Business Bankruptcy Law | Small Business Bankruptcy Laws

http://money.cnn.com/galleries/2009/news/0906/gallery.companies_going_bankrupt/3.html

The Chapter 11 filing is "strictly a financial restructuring" of the company’s debt, said President and CEO Mark Shapiro in a statement.

In other words, his kids are going to Harvard on your tax-dollar(and don’t pay your bill ethic) since, you know, their filing Chapter 11.

At what point do you tuck in your children at night, only to vomit on your own deceit & deception? How does the sociopath navigate life like this?

We sure pumped out some good ones from our business schools, and people wonder "what happened" over the past 3 years…we f–ked each other royally.

Thank you for taking the time to read my question. My wife and I have been married for 3 years, been together for 7 years. We have 3 small boys ages 1,3 and 5. I have been in jail (3 times) due to my wife calling on Domestic Violence, every time she was either pregnant in the last trimester, or after the birth of one of our boys, all cases were dismissed with prejudice against her. I never hurt or harmed her, she just went crazy. Twice she was intoxicated on wine, but the police took me away, because I am the man and she was pregnant.
In 2005 we started a small seafood business, she quit her job which had great Benefits (Starbucks) I asked her not too because of the burden of health insurance on a small business, we did great to start, but she insisted on overpaying us out of the company, also she wanted to buy a house so we also purchased a home 2 months into our new business. I was trying to make her happy. Since then our relationship went downhill, this is where I started feeling hopeless with our relationship, although I went through the court system and jail, I forgave and told myself to hold the family together.
In summer 2007 the money in company ran out and she told me that she wanted to separate, she took the kids and moved to her mothers home, I ended up having to file a chapter 7 personally, due to no money and Credit Card debt above 25000 dollars, I also have decided to surrender my home, because I can’t make the mortgage.

Currently, she is going to counseling for herself, I feel alienated because when I ask about ‘us’ the family and she and I, she says that she does not know. She moved out at the end of August, and she has not done anything for the sake of the family, but only for herself, I have talked to my parents about it and they want me to divorce her, they believe that sometime along the way of our lives, she decided that she just wanted a meal ticket, they want me to find someone that will work with me and love me.
Another important point I want to make is that my parents invested 20K, and her grandfather invested 50k into the company, this is how she and we maintained the lifestyle that is now falling apart. In the bankruptcy I listed my parents and her grandfather for protection. Recently she told me that we need to pay her grandfather back, but no mention of paying my parents, I wrote a letter to her grandparents wanting to know what the situation was with the loan they gave my wife, but they have not answered back. My wife wants me to pay her 500 per month for the next 6 years to pay back this loan, I don’t believe her, especially now without an answer to my letter sent to her grandparents. I feel that she is holding the relationship hostage to get her way.

Should I move on, I am only 37, I think that she has some mental and emotional issues, that only she can work on, I also feel used, I mean she left me right when all the money ran out, and left me to fix it.

I have written letters to her letting her know that I love her with no response.

My friends say that she has turned into a gold digger.

I need some arbitrary advice on this…

I’ll try to summarize.

I had a business for 3 years. It turned into a flop and I owe jsut about everyone money.
I have had a very disorganized business as well as taxes I haven’t filed yet becasue I haven’t had the money to cough up.

Add on top of this I have been out of work for over a year between getting hurt at one place I did finally land a job, and a motorcycle accident.
Make a long story short, I haven’t worked in a year. Can’t find a job and I’ve sold a ton of stuff just to get by and pay the bills.

I am considering bankruptcy, but I am nervous of the the fact that between getting hurt, (a small lawsuit followed, but I lived off the money….it wasn’t much) not being able to find work and living off assets that I may be given a hard time if I try to file.

Anyone have any advice for this disaster?

I had a bankruptcy about 4-5 years ago now. I did nothing for several years and 6 months ago I bought a newer model car with a cosigner. A few months ago I got a small line of credit (credit card) and I just bought a couple items from a fingerhut account. Is this enough to build some good credit? I also just bought a business and I’m hoping to buy a house in 2-3 years as well as another car in my name only. Am I on the right track or is there more I need to do? How long will it take to get enough of a good credit score to buy a house, car, etc on my own?

I left GM 3 years ago at which time I froze my retirement. Shouldn’t GM have to settle with all of us before they come out of Chapter 11 to go back to their business as usual???

Serious thought-out replies only please. We don’t need to hear from the labor haters whom have never done two shittz of work in their lives. Thanks.

Over 50 years old. No retirement, but will inherit 40 acres of wooded land. Do I need an life insurance policy?

Own a VERY SUCCESSFUL RESTAURANT BUSINESS (15 YEARS) ,,,not the real estate THOUGH. Have ,000.00 saved from it. DOING OVER A MILLION. THIS TYPE OF BUSINESS IS NEVER REAL SECURE.

Have ,000.00 saved in my personal

Have a ,000 savings bond.

Owe ,000 in student loans

Buying home, have 0,000 left on mortgage. Need to refinance right now people are telling me. I have an arm? and my payments are getting ready to go way up. Have owned this home for 3 years. My previous home I had for 17 years.

Credit score in the 700’s, but I can’t get the Bankruptcy off my credit report which was paid off almost 7 years ago to the day.
And it wasn’t even a Bankruptchy, it was a reorganization of my bills, through a lawyer, I THOUGHT.

HELP!!

We are a small business and the landlord has raised our cam fees 400% in the last 3 years with no justification. They are virtually putting us out of business, so with 24 months left, we want to break our lease and move. Is it better to file for bankruptcy and reopen in our new location with a new name. We are going to make an offer, but I am sure they will not accept it and try to sue us and get a judgement. Out of the 2 worse case scenarios, which is worse?

5 years ago I went thru a very expensive and nasty separation and divorce, at the time I had a thriving business and a good income. Now, I only make a fraction of what I used to. I ended up losing everything and was forced into Chapter 13. Then, I was pushed into signing a family support agreement that I could not afford.Everyone keeps basing everything on my past income. My family support is ,700.00 monthly and my bankruptcy payment is currently at 0.00 monthly and is getting ready to increase to ,430.00 monthly next month. I have not been able to pay Federal Income tax for the last 3 years even though I have filed the returns. I am really struggling to keep up the payments at even the 0.00 amount to the Bankruptcy court, let alone have it go to ,430.00 a month. I hardly have anything left and can barely make ends meet. What can I do to get some help? I currently have a bankruptcy attorney, but with the economy, my wages have continued to go down. I just can’t afford to pay out over ,100.00 monthly BEFORE I pay any of my other bills for insurance, housing, food, ETC. I am trying to do the right thing and take care of my family obligations but it is getting to be too much on me and I can’t keep up this pace, just not enough money to go around. Any good advice out there?

(Advice for a close friend)
No major Assets.
Self employed – Would this effect his Corporation?
If he goes chapter 11 – (he can qualify) he doesn’t owe anything
but would have to wait 10 years before he can earn credit.

My thought. Wait it out. If his business does really well. He can pay off the debt at a reduced rate which would look alot better.
Or wait 3 years less… Because I think that goes off in 7 years right?

We live in Washington. We own a home that has 95K in equity – but we owe the IRS about 85K. We have gone through the pre bankruptcy counseling and they say we HAVE to file – because we are in the hole 6K per month (long story – I owned a business and got very ill). My income is commission only – and I don’t have commissions coming in which is why I need to file Pro Se’. Basically – do I let the trustee sell my house? Do I need an attorney to make sure the taxes are discharged (they have been owing for over 3 years and over 2 years since I’ve filed – and also the 3rd rule I’ve passed too) because that would be horrible to walk away without them discharged. I have 2 cars I want to give back. If I file now – how long can i live in the home and when do I need to surrender the cars ? I don’t want to milk the system – I just want to find a place to live and have enough time to earn a commission (should be 30 days away)
They may have changed the rules – but I know you can do it pro se. The reason I would even try is I used to be a creditor rep that goes to court and I reviewed every petition to find fraud. I know most things – it’s just the tax lien stuff and the sale of the home I don’t. My attorney wants 00 up front. It is so embarrassing – I used to make K per week – and now I’m reduced to not being able to pay an attorney. Life goes on.

H.R. 1106 has a clause allowing one to put their primary residence into a bankruptcy, therefore lowering the monthly payment to an affordable one. At this time the wealthy can put a vacation home, boat and airplane into a bankruptcy.
I am 71 years old diabetic with congestive heart failure. I have lived in my home for 36 years. 10 years ago I went to my bank asking for a business loan. The banker suggested I take the equity out of my home and and change my loan to an adjustable loan. For the first 3 years it was fine. However my business failed and I’m on social insecurity. I have emptied my savings, sold my furniture and jewelry to pay the ever increasing mortgage. My monthly income is 3.00 a month and my mortgage now is 23.00 per month. If I cannot get help from the courts, my only other alternative is suicide.
To the best of my knowledge H.R. 1106 was passed by the senate and sent to the congress last week and is stil sitting there.

I have had a business for about 4 years and I need to expand it and buy more inventories. I have about 0,000.00 inventory but I can not get a small business loan because I had a personal bankruptcy about 3 years ago. Is there any way that I can get a loan? I do not mind to pay higher interest rate.
Thanks in Advance