Business Bankruptcy Law | Small Business Bankruptcy Laws

According to Senator Biden’s law he passed recently in the senate, small business and individuals cannot file for bankruptcy anymore, which makes people lose their homes VERY easily, while he proposes to RAISE taxes on small biz/S-corporations and any professionsals who create JOBS and then allow you to have money to buy a toaster.

This is NOT a joke, he seriously said these and sticks by them as of this morning!!!

What is your opinion of Biden?

Talk is pretty cheap! Promises are empty until they are kept! Obama has said he will
Jump start the economy….but doesn’t say how.
Create jobs……..but doesn’t say how.
Support small business…..but doesn’t say how.
Protect home ownership….but doesn’t say how.
Crack down on mortgage fraud…….sorry, it’s too late for that.
Reform bankruptcy laws…..but doesn’t say how.
"Give" all americans "affordable health insurance….see the problem with that statement….but doesn’t say how.
"Redistribute wealth" to the middle class…..I hope you will all be happy with the 0.00 savings this will bring you.

These are just some of the "promises"…..how sad that everyone believe even a single word.

I understand he is running against what most believe is a failed administration….HUGE advantage…"Change" is what people want. Why can’t anyone see that he is a great talker who has the backing of the media and "celebrity"…….who are glamorized and idolized in this country. His past experience at balancing a budget is his own personal checkbook…..yet he says he can do miracles.

Please do not slam McCain/Palin……I am not particularly happy with these people either…..Frankly both candidates bother the hell out of me….. but Obama scares the $hit out of me!

His site says NOTHING about any plans he has………..
His site says NOTHING about any plans he has………..

I have a small LLC business that I only run on the internet, (actually it runs it’s self now that i’m not actively working it anymore). I just recently lost my 5th job of the year (no jobs in our town) and am contemplating bankruptcy. Can they take the Money that my business has in it’s account at the bank, to pay for my debts?

I have work in the pest control business for six years with a well know company and have done ok. OK is not enough, I want to start my own Pest control company. I will be taking the cerificate test on 06-28-06. In the mean time I need all the info I can get on how I as a small business owner minoitry get business from the state of maryland. Currently I am get what you call side jobs but I want to do this right so nothing come back and kick me in the— Also I have no money , in a chapter 13 one big contact with the state or any big corp would be my answer or some type of grant

I own five properties plus I own one semi and trailer, which is for my trucking business. I am really struggling and behind on almost everything, including all of the mortgages. (Canton, OH has no jobs and no one is paying their rent, plus trucking is obviously very slow right now). I filed Chapter 7 in July, 2002, so I think I am eligible again. Will they restructure all of the debt, or will they just seize all of my assets including my home, the truck/trailer, and rental properties? Will I be able to keep any personal property that I am current on payments for, like my truck and motorcycle? I work full time as construction manager, which is why I am concerned about losing these side ventures. Any input or sharing of experiences is welcome and appreciated.

So now that the big guys are in a sticky,companies are going under what about us little people that lost it all?

The big companies I believe helped influence the changes in bankruptcy laws.I wonder what they knew or who they bought off.I have friends that did not over borrow and were simply victims of loss of jobs,myself included.What is in our future in all this?

Then there is IRS that is squeezing small business.I found mine being audited back to 2003.Now I had to pay for this audit (my bookkeeper) an additional 00 only to find they disallowed certain items.They spent way over the 0 I had to pay them.

Again there is no information as to what happens to us little guys.Anyones thoughts?

Thank you

I bought a home for 169000 cash in full 12/2005.In 4/2007 I got a small equity loan on home for 55000 for a small Business I started.Economy so bad in 08 the Business failed and I’m behind in all bills and equity payments.I contacted a agent to list my home for sale before I get for closed and we went over info and I made a time to see him Monday.
Today I come home and find a piece of paper taped to my door saying my property will be for closed 4/26/09.Two hours later I get mail and 1 is from a lawyer explaining he can help me with filing chapter 13 and saving my home and utility shut offs and also do not contact a real estate agent or deal with any if contacted.The other letter was from a company real estate favors for closure specialist who says do not file chapter 13 or any type bankruptcy that they can help me stop a sheriff ale lower all my bills etc…How these people knew my home was about to be for closed I’m unsure and is weired I get their mail same day I get paper taped to my door.I truly do want to sell home and move but with a sheriff sale that paper said would happen quickly 4/29.I was told a real estate agent can not help stop for closure so I don’t know what to do.If I save the house we will stay jobless no family my son is mentally ill I’m disabled my boyfriend is illegal so he can’t get any type temp jobs.What would you do and you have deadline of loosing your home in 28 days?

I bought a home for 169000 cash in full 12/2005.In 4/2007 I got a small equity loan on home for 55000 for a small Business I started.Economy so bad in 08 the Business failed and I’m behind in all bills and equity payments.I contacted a agent to list my home for sale before I get for closed and we went over info and I made a time to see him Monday.
Today I come home and find a piece of paper taped to my door saying my property will be for closed 4/26/09.Two hours later I get mail and 1 is from a lawyer explaining he can help me with filing chapter 13 and saving my home and utility shut offs and also do not contact a real estate agent or deal with any if contacted.The other letter was from a company real estate favors for closure specialist who says do not file chapter 13 or any type bankruptcy that they can help me stop a sheriff ale lower all my bills etc…How these people knew my home was about to be for closed I’m unsure and is weired I get their mail same day I get paper taped to my door.I truly do want to sell home and move but with a sheriff sale that paper said would happen quickly 4/29.I was told a real estate agent can not help stop for closure so I don’t know what to do.If I save the house we will stay jobless no family my son is mentally ill I’m disabled my boyfriend is illegal so he can’t get any type temp jobs.What would you do and you have deadline of loosing your home in 28 days?

I have so many things in collections, my home was foreclosed, I now have an account with a negative balance and the poop roller coaster is not slowing down. I had a small business that went out of business, I then joined the workforce to be laid off from 4 jobs due to slowing economy! My credit has been destroyed! What do I do!!!!!!!!!!

Do Wal-Mart’s business practices raise or lower our standard-of-living? Quality of Life?

Is Wal-Mart’s business strategy fair?
I think of Wal-Mart the same way I think of Microsoft…I call it Monopoly,

1–Their business strategies unfair, however I do not disagree with their practices, but I do disagree the way the government handle both companies.

2–"The Standard of living refers to the quality and quantity of goods and services available to people" (Not to be confused with Quality of Life)

3– Wal-Mart offers convenience, a variety of selection, low prices for the people and bankruptcy for small, independent Small businesses who can’t compete with Wal-Mart’s Prices.
Keep in Mind that by Wal-mart Forcing Manufactures to sell them at lower price to provide customers with a lower price, Manufactures are now taking the Jobs Overseas, Living thousands of unemployed North Americans.

Don’t they realize that in order for a business to make a profit it has to keep its customers happy?

If I open a restaurant and serve tainted food and/or lousy food, not only will I go out of business, but I’ll be sued into bankruptcy!

If I open a high tech computer company and offer only minimum wage and no benefits, I’m not going to attract or keep quality employees.

Companies fail because they don’t keep customers happy.

Companies have a vested interest in NOT harming their customers!

Only if the GOVERNMENT protects businesses or industry does it allow those companies to engage in harmful practices or allows them to keep out competition to lower prices and make better profits.

If I hire a plumbing company and they cause harm to my house, I sue them for restitution. We don’t need a law or regulation on plumbers that say they have to perform their jobs in certain ways.
can I start a corporation that easily?
Can corporations and their leaders not be sued?

http://www.nytimes.com/imagepages/2009/0…

Job creation over the past ten years was at 0.01%, virtually zero. Also in the process of job destruction vs. creation jobs that paid over ,000 a year were destroyed and were replaced with jobs that paid under ,000 a year.
Now, during this time taxes were only lowered, regulations were overall loosened, businesses had more room to grow into new markets thanks to business friendly trade deals, bankruptcy laws were made lender friendly, tort reform became business friendly and labor laws became even more employer friendly. Yet this business friendly decade was among the worst for job creation since FDR.
We were told reducing overhead for businesses and lowering taxes on the wealthy would trickle down and benefit workers, yet it has been an epic fail. Why?
http://www.ritholtz.com/blog/2009/08/zero-10-year-us-job-creation/

The graph is from the New York times.

Back in 2003, my husband and I made the difficult decision to file Chapter 13. We had no choice. His business was failing, it was a mess.
Anyway, we are trying to start over again and I was just wondering if anyone can give us any advice?
We are planning on moving, do you think this will be hard since we are still in the program? I know most places check your credit, but we both recently finished college and will hopefully be able to find good jobs. (He is a nurse, I am in the business field, administrative type work, to be exact.)
Anyway, any advice would be greatly appreciated.

Thanks so much!

Okay, so I’m a business major specializing in finance and business law, so i was wondering what kind of jobs I could get that are recession-proof after graduating with a BA? And if I couldn’t get a recession-proof job with just that degree, could I go into financial law or bankruptcy law and would that be a steady future? And also, before I graduate, I wanted to know if it would be a good idea to go and study abroad with my business finance major and would that give me a leg-up on other graduates later on? please give me some good advice!!

I know, my bad, economy crumbles, business closes, cannot collect unemployment, jobs are basically nonexistent, people being laid off everyday and businesses that have been in business for many generations closing their doors. This is what has happened in my county. So please leave the get the job comments out because believe me I have tried as well as thousands of others. Don’t say pay your bills because I would if I could. We have no other choice but to file bankrptcy-house in foreclosure now, vehicles repoed. We are well aware that you can’t have what you cannot afford. Have sold most of our possessions-we sleep on a mattress on the floor. What I need advice on is we filed BK 3-30-09 and debt collectors are still calling us even thought we have given them the name of our attorney and other info regarding the BK. Attorney says to ignore the calls and they will stop, but they haven’t. What should we do now? Shouldn’t our attorney be reporting them to the court since this is a violation of the BK code of stay? Helpful suggestions only please.
I have told these collectors about the BK and have already given them attorney’s number. I have not answered my phone since I gave them the info.

2 yrs ago my husband and I, we had it good he layed brick for a living. I didnt have to work.Paid our bills. Now since he says he has vertigo all the time he can’t drive. He drives everywhere else just too sick to drive to a job.We saw many doctors- couldnt explain it. So I worked while he thought and thought and thought. Then he opened a automotive business and still doesnt make enough to pay bills. Now I have a judgement against me- he ran up credit cards too. I sought a bankruptcy attorney and he said we could file. I just don’t even have the money for that much less bills, groceries, things kids need, etc……………., I dont understand why he wont do something more. anything to make money. I am going to have to get 2 jobs. The last one i had was killing me. I feel very angry with my husband. I feel he should help me more. I dont think most of the bills should fall in my lap. I am afraid i will become bitter and angry. He used to be a workaholic- Any advice?
he’s not depressed, he don’t even worry about the bills. I’m depressed. He has a nonchalant attitude.
i’m bitter becuase i have to get 2 jobs and pay for the bankruptcy which he helped create. credit debt which led to a judgment being on me not him. 1 job no big deal- i had 1 job when this happened.

I know the unemployment office in my town is hiring and so is social services. Business for bankruptcy lawyers is also booming. I also hear that the foreclosure industry is hiring big time.
Can anyone give me any links to any private sector, growth industries that are actually hiring? On a massive! scale? You know, like the 3.5 million jobs that were promised in the stimulus deal.
Like Cthula said, "saved". To the point of 9.6% unemployment. Lotta save going on there.
jodhaa, R U really still blaming Bush & Cheney? I am not even belivin!
sarah, you too? still blaming Bush?
Patriot, you’re right but those are only short term jobs. But hey, at least we dont have to pay the unemployment.

I own a small business and considered filing for bankruptcy to get a fresh start for numerous years. Or is it only for people who hold ordinary jobs. Do you know what effect it will have on my business? I need to clear my past and raise my credit scores. Could my business collapse as a result?

Which candidate for President do you think is most concerned about the highest priority issues in America? I have heard that McCain has expressed the urgency to find new oil resources and decrease our dependency on foreign oil and that will help get us out of Iraq and increase funds to develop alternative fuel sources. I haven’t heard much about Obama’s plans, only what he has to say negative about his opponents. http://mhutch.blogspot.com/2008/05/more-alaska-oil-drilling-needed-to.html http://www.issues2000.org/2008/John_McCain_Energy_+_Oil.htm I mean oil independence will take some time, but considering the present crisis – isn’t some drilling in Alaska and other areas of the US – important to try? I heard the oil prices are going to hit 200/barrel in 2 years which equates to more than .00 per gallon for businesses and consumers in the US. Prices will increase, demand will decrease, average people will lose jobs and not be able to afford food and housing – bankruptcy!

Along with politicians its time for change kick the bums out of Congress and fight for equal rights for people who need good jobs. You ever worked in an office? Some people are corporate terrorists intimidating workers while they cook the the books and rob the company pension. Business shouldn’t just be about tall guys making million laying off people and running a company into Bankruptcy. If you feel you’ve been wronged contact a lawyer or file a suit yourself. Enron is just the tip of the iceberg.
I’m not anti-business btw just anticorporate terrorism. Let your Representatives know. Write to them , if they don’t respond vote them out and tell them!! Tell people you know too. Those sleazy politicans love lobbyists $$ and hate to lose their jobs. Take back our country!! They should be serving the people not special interests like AIPAC and Big Business.