Business Bankruptcy Law | Small Business Bankruptcy Laws

I am the former administrative contact for a domain that was involved in a Chapter 7 bankruptcy in February 2011. It was purchased on October 11, 2011 from the estate of its bankrupt owner and the U.S. Bankruptcy trustee has ordered its transfer from the prior owner to a new owner.
I have copies of the legal order and purchase-and-sale agreements and would be happoy to provide them to Yahoo, but as I am unable to manage this domain online — or to reach Yahoo domain or small business support by phone or email.
How should I proceed?

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

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

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

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

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

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

If the couple has separate bank accounts, if one spouse has to give a personal guarantee for their small business and has to file bankruptcy, will the other spouse loose their assets?
It seems like there is no real answer. There community assets, but according to this article there was a ruling where you can’t go after the spouse.
http://library.findlaw.com/1998/Jul/1/129372.html

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.

….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"

I have a non-collateralized loan (0K) in my personal name used for my small business. I cannot make the payments any longer. I know this is going to court. I am in Florida, so my house and head of household income are not touchable. Other than that I really do not own anything – maybe ,500 in a vehicle. If the bank gets a judgment, and there is no way to pay it, what happens? Does it hang around until I get assets to cover it? ie if I win the lottery, do they get theirs? A bankruptcy attorney said I could file for BK but do I really need to? What is the long term problem of a judgment, other than negative credit?

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.

middle-class in America?
1) The 12% of the population still unionized?
2) The small business entrepreneurs who average survival is five years between bankruptcies
3) The former professional class, Doctors, Lawyers, Dentists, Veterinarians
4) Friends and associates of the top 2% once the boss throws them a bone
5) Celebrities
6) Outlaws, drugs dealers, pimps, thieves

Basically people that have a skill that the rich need.

Have a small business that we may have to close due to extreme debt. If I have to declare business and personal bankruptcy will business and personal credit cards be washed away?

I have a small business and im already close to a quarter million dollars in debt, its been open nearly five years it just seems like its too many exspenses and not enough coming in. It’s enough to live by but how do i get everything paid up in a resonable amout of time or should i file bankruptcy.

2. True are false debtors are protected from losing the value of their property as a result of the automatic stay.

3. True are false the same principles cover the filing of a chapter petition and a chapter 11 proceeding.

4. A bankruptcy may be commenced by involuntary petition under chapter 13. True are false

5. Generally in a bankruptcy proceeding and creditor claim is allowed. True are false

6. When a business debtor files for chapter 11 protection the debtor is not allowed to continue in business. True are false

7. No small business can avoid creditor’s committees under chapter 11. True are false

8. Bankruptcy proceedings are held in federal bankruptcy courts. True are false

9. A discharge obtained by fraud can be revoked with one year. True are false

I’m being sued by a company that purchased a debt I owed to a loan company. The loan company had refused to work with the credit counselors, I mean we made an offer, the loan company came back asking for more and we accepted but they then decided to persue collections anyway. I’ve got all my debt aside from the DMP addressed (federal tax debt) except for this issue. The DMP is working but this civil suit put’s all of it in jeoperdy. I spoke to an attorney who thinks I can handle this but I don’t agree. He think’s I can file the answer, buy some time to build up cash, and make them an offer once a meeting is set up. Other attorney’s want to push me to file Bankruptcy. I don’t want to do this, I’ve been trying to get a small business going. Any advice? The debt is ,100, they want an additional 7 plus interest and legal fees. If they get that judgement I’ll have to file Bankruptcy. I’m in Ohio and the case is in Franklin county.
I think I left something out, the DMP (debt management program) is a combination of debt I’m paying off around ,000 not including the ,100.00 I’m being asked for. Also, I would have an additional ,600 in November so I’m looking to see if this is something I can get pushed out until around then and arrange a settlement. This to me is just a situation where I’ve been working on getting things taken care of and I would have been able to in about 2 more months but before I could get there they decided to go ahead and sue.

I took out a line of credit with my small business. Unfortunately the business put me in a lot of debt and is now over. I am unemployed and cannot pay on my line of credit right now. Should I file for bankruptcy? And if so is this debt dischargeable?

With all the talk about the health care being signed by Obama, I am wondering what this truly means to me. How will this change our country of the United States of America? For the better? or for the worse? All i have read is that it is going to send us to "Bankruptcy" but weren’t we already there? How will this change small business’ with having to pay their workers? what are all the changes this bill plans to corrupt… i mean alter our ways of living? Was Bill Clinton right in the ’90s? open opinions is everything i want to hear from…

So all together… How will the new health care bill change America?

Thank you to all!!!

Generic Mastercard gift cards purchased in retail stores are great, except that most online merchants (or bill payees) require a billing zip code. Our small business was giving out small quantities of prepaid personalized "incentive" cards each month which worked perfectly… until recently when the company we were using to purchase these cards filed bankruptcy and left us with unfunded cards we’d already paid for. Since then I’ve been searching for an alternative but haven’t found one. I spoke with a rep at a major company today who told me that the kind of card we WERE getting will now be hard to find because they aren’t profitable for the issuers. What we’re looking for doesn’t have to be personalized or reloadable, but we need two features for sure: adjustable denominations & ability to verify cardholder information for online purchases or bill payment. Hope someone can help!

I am not sure what kind of BK atty to contact if any. I have a great job, make good money, and I have less than K in personal debt outside of my home. I am having to close down a small business. The problem is I have a personal guarantee on the business loan, lease, and equipment for the business. The equipment has enough equity to take care of itself, but it leaves the loan and lease. I owe roughly K on the loan, and have roughly 0K on the lease left. I don’t have any toys or extras, as my family leads a very modest lifestyle, and ultimately have fallen victims to the bad economy. The business is three years old, and we were on pace to have the business debt free within 5 years. We paid everything in advance, and now looking back was a mistake. All options to extend the debt and restructure have been exhausted. We are now going to be on the hook for almost 0K that we will never have means to pay off. I don’t know where to begin. Do I contact a business atty, a personal atty, or should I be thinking of other options. The loan is with an individual, while the lease is with a major leasing company.

My dad has owned his own small business (very small, like only 2 employees) in concrete and construction for over 30 years now. Aside from concrete work, he has done some small home repairs, c.o. work, digging foundations for houses (he has a backhoe) and the like. The thing is, with the economy how it is now, he can no longer find any work, it has been like this for a while and he is having trouble paying the bills. He is now seriously considering bankruptcy. Does anyone know what types of positions he could get with his experience?