If you are running a business and are being sued, filing bankruptcy may well help you. It may help whether you are closing the business or want to keep it operating. If you are closing the business, most of the time filing a Chapter 7 "straight bankruptcy" will stop the lawsuit and will discharge (legally write-off) any related debt, and do so … [Read more...]
Dealing with Business Litigation against You through Bankruptcy
If you are running a business and are being sued, filing for bankruptcy can help you whether you are closing the business or want to keep it operating. If you are closing the business, most of the time filing a Chapter 7 “straight bankruptcy” will stop the lawsuit and will discharge (write off) any related debt permanently. If instead you want to … [Read more...]
You May Not Need to Take the “Means Test” If You Are a Business Debtor
The means test is the gateway for qualifying to get a fresh financial start through a Chapter 7 “straight bankruptcy” case. This test is based first on your income and then, if your income is not low enough, also on your allowed expenses, all based on a very complicated set of rules. Being able to avoid all this and be allowed to file a Chapter 7 … [Read more...]