Business Bankruptcy Law | Small Business Bankruptcy Laws

I never forget, at my previous job, guys sitting at the table were discussing if this country should go to war with Iraq or not, some people at the table thought it was a good idea, lets just expend over 3 trillion dollars, banks are full of money here…..its amazing that the world is full of stupid people, according to economist Joseph Stieglitz the money spent could have been used to make this country better, and damaged the economy. I remember arriving here as a 14 yr old Cuban teenager, I’m not a college graduate, but in my humble opinion, bad management damaged this country. I could never thought that this country will find itself in this horrible economy, with 15 million people unemployed, millions losing their houses, no salary increases in the last 10 yrs, some of my cuban friends in Miami told me that they will be doing bankruptcy and the hell with the houses. Many of the Cubans that I have met, including members in my family, one of the reason they became millionaires is because, like some of them told me, they came to a virgin country, back in the 60’s, many of them, never been to school, can,t speak English, but they worked hard, had businesses and came to a very prosperous country.
The U.S.A is not a virgin country anymore, 40% of people only have about 100 bucks left after they pay all expenses……..bad management…killed the best economy that humans have seen in the world( the usa economy of the 60’s, according to economist)..
Don,t forget,,,next time you say invade…send american troops….don,t forget the U.S.A dept is i think around 13 trillion dollars…..a very small number…jajajajajajjaj…(i don,t think so)

bye now.

I had a civil complaint filed against me and my partner a while back. I retained a lawyer for ,000 but when the bill arrived from the following month for another ,000 I was pretty much in over my head. Economy was going down, bills rising, customers cutting spending, etc.

So I told the law firm I was broke and probably going to file bankruptcy. He said that would "stay" the suit and he quickly moved to be dismissed with the court as my attorney… since I could no longer pay.

I got a letter that said I had to respond in 30 days to proceed pro se, but I misread it and thought it said they would consider me pro se if I didn’t hire a lawyer in 30 days. So I basically defaulted on the suit. That was last October.

Now it looks like I may not need to file bankruptcy. We cut expenses, got food stamps, medicaid and I am working my way back up slowly but surely.

This lawsuit is meritless. It was a client who wanted to return k of computer equipment 3 months after purchase because he want out of business. He is a former attorney and is just trying to cause us pain. I can’t afford to fight it. I cant afford even a consultant.

I am not sure what I should do as my former partner has a lawyer and they want me to give depositions, etc to help him.

What should I do???

I know this is long,
I filed for a chapter 13 bankruptcy in 2007, after being self employeed in same business for 35 years. It is a 5 year plan. I barely am making it now due to the economy and even my bk attorney is suprised I have gone thru it this long. In the Summer of 2008 my 16 year old snuck out of the house after 11pm to see a 19 year old boy she did not have permission to see and she meet him at a park. According to police reports the two did not do anything illegal when the police were in the area and were called out due to the other side of the park there was a complaint of 10-15 kids playing in playstructures, (so when the police went around the park to check the entire area they saw her and him) According to police report they drew guns on her and her boyfriend because he had a pocket knife cliped on to his pocket. She yelled and used fowl language on the officer and his trainess because they could have killed her and the boyfriend she was with. The officer told her that he was going to take her to juvenile hall (she has never been to juvenile hall or ever in trouble) which then of course got her scared and the trainess put her boyfriend in the back of another squad car (btw, this all took place across the street 5 houses down from his residence). The officer actually took her to a receiving home for CPS but she thought she was in juvenile hall. the officer said that she was "wandering" the streets and they could not get in contact with me (funny thing is noone did till 48 hours later after I filed a missing person report that day since she wasnt in her bedroom and she made her bed to look like she was sleeping under the covers) She told a social worker that she is scared for her boyfriend doesnt know if he is in jail or something and that it is not his fault he was just going to help her runaway from me and to please let him go and to let her go because I am to "kill" her if I found out where she is at. (this was CPS evidence against me) after 48 hours they had a social worker leave a note on my house telling me to go to court or lose my rights to have my child. Went to court in which I received a petition stating that I have a history of abuse and it was from an inconclusive allegation which was made in 2004 stating i slapped her on the mouth when she was being disrespectful, (I have that record and the social worker somehow spoke to my daughters deceased father that died in 2000, my daughter and me. Plus tons of other evidence which would prove I and my daughter never spoke to a social worker in 2004). The court sustained the allegation that I failed to protect my daughter because she snuck out of the house at 11pm to see a boyfriend,even though my daughter was on my side.
So I filed a claim to the county for this 2004 social worker report based on the date I found out about it, of course the county denied it so I filed to the federal court based on the date I found out about this report including evidence to prove this, and I also filed an In Forma Pauperis since I am in a bk chapter 13 (i cant afford everyday living expenses plus fees of the court this time becuse in my BK my daughters social security check that comes to me to take care of her after her fathers death was put into as income till my daughter turns 18, CPS had taken it for themself even though I am taking care of her becuase after she found out that she was in a receiving home not juvenile hall she left to go back to me, so thats another fight I am in now with social security, so the money that would cover my house payment I have to use to take care of my child) The federal court granted my case in regards to 2004 and my in forma pauperis, and defendeants were in the process of being served and a pretrial date was set. I then filed in the federal court for the recent case of 2008 and made notice of the related 2004 case, and as I was told by the cleark to file another in forma pauperis with this.
I then get back in the mail from a different magistrate then the one I was dealing with for the 2004 case that my in forma pauperis is denied because my 2004 case should have been included as assets in my bk. (but i filed my bk in 2007, didnt find out about the 2004 till 2008 when it was used against me, and the 2008 case also is after the filing of bk) and that I have inconsistent position in my bk and present action (of course, cps is receiving the social security check instead of me and my child is with me and I still have to take care of her, plus I have been in court for the past year over 63 days for this cps dependency and I know I lost an incredable amount of self employedd income because I have to keep my shop closed since I am the only one who runs it, plus the economy has worsen since my filing in 2007 (fannie mae, freddie, leman brothers, etc. that happened after my filing). I of course put in an objection to the magistrates findings and recommedations and also an objection to that magistrate because that magistrate h
This was the rest of the paragraph after "h"
happened to work as deputy counsel for the county I am suing and that would not be favorable to me nor the defendants.
The judge that reviwed this agreed to the magistrate order in which as of to date has caused the dimiss with prejudice on my 2004 claim, (so far I dont know with my 2008 related case which supposely if cps didnt have this 2004 allegation against me they wouldnt make my daughter a dependant of the court for this 2008).
As far as I know I can not refile my 2004 claim since it was dismissed with prejudice with my in forma pauperis revoked (I heard somewhere that I can but I have to wait a certain amount of time) So I am planning on filing an appeal in regards to this decision but not quite sure if I can appeal it and if I do how to go about that.
Problem I have is that while in bk I can not make debt over 00.00 plus if I had some money I would have paid the 0 filing fee to federal court. Any kind of help/information right now would be great, I am planning on still representing my self pro se since obviousley I can not afford an attorney. I am located in the state of CA
This was the question, but answers didnt post the full amount just partial

The Progressives of the early 1900’s had this as their key philosophy – that the best way to solve the country’s problems was through government. They believed that they could achieve "Jeffersonian means through Hamiltonian means." Previously, this wasn’t very heard of. The Progressives tried this, and it ultimately failed. Theodore Roosevelt tried "trust busting." He did it sparingly because he knew that it would damage the economy, yet did it to garner public support by acting like superman. When Taft came into power he went "trust-busting crazy" and really did a number on the economy. The Meat-Inspection Act under Theodore Roosevelt’s administration interfered with the free market, and resulted in bigger businesses getting a leg up against their smaller competitors. Even today, we see the result of using "Hamiltonian means to achieve Jeffersonian means." We see how Medicare is bankrupting our nation, and is easily manipulated and scammed. We see the inefficiencies of government through welfare, and we see how inept government is and how bankrupt things are like Social Security, for example. If we learn from history, we see that by using Hamiltonian means to achieve Jeffersonian means will only result in inefficiency, bankruptcy, disorder and chaos. Previously, it was local communities that dealt with these problems, was it not? If you got sick, your church would help you, or your local community would. We have become so dependent on government that we’ve forgotten these things, and thus always turn to government. Isn’t the purpose of government just, and only just to protect your rights, and nothing more?

So why is it it that liberals (AKA Progressives) still advocate this? Why do they advocate achieving Jeffersonian means through Hamiltonian means when this has been tried over and over again, and has failed each and every time? Best answer will go to the person who backs up their question with history and factual information.
When has the private sector ever failed, though? See, there’s this belief in American society that big business is bad business. That the private sector has failed j-u-s-t because we have big business. Big business isn’t necessary bad – it just means that they’ve succeeded in selling superior goods doing superior business. If a business can achieve a natural monopoly by simply being better, than good for them. They deserve it. There’s nothing wrong with that.

If this still doesn’t rebut your point, please provide historical and factual information citing a time where the free market has failed b-e-f-o-r-e the Progressive Era, or where government regulation was not the culprit.

they didn’t build the cars people wanted?

I have news for you. GM , Ford, and Chrysler tried building small cars and they lost money on all of them. The Labor Unions have driven up labor costs to levels 60% to 120% higher than the labor costs of Honda, Toyota, and German plants within the USA.

The only vehicles that were profitable were the SUVs and Trucks because it takes just as much labor to build a small car as it does an SUV (roughly) but you can sell an SUV for a higher price.
The Japanese can build all these small cars with a labor force that is non-union.
And you can’t blame the management for "allowing" the Unions to take over the businesses. If GM played hard-ball, (and they tried a few times), the Federal judges would always side with the unions and force GM or Ford to cave in.
GM, Ford, and Chrysler would have been bankrupt by 2002 or 2003 if not sooner if it were not for SUVs and trucks. If Japanese plants were required to have unions, or if GM could axe their unions, it would be fair. But as it is, Bankruptcy is inevitable. Blame it on the Government, like usual, for distorting the markets and allowing unfair trade to thrive and fester and destroy our economy.
Karen,
Then why isn’t Toyota opening their shop to unions?

in 2004 i bought a house and had it put on 2 acres of land that i owned out right for over 15 years, in 2008 the house burned down and was considered a total loss by the fire dept and the insurance adjuster, i sent the insurance proceeds to the mortgage company who has done nothing but give me the run around bouncing me from one dept to another, after nearly 18 months the mortgage company went to court and foreclosed on the property then 4 months later went back to court and had the foreclosure sale set aside, i have asked the mortgage holder to send me a statement of the total amount owed on the loan but they wont send me any thing in writing, when i asked for a statement saying they received the insurance proceeds they told me to write a letter requesting the information so their LEGAL DEPT could review it and decide if they could release the information to me. i had replacement insurance but would not rebuild because of the shitty way this company has done business with me. i have filed a complaint with the better business bureau the banking commissioner and the insurance commissioner in my state. we all know the banks do WTF they want to do without restraint that’s why our economy is so F$$$$D up, i don’t have the money to hire an attorney as it has taken all my every thing to try and put my life back together, i lost my job in december and im really struggling to get by with my son. Im beginning to get very depressed and would like to put this behind me so that i can move on with my life. if there is any one out there that can help me i would appreciate it and will pay you what i can. the attorneys that i have tried to talk to want hundreds of dollars just to talk to me then want thousands to help me. i tried filing bankruptcy but was told i needed the financial info concerning the mortgage the total on the loan was 90988 when the house burned down the insurance proceeds were 75000, but now with all the legal fees late fees and other bullshit i have no idea how much it is. i just know its a mess and all i do is cry, is there any one that can help me please!!!!!!!!!!!!!!!!!!!!!!!
HAD MORTGAGE INSURANCE THE ISSUE IS NOT THE LOAN THE ISSUE IS THE MORTGAGE COMPANY WONT PROCESS THE PAPERWORK NEEDED TO SETTLE THE CLAIM!!!!!! PLEASE PEOPLE NO MORE STUPID ANSWERS, IF YOU DONT HAVE ANYTHING USEFUL DONT ANSWER MY QUESTION. GOT ENOUGH BULL ALREADY. THANKS
THE COMPANY IS WELLS FARGO, I JUST WANTED TO KNOW WHAT THE BALANCE WAS ON THE LOAN AND HAS TRIED TO WORK OUT PAYMENT ARRANGEMENTS BUT I CANT BECAUSE THEY WONT GIVE ME ANY INFO,

The couple was together for 11 years before the wife found out he was living a double life. He uprooted her and their child from the USA to live overseas to get more money from his job she didnt know about and have their home paid for, then he claimed broke (she trusted his word about finances and never checked since he was a high official in the FBI and never gave reason for mistrust). Wife went back home to close business for a month then she filed for bankruptcy because the business was failing due to economy, and her having to deal with it alone since the husband stopped caring about anything. He used all his money to provide for other women’s businesses overseas and paying for their familys. He was making almost 200k a year, and was suppose to have a second child with the wife the year she found out his ongoings. She picked up and fled the overseas country in fear of her life and her child being "stolen" back overseas. She was with him from the begining of his career, he purchased a house (that he lied about her name being on) near the wife’s family before they were married so they could be near them once they were. The state she is in doesnt recognize common law marriage and has been married for 7 years. He said he would provide financially for her forever (she has medical issues and now deals with getting herself together emotionally for her child after her world was turned upside down). Since she found out, he has completely changed and his academy award performance has turned to hate toward her, and even has said he was never meant for family life, and has decided he wants to stay with a girl that he has been having sex with from the time she was 15 and is now almost 19, then he asked the wife "what if I want to marry again and have more kids with someone else?". He mistreated the child in his behavior, never being home and claiming it was work, and bringing the child around the many women he was having sex with at the same time while the wife was in the USA closing their store. There is much more to this story, but these are some of the highlights. I couldn’t believe it until I saw it on paper and in pictures. What are your thoughts?
@ Bill – not to live free, she has medical issues and is dealing with more emotional issues than she ever imagined that’s placing even more physical stress on her body. She has been her dependent for the entire time of their relationship. Now being a single mother, if she is able to remarry, then of course she wouldnt continue to receive support, but should he have to until then. Considering he dropped her and their child off to live in her parents house (who were considering divorce themselves and the home was unstable) and they live in the basement of a relative’s home now since there were renters in their marital home, and even after they moved out the house was in horrible need of repair and had flooded with mold and everything. I feel so bad for them =(
@ ♫™!eM O’ LiL tsuJ♥ – two to divorce? I think I’m unclear…are you saying it was her fault she is seeking a divorce? Are you also suggesting that the person in fear of their and their child’s life should remain with this husband in order to continue receiving medical and financial support? Please tell me what you mean.
@ Lauraa – she does want to learn new skills to help herself help her child, but, the husband was making almost 200k a year, & spending most of it on other women prostitues and under aged girls. They were living in a huge home overseas with nannys and gardeners. She is not spoiled, and worked all her life until he suggested she stopped and they work on having their family. Even there he didnt want her to work bcuz of her health issues, and now add to that depression. Some health issues she has she was born with, then 2 more huge issues came up after she came back from overseas and had a full check up (so yes its almost lucky all that happened so she could find these issues and get them addressed). I don’t think of course she wants support IF she is able to remarry (which is less likely since she does have a child, health issues, and is in her mid 30’s). She is also faced with having a surgery that will help one of her problems, but could make her sterile. She wanted 3 kids w him

I empathize and sympathize with those who work for struggling American automakers and letting these companies fail would hurt the many people employed by them and their families. Not to mention it would hurt our overall economy.

At the same time, that is how private business works. If you have bad management and/or a bad product, your company goes under. For years American manufacturers have made products that are perceived, [mostly] rightly or wrongly, as being subpar compared to Asian or European cars such as Toyota.

Also, on Anderson Cooper 360, I heard that some of these autoworkers have ridiculously good contracts to the point that its draining the company; Wages up to dollars an hour, powerful unions demanding high benefits or the treat of a strike, 96% of their salary is still payed for up to 2 years after they are laid off (essentially money for not working), etc.

It makes it hard to decide whether these companies should fail when thousands of American jobs are on the line, but at the same time, there’s a reason bad companies fail. I think perhaps Chapter 11 would be best to restructure the company and its management and assets; what are your thoughts?

BTW, this is copy and pasted, that’s why it seems to randomly jump in. lol

For those who feel the recession started before Obama, it is true that the economy wasn’t the best it’s ever been, but just a small tid bit for you to mull over… gas prices and many other prices (gas is most obvious and easiest example) were going down substantially towards the end of bush’s presidency, but they’ve done nothing but rise since, as the economy fails. Did anybody notice that the economy got shot around september-november, when most people, including business owners, could see that obama would likely win? Maybe those business owners saw this, and many went out of business before this to prevent total bankruptcy? Oh and the person who mentioned healthcare helping everyone, have you ever taken a European history class? they teach about how national healthcare has failed time and time again. for example, Britain after WW II. Why go pay for OTC pills when you could just go to a doctor and get a prescription for free. I’m sure they loved the very long lines. Rant over.
i said gas prices came down towards the end, not 2 years ago, yes i do own a car, i know it was around i believe?, but towards the end it was in the lower , now the upper , in missouri at least it is, yes i have taken a European history class, in fact i just got out of it today and that’s exactly what we were lectured about, which is why i found that post to be quite interesting, lol research it a bit, you’ll find out that britain implemented a national healthcare system after world war 2, which allowed people to do all the stuff in the original post
…. you said the NHS wasnt started til 1948… WW II ended 1945…. i consider 3 years later to be AFTER WW II

Hello Everyone,
So recently my family has fallen on some hard times
with the economy being what it is we unfortunately had to close our
business and file for chapter 13 we now receive food stamps or EBT
as they call it in some places…I would love to continue to provide
my family access to nutritional foods even during these hard times
so my question is has anybody here ever purchased Items from whole
foods on EBT? I know that they are very expensive did you find that you
were treated differently than others they’re? I must admit I am a little embarrassed
at the thought of going in they’re with foods stamps I would just like to hear others
experiences
I just wanted to add I am not trying to live some overpriced yuppie dream but I don’t feel like my family should suffer nutritionally because of our financial issues where l live they’re is whole foods and supremo lol and supremo food provides just enough nutrients to prevent scurvy

Well I tried to beat the economy with a great product and friendly service but I failed to keep up with the declining business. I closed up shop and have a few outstanding debts. Electric bill, Cable and thier rediculous 2 year contract, a food vendor and a 5k loan from a company that leveraged credit card sales. My partners have bailed and changed numbers, i still answer the phone but I have no money to answer these people with. I lost my house in this whole process and had not had a pay check in several months. I just landed a decent job which I am thankful for but I cant afford to pay business debts when I have personal debts that need paid. I am curious about personal guaranty with the credit card loan people and if that would be exempt from a bankruptcy. Also would I just file for the chapter 11 on the LLC? Or do I have to file personally as well? I dont want to ruin the next 10 years of my life with a bankruptcy on my credit report but then again I have a foreclosure so what can I do?

1.
The U.S. economy has lost 2.64 million jobs since you took office. The unemployment rate is 9.5% and rising. The good scenario is one in which the unemployment rate begins to decline early next year. The Vice President said your Administration misread the economy. You said you had incomplete information when proposing the stimulus. Yet you have said you would not change anything about the stimulus if you could. If the facts have changed, why doesn’t it make sense to change your policy?

2.
Last month’s jobs report was the first since you took office that was worse than the prior month. Do you think the economy is getting stronger or weaker right now? If the next jobs report gets still worse, will you re-evaluate the need for a change in fiscal policy?

3.
Do you maintain your promise not to allow taxes to be raised on people earning less than 0,000 per year? Will you insist that health care legislation conform with this commitment?

4.
Chrysler and GM have exited bankruptcy. Are U.S. taxpayers done subsidizing these firms? What is your exit strategy from taxpayers owning much of GM and Chrysler?

5.
You proposed spending money from the TARP to prevent foreclosures, help small businesses, and to buy toxic assets from banks. In June CBO said they had found no evidence that any money has been spent for any of these programs. How many foreclosures have been prevented, how many small businesses have received loans from, and how many toxic assets have been purchased?

I had a small business and in 2005 it failed and i had to go bankrupt on it and my home..everything , i lost it all.. I have since gotten back on my feet (i thought) ..got a good job with the state and even bought a new car since i had to drive so much for my job…Aug 1st of this year the governor cut the budget to my program and i lost my job. now I can’t make it…there are no jobs around here, there’s nothing…when is the earliest I can file for some sort of bankruptcy? I took the total wipe out the last time..this time I’m hoping I can do the one where I can restructure and keep my home, car and possessions. The economy is killing people like me. Please I hope someone out there knows if I can file for restructure sooner than 7 years and keep what I finally got built back up. Thank you
i wanted to add that i am NOT an idiot and really hate to be talked to like i am one. I am getting unemployment for now. I live in a very small town in Southern Ill and there are NO jobs…thanks to our goverment all our jobs are going to china or somewhere bedsides here. I ask my question to get a helpful answer NOT to get told I am lazy and need to find work…hate to wish bad on anyone but I just hope those of you who think I am so lazy goes thru this someday themselves..maybe then you will all be more understanding. I didn’t need made fun of ..i just ask for help in finding the right answer…thanks for nothing.
i really think THIS is partly whats wrong with the country anymore…people are heartless..always ready to put someone farther down than they already are…again thanks for nothing.
You know I am rather sorry I asked a question….I am NOT a deadbeat, I am an AMERICAN…if the economy has not hit you yet then I am happy for you…but in small town America it has it hard…I have worked all My life and will continue to work IF i can find a job.. unlike most of you I guess I just can’t afford to pull up stakes and move to ‘where the jobs are’…btw…according to the news they’d like to know where the jobs are too… I am totally ashamed to even read these answers…I hope each and every one of you who have told me ‘to get a job ‘ and not have a new car..or buy a ‘cheap ‘ house….well my answer to that is ..I bought a house..for ,000…cheap enough??? and i bought a chevy colbalt..cheap enough??? so you big knowlegable people get off your pedistal before you FALL off…your not better than me or any other American who is having problems now…I am a 56 year old woman and i live VERY modest life….so dont JUDGE me …all I wanted was some info on what choices.

Bush is asking for 0 billion to save the banks. I had An Idea and want to know why it wouldn’t work. AS of June 2008 total US mortgage debt is approx trillion., Of that approximately 10% are considered in distress or in bankruptcy. NOw if the government is going to "borrow" 0 billion and give it to the banks why not just have the banks forgive the 0 billion in distressed loans. Its the same amount of money and instead of helping the rich get richer the government could actually help the lower and middle class. there could be some very simple stipulations no refinancing on equity for 5 years, if you sell the house you keep 20% to put a down payment on your next property the rest goes back to the government, it has to be your primary residence. Imagine what that would do for the economy. I own a small Business and I don’t NEED help, but if I had my 00/month back from my mortgage first I could hire someone to work at my store, Create jobs, second I could invest more in my retirement, and of course more people would spend more. I could afford to buy a new hybrid fuel efficient car. think about it tell me what I missing.

Kitty I agree with you completely as I myself am doing OK, but at the same time as a small biusiness owner I feel the tightening of the collective beelts of my customer base. I just get sick an tired of seeing this kind of movement of weath among the to % of the population. I can’t help but think that if they are going to do it anyways do it in a way that helps everybody.

Bush is asking for 0 billion to save the banks. I had An Idea and want to know why it wouldn’t work. AS of June 2008 total US mortgage debt is approx trillion., Of that approximately 10% are considered in distress or in bankruptcy. NOw if the government is going to "borrow" 0 billion and give it to the banks why not just have the banks forgive the 0 billion in distressed loans. Its the same amount of money and instead of helping the rich get richer the government could actually help the lower and middle class. there could be some very simple stipulations no refinancing on equity for 5 years, if you sell the house you keep 20% to put a down payment on your next property the rest goes back to the government, it has to be your primary residence. Imagine what that would do for the economy. I own a small Business and I don’t NEED help, but if I had my 00/month back from my mortgage first I could hire someone to work at my store, Create jobs, second I could invest more in my retirement, and of course more people would spend more. I could afford to buy a new hybrid fuel efficient car. think about it tell me what I missing.
I think I agree with what both of you are saying but I can’t help but think that the economy would boom if something like this were to happen. I can’t help but think that a lot of the "forgiven debt" would end up backa t the banks in the form of retirement investing, capital improvement, raised local taxes, infrustructure improvements, retail sales taxes and spending thus the banks would actually get more money back than if we didn’t bail them out. I especially agree with the inflation problem that this ois going to cause.

yes, I also owned an S corp for 13 yrs.
..from the health care bill claiming its for "wealthy americans". Are you Ignorant or just lying?

Why would you tax businesses with the economy in the state it is now? How is that possibly a good idea, are you trying to set a new record for unemployment or health insurance reform?
>The shareholders of Sub-S corporations are taxed as individuals on thier share of corporate income.

Shucking and jiving to the end I see. Its a tax on busineses, you lie. I guess that depends on the definition of "lie" tho doesnt it.
I’ve noticed that people who know nothing will often seize on a fact that they don’t understand and act like it proves a point that it doesn’t prove.

I’ve noticed ppl that have no defense like to generalize.
Mr accountant, where does money from "profit" go in a business in growth mode? What effect on cashflow into the next year will higher tax have on "profits to an individual shareholder" (those are typically Business owners for those of you who dont understand that) have and what is the likely effect on that businesses growth?

Business tax.
and the point is the effect not the nominclature.

home.
We are staying in the home on the property my parents have their business on so everyone is all right.
I live next door in a trailer.
We are a very close family.
Unfortunately they are so depressed even though they can save the business and are able to stay in the home on the property they feel they have made a terrible mistake.
They expanded the business by buying the new property and planned to stay in the house on the property on that land until they decided whether to move back to the house we bought when I was a child and rebuilt from the ground up.
As you know the economy went bad.
Also my sister and brother in law moved from another state to help run the business. They feel they let my sister and brother in law down by having financial difficulties. They have lost all of their savings and everything.
We all have all lost everything almost as have most people in America have at this point and time.
We know we will make it and they know that.
We all know we have it better than so many not to complain. We are not complaining. But my parents are so depressed my Father has stopped taking his medication. His Doctor has warned him he could wind up in the hospital or die. My Mom is not taking care of herself and I cannot get them to see a therapist.
What can my sisters, brothers, & I do to help them?
They are such good people they would give you the shirt off their backs if you needed it.
I don’t know how to help them.

I really appreciate your answers.

Big corporations defaulted on loans, filed Chapter 11 and/or 7, and some were direct beneficiaries of the TARP funds. Their egregious business practices have been a key cause of the poor condition of our economy. Are home owners being unfairly held to a standard not applied to Wall Street?

Did it just dawn on you how much control congress has on our money?

Now, if you have a low credit score, have to pay for everything in cash anyway, have no investments and or stocks, the current economy may not have effected you.

However, if you are a money maker with money to make, does it piss you off that we just paid for our rebate check ten times fold?

Please don’t try to feed me the B*S that we must bail these businesses out in order to save the economy because if you have any sense at all you would know that these CEO’s have the very best economist, accountants, and lobbyist in their pockets and knew exactly what they were doing all along!

Does it piss you off that the businesses, which most congress men invest in any way, have brought the economy to its knees and now walks away with a pat on its back?

Does it piss you off that the Bush administration passed the new Bankruptcy laws that mandate you to still pay back a portion of your debit, yet the big businesses are being bailed out scott free?

This is why we can not afford the same! No McCain, No way!

http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown

It is not Socialism, don’t let anybody mislead you folks. In this time and era, seeing our economy plunge there is only one way out. When even the big and rich corporates are going bankruptcy there will be no hope for small businesses and middle class life. It is a fact. So, I don’t think there is anything wrong to bail out the poor first, so they can have a chance to start their life too. This is how small businesses start, borrowing a loan either from a bank or credit union. The only difference is, this time this small business starters will get that money from the Fed, by taxing the MULTI-BILLION DOLLAR corporates to fund small businesses. Everyone is a winner.

What do you think?
The International Rescue Committee already offers such a program, and it is so effective that it helps refugees start their own businesses.
This question is a question regarding corporate taxation, not personal taxation to fund others.

Don’t get it mixed it up.