What Happens to Employees When Their Employer Files for Bankruptcy
Understanding how bankruptcy will affect your employees is crucial as you consider filing. Employees are entitled to certain protections and compensation that will affect the overall value and cost-cutting of Chapter 7 or Chapter 11.
What Small Businesses Need to Know About Filing for Bankruptcy in 2021
The Consolidated Appropriations Act of 2021 changed some provisions of the bankruptcy code that could affect small businesses in 2021. Other changes due to recent sunset provisions may affect small business eligibility for Chapter 11 Subchapter V filing going forward. It’s important to have a qualified bankruptcy attorney to help guide you through the process, and Natural State Law is an excellent resource.
Do I Qualify For Chapter 7 Bankruptcy?
Qualification for Chapter 7 – known as the “liquidation” option – requires passing a means test and ensuring that to the greatest extent possible, assets are protected by available exemptions.
The Differences Between Chapter 7 and Chapter 11 Bankruptcy for Businesses
There are key differences between Chapter 7 and Chapter 11 when it comes to business bankruptcy. Chapter 7 is known as a “liquidation” option and Chapter 11 attempts to reorganize the business by stabilizing its debts and operating expenses.
What to Know About Special Needs Trusts
A special needs trust (SNT) can be an invaluable planning instrument to set aside financial resources for the ongoing care of a disabled beneficiary. There are specific rules to follow when setting one up so it can be the most effective, and the help of a knowledgeable estate planning attorney is crucial.
How to Build an Effective Financial and Healthcare Powers of Attorney Document
An effective estate plan ensures that your wishes are fulfilled regarding assets and property. A well-written estate plan, which would include a will and healthcare/financial powers of attorney, is worth the time and effort. Everyone can benefit from a plan, no matter how many or how few assets they may have.
Why It’s Important to Hire a Bankruptcy Attorney
Having the right bankruptcy attorney on your side is crucial to the success of your case. Going it alone isn’t a wise option as bankruptcy can be a very complicated process. There are all sorts of advantages to hiring an experienced bankruptcy attorney, and this post highlights a few of those.
How Does Business Bankruptcy Work?
There are three main types of bankruptcies and they have different effects on businesses and their owners. Whether you’re looking at Chapter 7, 11, or 13, you’ll want to consult a professional bankruptcy attorney to learn more about which option is best for you.
Converting a Chapter 13 Bankruptcy to Chapter 7
Converting a Chapter 13 bankruptcy to a Chapter 7 proceeding may be the right option for those looking to liquidate and consolidate assets in a more efficient fashion. However, it’s important to understand the entire process to see if the conversion is even possible.
Can You Get a Loan After a Bankruptcy?
Understanding how a bankruptcy can affect your ability to qualify for credit is vital. The proceeding remains on your credit report for seven to ten years and can dramatically affect your ability to qualify for credit cards and unsecured personal loans.