Business Bankruptcy Law | Small Business Bankruptcy Laws

Now I have talked to many people about this topic and a lot of them say (respected business people) that wal-mart is like K-mart and Woolworth and they will die eventually from under selling the suppliers and a bunch of other stuff. I am about 50 50 here however what they are trying to do as it is become apparent to me is to CRUSH and KILL AND SMASH you if your in business in the retail industry. That’s at least what the deal was until a few years ago now they want to do it to more industries. My cousin wants to become a doctor and he told me that they are trying to open clinics now in some of them (medical industry) so here they go with another industry trying to SMASH you there eventually to go see the doc you might have to go to wal-mart. What’s worse than this? They tried to take over the banking industry too, I was reading that they were trying to buy out banks and I think it was some large bank but thankfully the government passed a law that said that they couldn’t do that but knowing wal-mart they will keep twisting arms until they get what they want. Speaking of which they twist the arms of public officals to get the massive amount of land they need for their stores I mean think about it; do you think I could buy a business that
large even if I had the money? NOPE: environmentalist would be on me in a flash but wal-mart has a way of manipulating people. Also many suppliers like valasic pickles have had to declare bankruptcy due to their limitless demand from them to get lower prices lol. So there we have it are they bound to take over one industry after another? CRUSH KILL DEMOLISH SMASH YOU!! That’s their goal if you want to take on the responsibility of one of the greatest things
in this country being an entrepreneur. So just don’t start your own business or anything they already have food stores in some of these wal-marts so you might not even be able to start something in the restaurant and food industry. Anyway opinions??

Peace

Now I have talked to many people about this topic and a lot of them say (respected business people) that wal-mart is like K-mart and Woolworth and they will die eventually from under selling the suppliers and a bunch of other stuff. I am about 50 50 here however what they are trying to do as it is become apparent to me is to CRUSH and KILL AND SMASH you if your in business in the retail industry. That’s at least what the deal was until a few years ago now they want to do it to more industries. My cousin wants to become a doctor and he told me that they are trying to open clinics now in some of them (medical industry) so here they go with another industry trying to SMASH you there eventually to go see the doc you might have to go to wal-mart. What’s worse than this? They tried to take over the banking industry too, I was reading that they were trying to buy out banks and I think it was some large bank but thankfully the government passed a law that said that they couldn’t do that but knowing wal-mart they will keep twisting arms until they get what they want. Speaking of which they twist the arms of public officals to get the massive amount of land they need for their stores I mean think about it; do you think I could buy a business that
large even if I had the money? NOPE: environmentalist would be on me in a flash but wal-mart has a way of manipulating people. Also many suppliers like valasic pickles have had to declare bankruptcy due to their limitless demand from them to get lower prices lol. So there we have it are they bound to take over one industry after another? CRUSH KILL DEMOLISH SMASH YOU!! That’s their goal if you want to take on the responsibility of one of the greatest things
in this country being an entrepreneur. So just don’t start your own business or anything they already have food stores in some of these wal-marts so you might not even be able to start something in the restaurant and food industry. Anyway opinions??

Peace

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?

Here are the details of our divorce:

We have only been married three years. I own the house in my name only, which I bought six months before we got married.

We have no children.

She left me and abandoned me. She cheated on me. The state where I live is a no-fault divorce state. (Contrary to my username, I don’t live in California.)

We are nearly broke now. I have tons of credit card debt now as I tried to start a small business and haven’t had much income for a while now. The credit card debt was run up by both of us, as most of the debt is a result of not having enough income. About ,000 of the debt is hers from a previous credit card. About ,000 is from my business. There is a lot more credit card debt from both of us.

If things continue as they have been, I’ll wind up in bankruptcy and foreclosure in about a year. I recently went back to work full-time, and I am trying to make enough money to continue paying the mortgage every month.

If I hire an expensive attorney, I’ll wind up in bankruptcy from all of the attorney fees.

If we can keep things agreeable, then I think we might be able to file a cheap divorce and just get it over with.

I’m fine taking on the debt if I don’t have to short sale my home or foreclose on the home.

I found out recently that my wife was hiding some money in another bank account from a 401K from her old job. It was roughly 00. I never saw this money until we lost 0 in our tax return this year from paying taxes on it. My wife also ran up thousands of dollars in prescription drug bills and medical procedures she didn’t need.

Our finances are still joined right now with a joint bank account and one credit card.

While I think she should be stuck with some of the debt, I would rather just get it over with. She has nearly destroyed my life and almost completely destroyed our finances.

What do you think? Should I hire a lawyer and go after her, or just try to be amicable and get out as fast as I can? What liabilities may I be subjecting myself to if we try to do it cheap?
I’ve heard you can’t close a joint checking account if both people aren’t there together.

ok. where to start. It seem everyone just hates me. I guess its my appearance. I’m not a tall guy. on the short side. Im also dark skinned. I know, what a turn off right! Anyways, It seems everyone in my class hates me. You see, they are all tall and very very very good looking. Not to mention very rich students. I don’t know what my fault is. I dont dress well, but i will get back to this. Even the teacher hates me! pass stupid comments that I can hear very clearly I know im not being very clear. im sorry.

Ok I used to owned a small deli for many years. I was doing roughly 30k a month. It was just me and a cook. almost a one man show. I went bankrupt two months ago. After that I lost interest in life. So im in school passing time….im not the confident type. But i know that none of those students will every see 30k a month in their lifetime nor will that teacher.

I have been alone for most of my life, my parents died in a car accident 4 days after i was born. its been a hard life, i started moving weight from nj to ny by 16. I cant even express myself. im finished.

I never worried about these thing before bankruptcy. I know the way I think is wrong. I never spoiled myself during my rise, sumtimes even spent the night my deli closed watching tv till breakfast. I’m not judging any1 of my classmates, but Ive been in business for too long. I know whos a crook and whose not. So here I am on on Yahoo Answers…..

********im not saying im better than anyone********
I worked hard to make that kind of living. Its the attitude those classmates project that says "i got it made"
**************************************…
I had to repost!!!!!! If you are a young college kid, please do not tell me "u never made 30k or u wouldn’t go bankrupt. I dont know business" listen, Me and the Director of KFC were talking about KGC 17 yrs ago.

I joined the family business 3 years ago, after my MBA. I found a business with lots of debt, close to bankruptcy. We have been in a Chapter 11 type procedure since my arrival.

A financial offer to all the creditors must be formulated soon, or the company will go into liquidation. In both situations, I think I want to leave the company.

If it goes into liquidation, it is obvious, there won’t be any company left. If there is an offer, it will be made by a financial "partner" with who there are numerous conflicts already, and I don’t see any future with them for me.

I am wondering how I can "resell" my profile. Indeed, while I am on the paper a CFO/COO with MBA at a young age, there are 2 scenarios:
- If I leave the company in bad shape: I did not manage to turn around the business, and it does not look like a succesful experience
- If I leave a saved company: how to justify such a decision (in reality motivated by relational more than professional factors)

Thanks in adv.

….If they never signed a contract or any kind of written agreement?

My grandfather loaned his sister’s grandson, Zach,(my second cousin) a loan of twenty thousand dollars. He claimed he was going to better his life by taking flying lessons to become a pilot. He convinced my Papaw that this was basically a "education" loan. My grandfather, being the generous and giving person he is lent him the money and set up a payment plan with Zach to get the money back over time. This was in April of 2009. My Papaw was diagnosed with cancer in June 2009 and passed away in November 2009. Zach made payments until November 2009, when my Papaw passed away.

Before my Papaw passed, he told my aunt (which is over his estate) to make sure that Zach keeps making payments. Now Zach has become extremely disrespectful to our immediate family. He doesnt make any payments, he doesnt return calls or texts and he gloats and posts pictures of a new small business he has opened on Facebook. My aunt even met with him and lowered his payment so he would be able to pay.

So what I am wanting to know is, without having any written agreement between Zach and my grandfather, can we take him to court to get the money back?

Also another detail is today we ran into him at the bank and he said "I just filed bankruptcy, my lawyer should be in contact with you"

Unfortunately my business failed. I had numerous credit cards that were used to purchase business supplies, inventory, etc. When the economy fell, the business took a huge dip, leaving me with no way to pay for the monthly expenses to keep the business afloat. Not to mention, no way to purchase inventory to keep the business from failing further. I am in over my head and have considered bankruptcy but I have some circumstances that have caused me to have to delay the inevitable. In the mean time, creditors are threatening law suits etc. I have a family and this situation was an honest try to make a business work but obviously didn’t. Needless to say, I am worried about the amount that can be garnished as we are struggling already, living pay check to pay check. Can someone answer my question?

My debtor filed bankruptcy under chapter 13.He is running business and declared assetts worth 75,000.Debts 225,000.
Surplus for distribution $ 350 per month.Is it a joke?Can this be approved?

1. if a firm of solicitors who you are battling send details about my family and i to a fax number that does not belong to me, and lie about it to the court and i can prove this, is this a breach of confidentiality?

2. what is best way to stop or defend a civil restraint order. what if this is just a tactic because they are afraid of a much bigger law suit?
3. can one ask a judge to get judgement on liability of admission personal injury even if the other side have indicated they intend to withdraw this and have applied to do this?
4. if a firm fail to issue schedule of costs to me before a hearing is this ground enough to get their costs against me dismissed?
5. can one declare bankruptcy even if one does not have a business, or savings etc. people who are unemployed or low income?

I am very grateful for this. But please do not write to me advsing me to go to a lawcentre or a citizens advice bureau etc. or to go to a solicitor. thankyou for reading.

Please I really need ideas from teens, parents, grandparents, anyone who has some good idea’s. My nephew Ryan is turning 14 and we cannot be there with him.
Gifts or gift cards (are those good ideas?) anything that can be sent overnight or express is great.
I will tell you a little of what’s happening in my nephew Ryan’s life right now and his worries because it may help to know why his 14th birthday will be tougher than any others he’s had.
Please know I am not mentioning this for sympathy or pity or anything like that but for help just to get him something – one day without worry would be great- but we cannot do that so any ideas about something special that he might love would be really appreciated.
This is Ryan’s last birthday at home since my his mom who is my sister become ill (she has lost the use of both hands and arms-they keep thinking it’s one thing then another 2 surgeries later no answers) and had to stop working. My brother-in law re-builds cars and also builds hot rods that sort of thing. His work is awesome and he’s doing it this work since about he was 15. With his 26+ experience they call him first when they can for jobs but no one really is putting anything together or getting cars repaired either due to the economy so he picks up whatever work he can find. Their house is going through foreclosure and as much as tried not to they have had to declare bankruptcy. Blessedly they do have a place to go though.
Ryan is also worried because or other problems that are going on such as his maternal Grandparents lost their home recently to foreclosure after 22 years there and also had to go through bankruptcy in order to save the small business they have. His paternal Grandparents also lost there home to foreclosure and went though bankruptcy because of severe health problems and his Grandmother has recently became blind do to an illness no one knew about. Because as with everyone I know and know of she has/had the same problem because even with payment plans if they have them you still cannot afford eye, dental, or hearing exams.There is only so many things you can cut back on to pay bills. Good news is Ryan’s paternal Grandparents moved in with my brother-in-laws older sister and her family and they all get along great. My nephew is especially close to his paternal grandparents he has been around them his whole life and now they since they are settled in and happy this should help him be less worried wouldn’t it?
He says he’s fine but we all said that as kids. I think the fact he also knows just how sick his Grandparents on both sides of the family are he is really worried about them and of course so worried about his Mom and no doubt knows his Dad’s frustration.
Ryan is well aware there are people who have it way worse. However we believe he has a right to feel normal feelings of fear, sadness, anger, frustration, and even unfairness. This is a grieving process as when somebody dies. Also having the rug yanked out from under you regardless of age even if you know it’s coming is still nothing like when you actually go through it. We know how important it is to let him feel how he feels without the guilt. If feelings/emotions are ignored or pushed away they will always come back at some point in some form sometimes quite dangerous forms. His school counselor are aware of what is happening so they can help watch for anger issues, depression and so on and he knows he can talk to them. Kids are so much more aware of what’s going on.
So you know what’s happening in his life and why I am worried. Advice would be appreciated in how to reassure him.
In regards to idea’s of something extra fun or can lift his spirits for his birthday? Now a gift card would be great and he loves those because he can get what he wants but how can it be done with a little excitement or be brightened up?
How about a birthday balloon bouquet? Now the gift card will have to be sent separately as it cannot be sent with any bouquet if I get it from his favorite store. Will a teddy bear attached a balloon bouquet be or seem to childish for a 14 year old boy?
Thank you for reading this and for your answers.

I have always had an interest in going to law school. I will be completing my undergraduate studies in about five months. I am just curious as to whether there are any scholarships and grants available to law students. My parents do not have money to pay for law school, nor do I, especially considering the fact that law students are permitted to work no more than 20 hours per week, so I have heard. I am not considering any top-tier (expensive) law school programs, merely law schools such as DePaul University or Loyola University, both located in Chicago, IL, or any other inexpensive law schools. Any suggestions would be helpful.

Just for some background info:
I am getting my bachelor’s in business administration with a concentration in management. I am currently working for a bankruptcy and foreclosure law firm as a legal assistant. I have plans to attend graduate school for a master’s in accountancy degree. However, as I have stated, I have always had an interest in attending law school, just don’t think I can afford it. Thus, I picked accounting which I do love dearly, but not as much as law!

I am trying to help my mom out with this one…. Several years back she owned a c-store with a now ex friend. When the business closed, there were unpaid sales tax…. The partner filed a chapter 7 before the IRS came after them, Turned out they only went after my mom even though all papers were in both names. She is now in a chp 13 for this and has been paying 0 a month to the bankruptcy to pay this. Now they say she isn’t paying enough (she makes hr now) and want to dismiss her case. Is there a statue of limitations on this and why aren’t they holding ex-partner responsible for all of this? She has crappy atty, and she has called around to other atty’s but they tell her it is a conflict of interest for them to talk to her… What to do? Please and Thank you
To the person who said she is lucky to not be in jail: They were paying the sales tax when the business was open. She left the business before it closed and the taxes due were from the date after she had left. She has been paying the taxes back ever since! SHE did not commit fraud as she wasn’t even in the store and had already turned over keys and had consulted an atty to dissolve the partnership. I think she has been a great person for paying this bill when she wasn’t apart of making it

My in-laws purchased a home and got a loan under my wife’s name prior to us getting married. They used my wife’s name because they weren’t able to get a loan themselves. They make all the payments on the home. My wife and I don’t live there nor do we have any intention of living there as it’s in a bad location. I had no idea about it until after we were already married.

The in-laws are close to losing their business and can barely pay their bills. A bankruptcy seems imminent and i’m pretty sure the house which is mortgaged under my wife’s name will be foreclosed. Is there anything I can do to protect my wife and myself against this? If it makes a difference they just transferred the Deed to my mom in-law, but the loan isn’t. The home is worth 0k and they still owe 0k since they’ve been making interest only payments.

I worked really hard to get my credit score over 800. I want my own house!!! I couldn’t even qualify for any of the first time home buyer programs because of what my in-laws did under my wife’s name.

Any advice would be greatly appreciated. My brother suggested divorcing my wife (just on paper) so I can at least avoid ruining my credit.

I have alot of work experience. I left my last job 2 years ago because my kids were having some health issues and I needed to be available for them. Since then we lost our house and declared bankruptcy. We are living with my mother in law. My husbands job does not pay enough to support us and our two kids. I’ve applied for a job everywhere, including McDonalds and haven’t even been given and interview. I can’t collect unemployment because I was not let go. I go in to places like target and everyone working there is black or hispanic. I live in a predominantly white area so you would think the fact that I only speak english would not be an issue. I am a hard worker, but I can’t get a job because I’m not on welfare and I’m white. I feel like I’m being discriminated against in a country that my ancestors founded. If this country is so equal than people should get jobs based on abilities and not that the business gets tax credits for hiring them. Somehow I’m a racist for feeling this way. If you aren’t a minority or a rich white person than you are out of luck I guess.

EDUCATION
December 2006-May2008 University 4.0 GP
Bachelors in Business Administration Minor in Human Resources

May 2004 – August 2006Keiser College
Associates of Arts in Legal Studies
Completed Coursework: Business and Torts Law, Legal
Research, Criminal Law, Legal Terminology, Bankruptcy and
Corporate Law Office procedures, Wills and Probate law
EXPERIENCE

May2007-February 2008 One Marketing
Account Marketing Representative
Lead management for Fortune 500 insurance company, met and exceeded daily and weekly
Goals. Account management for several accounts at same time. Using sales techniques to
Up sell

January 2006-January 2007 Bank
Bank Representative
Cash handling, customer service, maintain confidential
Information, updating client files,

About a week ago I got a business card from the county Deputy Marshall on my door. I called back and left a message but got no response. A few days after this I started receiving random letters from cracker-jack law firms saying a lawsuit had been filed against me in my county and offering to represent me or help me file chapter 7 or 13 bankruptcy.

I went to the courthouse and couldn’t find anything filed on me there at all so I was confused. Yesterday I got another letter from a lawfirm offering the same services as the others, but it listed a case number. The collection agency(I assume) filed it and miss spelled my last name which is why I could not find anything before.

So my question is this. The lawsuit has been filed, but I have not been served yet. Suit was filed on June 1st and it is the 11th but I have not received a notice yet. Can they proceed with anything in court if I haven’t been served? I am still trying to research it but the collection agency suing me does not show up anywhere on my credit report I just pulled yesterday and any accounts I had in collections are from back in 2004 and have been charged off.

Also if they miss spelled my name on the lawsuit can I get it dismissed and make them re-file it? I’m hoping that I can settle this before it goes to court, but I just don’t want them to do something in court w/o me knowing if I haven’t been served the official notice of the lawsuit yet.
Just some other info. I don’t need to file bankruptcy, any debt they would be coming after me for wouldn’t be anything more than 0 at least according to what is on my credit report. I want to settle it, I just want to make sure they can’t pass any judgements on me in court if I haven’t been officially notified by being served the papers. Oh and state is GA in case that has anything to do with the filing and serving laws.

here is the question: The number of small businesses that declare bankruptcy per month is 6.4. Find the probability of at most 2 businesses going bankrupt over the course of the next 2 weeks.
I know the answer is .3799 but i can’t get to that answer. I don’t know which numbers to put in the poissoncdf function. feel free to elaborate on your answer. i need an explanation, not just an answer. thank you!!!

I know the basics of bankruptcy, but I have a specific situation and I was just wondering what differences there might be with it…If anyone could help explain this I’d be very grateful.

So, my dad owned a small chain of local banks. After the economy crashed, it struggled…given more time and–well I won’t get into details–basically, the FDIC claimed it wasn’t strong enough/had too many bad loans/wasn’t going to make it. So then they took over.

Long story short, my dad was owner, CEO, and president. So everything that went wrong fell on his shoulders (even though it wasn’t his fault)….now, after investigating the loans and business that my dad’s banks were making, the FDIC is suing my dad for 35,000,000 dollars.
We don’t have that kind of money.
My parents will have to file for bankruptcy; but will it be different because it’s the government that’s suing him? Will there be more to it? More "strings attached" so to speak? I’m not really sure what questions to ask — if anyone could just shed some light on the situation….I’d appreciate it.

I have to do a research paper about how Bankruptcy, and intertwine it with the underlying principles of contract law, fair competition, and the Commerce Clause of the U.S. Constitution.

Any ideas on how to do this? Many thanks (: