hire less due to having to pay more in taxes. Raising taxes will also likely cause inflation due to monietary manipulation in the event that things continue on this path.

Hello a while ago I signed up for a taekwondo gym. I paid ahead of time. Then one day an employee there tells me that the company is closing. I was unhappy that the tkd place closed down, but I am also unhappy I had already paid 400$ to them in advance. It was a small business then one day they decided the price to keep running the place was more expensive. I guess it went out of business, but the owners did not file bankruptcy. I was wondering am I legally entitled to my money back since the tkd place closed? Money is tight for me and 400$ is a lot for me. Thank you for you help in advance.

Higher taxes on the business hurt the middle class most. When businesses have their taxes raised, they often are forced to cut back on expenses, which usually lead to layoffs. When small businesses are taxed at a higher rate, they often have to raise their prices just to maintain the same profits they were making prior to the higher taxes being implemented. When businesses that are just barely scraping by have their taxes raised, it could potentially force them to declare bankruptcy, thus having to layoff all their employees, and make their industry that less competitive. And given that the middle class consists of the majority of employees and consumers in this country, isn’t it clear the middle class is hurt most by increasing taxes on businesses? How am I wrong?
@ Small Peace – Where in my question did I ever mention the Saudi family, or healthcare? Stupid libtard.
@ Vern86 – The President just announced today that he wants to raise taxes on “millionaires and billionaires” and those with “corporate jets.” And most Democrats in office favor raising the corporate tax rate to 1950’s levels. I agree with closing tax loopholes, but it must be met with a reduction of the corporate tax rate, otherwise our already overtaxed corporations (highest corporate tax rate in the world, around 40%) will suffer, thus the middle class suffers more.

To be the middle man between doctors and patients?

To tell us only healthy people can see a doctor?

Why do we need them?

Do they provide any service at all besides collecting money?

Are you old enough to remember when doctors were healers and not in medicine to collect as much money as possible from your insurance company before the company drops you for being sick?

Besides collecting money, what do insurance companies do?

And don’t say they help cover the high cost, the main reason for personal bankruptcy in this country is medical bills. These are people who had insurance, but were dropped because of major illness. So that’s not it. (this actually drives the costs up)

This country was built on small businesses, not on criminal big business that provides no service, no service at all.

Can you imagine a world in which all you have to worry about when you are seriously ill… is getting well?

Besides collecting money, what do insurance companies do?
Must see:
http://www.youtube.com/watch?v=7QwX_soZ1GI

My mom is thinking about filing for bankruptcy since she’s up to her eyeballs in credit card debt, not to mention a debt that my dad incurred that he now owes money to the IRS and money on a judgment against them for a small business that failed a couple years ago. I don’t know all the details, but that’s the gist of it. So her question is whether or not the bankruptcy will affect what she owes on both the judgment and to the IRS? I guess getting rid of her credit cards will allow her to pay the judgment and IRS off quicker if they aren’t affected by bankruptcy, but she was just wondering because she is thinking about trying to file for bankruptcy on her own because she obviously can’t afford a lawyer.

I have no one to talk to about my situation, not even my best friends and family. This is a very private decision.

However, I need to know if I am thinking clearly and would so appreciate your help.

When the economy collapsed, so did our business. One year later and we are still living off of savings, depleting our retirement accounts just to stay alive. While I certainly realize that we were at least lucky enough to have this to fall back on, we are in our mid 50’s and this money is what we planned to retire on. Couple that with ,000 in credit card debt that has been incurred to pay our vendors when the business went down, by trying to do the right thing and not filing for bankruptcy, and this has taken a tremendous toll.

We have a differing opinion about how to move forward. I want to sell our home, in which we have significant equity, and move into a smaller, more modest home. The problem for my husband is that this is our dream home, a 3000 sq ft home we built 5 years ago and planned to live the rest of our lives in. I hope I don’t sound too obnoxious when I say it is a very beautiful home.

Of course we won’t get out of the home what we have into it, cash wise. We will be taking a pretty big loss because property values have dropped. I don’t care. While I WANT to live in this home, I don’t NEED to live in this home. My husband is not budging, and is content to spend what we have saved until the business can get going again. When………I have no clue. It’s not looking good.

I am so afraid to lose everything that we have worked so hard for these past 20 years. And if we continue on this path, we will.

I want to sell the house, restock the 401K to where it was, pay off all our credit card debt and purchase a more modest home.

He wants to stay in the house, use our saving to live with hopes that the business will come back.

I feel so desperate that I am thinking of filing for divorce so that I can at least protect my half of what’s left, forcing the sale of the home. I NEED that security. I can not live, hoping that things will turn around while watching every last cent of our retirement go to pay interest payments.

We have been to counseling for weeks now and he is still not giving. We have one HS child left at home. This would devastate our family, but I need that security.

Am I being unreasonable?

Thank you.
He is the one that wants to keep the "material" thing (the home), not me.

I want the security.

I am not trying to "recoup" cash. I want to take the cash to pay the bills we have racked up, buy a smaller home (smaller home, lower bills) and go from there.
I am not trying to "recoup" cash. I want to take the cash to pay the bills we have racked up, buy a smaller home (smaller home, lower bills) and go from there.
Mikey, We have a financial adviser and he is with me.

I have a small LLC with only a couple employees. One of my (now ex) employees had a company credit card that was in my business’ name, that he used to rack up thousands of dollars in personal debts. He has disappeared and I have no way to find him or repay his debts. What avenues does the credit card company have to recoup this debt? Can they come after me, since I am the founder of the company (I figured they can’t since it’s a LLC)? My company is small and repaying the debt would pretty much put me permanently under. What impacts would filing bankruptcy have on my personhood or ability to create an LLC in the future? Would it even eliminate the debt?

Thanks in advance, I really appreciate the help.

Every statistic and actual fact points to the direct opposite. The American Journal of Medicine says over 3 out of 5 personal bankruptcies are due to medical debt (http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States). That’s 60% of all personal bankruptcies which make up the vast majority of all bankruptcies. There are a total of 0 (zero) bankruptcies due to medical bills in other industrialized nations.

Canada spends 10% of GDP on healthcare, the UK spends only 8% of GDP on healthcare while the US spends 16% and still has to pay for insurance!

UK and Canadian small businesses are not burdened with having to pay for employees insurance making them more competitive.

Every industrialized nation with Universal Healthcare (UHC), bar none, has longer lifespans, pays less than the US and is happier with their systems.

Even when Americans buy private medical insurance, they’re still not covered for many problems. You would never be turned away in a UHC country for a pre-existing condition.

The American system works just like a UHC system. Americans that say “I don’t want to pay for someone else” obviously have no understanding of how private insurance works. AIG pools your money and when someone gets sick they use that money (your money) to pay for the sick person which is exactly how UHC works, except the pool is bigger which leads to lower risk and lower costs.

Canada and Australia run UHC and not one bank collapsed during the financial crisis, in fact both country’s economies grew significantly.

The cost of private insurance is climbing much faster than in UHC countries and families cannot afford proper care and preventative checks. This leads to higher costs when they finally do go to the hospital and the problem has become severe.

Americans pay 5x what Canadians pay for medical treatment and yet their life spans are lower, their infant mortality is very high and

How can someone looking at these facts say that it’s UHC that’s failing without being brainwashed?

The American Journal of Medicine says over 3 out of 5 personal bankruptcies are due to medical debt (http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States).

Wouldn’t it be great on the economy to have Universal Healthcare? The UK spends only 8% of GDP on healthcare while the US spends 16% and still has to pay for insurance! Further, UK small businesses are not burdened with having to pay for employees insurance making them more competitive. As a Conservative, wouldn’t you agree that slashing federal spending on healthcare by 50% and decreasing costs for small business is a great idea?
Well, I am actually a medical insurance broker and I can tell you 1) prices are not set by governments, they’re set by the cost of medical care which is set by hospitals and 2) if people paid for healthcare through their taxes, non-payment wouldn’t be an issues unless the people were evading taxes which is another issue.
Capital: So are you saying that the published statistics that show every UHC country spends less GDP on healthcare are all lies? Every stat is wrong and you are right because you said so? Hmm…

I know someone personally who has been in the US for around 9 years now and got married to an American for her green card.She’s waiting for her citizenship now, which she told me will get next year. The American man doesn’t even live with her, but she calls him to visit her whenever she decides…maybe knows the days/time the immgiration might check up on them…don’t know.
The woman also keeps that American guy in her office (working together though living separately) and always tells me that once she gets her citizenship she will kick him to the curb from work because he gets on her nerves. Now she’s dependent on him so can’t do anything about it. Number of people around her know that she entered into a fraud marriage, so definitely not a secret in her circle plus she lives with her son, thoough keeps fake albums of her ‘husband.’ Is it too late to report her as she’s waiting on her citizenship next year? The woman also sometimes on documents uses adifferent last name which she claims she will change into later on..but hasn’t officially changed it yet though keeps using it at the same time she uses her real birth last name. She also does what’s known ‘unauthorized practice of law’ when she deals with immigration just with her notary certificate and then gives the forms to a lawyer she works with to get the docs signed for her. As far as I know, only lawyers can fill out immigration forms, right? She also filed for bankruptcy years ago so the consulting office she has opened where she deals with the new immigrants who need help with paperwork and dont know shit about the country/laws, that office is under someone else’s name as she has no credit history herself now.
I also saw that one of her clients forgot to sign part of a doc, so she later asked her receptionist to sign it before sending the green card forms of that client off to the immigration. She also opened up a business within her small office where she supposedly find people for a marriage…as in a dating office, but the real intent in that is that she hooks up people for a marriage for a green card/paperwork. So do I have any chance in reporting this…and where exactly? I heard that many fraud marriages don’t even get reported on, so I’m kind of hesitant in reporting this knowing that her citizenship is in process now and that the authorities might not even do anything about it. What will they do exactly….? Just go to her place and check to see if her ‘husband’ is with her and that’s it?

The woman has hurt numerous people (newcomers not knowing the laws, including me minimaly though) and I feel like it’s a pay back time for all of her sins as she’s only exploits people. So any chance here????

I NEED HELp, out of 5o questions, i do not those this question.

Which former Soviet republics experienced the least inflation after adopting a market economy?
A) Latvia, Lithuania, and Estonia
B) Ukraine and Belarus
C) Armenia and Kazakhstan
D) Czech Republic, Poland, and Hungary
2.
Transitioning to a market economy is not always a smooth process. Which of the following was seen in Russia that led to a group of people called oligarchs?
A) President Vladimir Putin interfered with democratic reforms.
B) Perestroika forced many early start-ups into bankruptcy.
C) The demands of organized crime do not let small businesses survive.
D) Politically well-connected people were allowed to buy up public assets.
3.
A program that called for the abrupt change from a command to a market economy is called
A) privatization.
B) shock therapy.
C) perestroika.
D) trade redistribution.
4.
When transitioning to a market economy, transferring state-owned property and businesses to individuals is referred to as
A) shock therapy.
B) privatization.
C) perestroika.
D) specialization.
5.
Which of the following is not an example of effective infrastructure?
A) Phone systems
B) Computer connections
C) Dirt roads
D) Modernized airports

Between which years did the trade deficit with China grow the most?
A) 2000-2001
B) 2001-2002
C) 2003-2004
D) 2004-2005

The foreign exchange market is a
A) market in which different currencies are pegged to the price of gold.
B) network of major banks that link the economies of the world.
C) regulator on foreign exchange that balances imports and exports.
D) currency exchange that sets the price of different nations’ currencies.

The unfavorable U.S. balance of trade is, in part, caused by
A) extensive foreign investment.
B) high petroleum prices.
C) sending jobs overseas.
D) consumer saving.

The trade-weighted value of the dollar
A) makes it expensive for U.S. companies to export goods overseas.
B) sets the exchange rate between United States, Canadian, and Australian dollars.
C) indicates whether the U.S. dollar is strong or weak compared to other currencies.
D) shows the difference between the value of U.S. imports and exports.

Which banks automatically are members of the Federal Reserve?
A) All nationally chartered banks
B) All state-chartered banks
C) All commercial banks
D) All thrift institutions

My employer has been bouncing checks all over town, including employee’s paychecks. Between bounced checks and checks that I’m holding because they’ll just bounce if they’re deposited, he owes me almost ,000. He’s been on an economic downhill spiral for a few years, and I suspect that he’s about to hit rock bottom. I’ve stopped working for him, but I need to collect on these checks. I plan to file a complaint with the state dept of labor, which says it can garnish funds from his bank account within 60 days, but without the ,000 maximum judgment of small claims court. My concern is that he will file bankruptcy before I get paid. I know that I can file as one of his (many) creditors in bankruptcy court, but how do I find out when/if he’s applied for bankruptcy? Do I have to subscribe to some publication and watch for his name, or is there some "watch list" where I can request to be contacted if he files? How does it work, and do I need any information other than his name and business name? Any other suggestions on collecting what is owed to me?

are there enough regional, local and community institutions to step up and fill the void in terms of lending to consumers and small businesses?

Do Americans really buy the myth that if taxes are raised on Americans
making more than 0K/year that small businesses shall go out of
business?

It is extremely rare that any business operates on a razor-thin margin and
that an increase in its operating expense shall knock it out of business.

•Wholesale pricing can increase.
•Insurance can increase.
•Fines can increase.
•Expenses related to safety mandates can increase.
•Electric/oil/natural gas/water pricing can increase.

The point here is that all businesses are prepared for unexpected expenses.
No business is one expense away from collapse.
Such a business cuts its losses by shutting down, filing for bankruptcy or selling
out before going into a rut because it has been on a downward spiral for a while.
That’s what responsible business owners do anyway.
Irresponsible business owners…well they dig their own hole.

Are Americans really so naïve that they believe the tax-you-out-of-business myth?

Or are extremists just going along with it in order to spread fear about Obama’s
intensions to raise taxes on high earners in an attempt to bring their tax rate in line
with the rest of us (rather than maintaining their discounted tax rate via loopholes)?