Business Bankruptcy: How Does a Business Bankruptcy affect the Business Owner Personally?
Did you know that more than 400,000 businesses went bankrupt in 2021 alone? There are many reasons a business bankruptcy might occur, but it always has to do with being unable to pay off certain debts. You might wonder what you should expect if you’re thinking about going through a corporate bankruptcy. Of course, you […]
4 Debts that can also be included in a Bankruptcy
Most people file Bankruptcy due to eliminate credit cards and personal loans or reorganize their mortgage debt. However, Bankruptcy is also an option for those struggling with medical debt, timeshares, vehicle repossession charges and co-signed debt. Each of the aforementioned debts are unsecured in nature, meaning they are not or no longer secured by an […]
Can I include SBA Loans in Bankruptcy?
The United States Small Business Association “SBA” is not a direct lender of loans to small businesses. Rather, through its expansive network of lenders, the SBA works with businesses to help secure financing ranging from $500.00 to $5,500,000 in funding on behalf of businesses that are starting out or expanding. Further, the SBA usually secures a portion of the […]
Celebrities declare bankruptcy too
Some of the most famous and well-known actors, business people and socialites have filed for bankruptcy.
Does Timing Matter When Filing for Bankruptcy?
Not everyone who is struggling with debt needs to file bankruptcy. But there are a number of reasons why someone may consider it. While medical debt tops bankruptcy cases in the US, credit card debt, mortgage debt, and a failed business are other common motivators for filing. If you fall under one of these categories […]
Removing a Second Mortgage in Bankruptcy
In BANK OF AMERICA, N. A. v. CAULKETT the Supreme Court of the United States recently issued an opinion in a case regarding the removal of a second mortgage through Chapter 7 Bankruptcy. In that case the Bankruptcy Debtors were ultimately unable to completely or partially reduce their second mortgage. The rule the Court sited […]
Considering a Business Bankruptcy?
Bankruptcy and Business