Two fun topics: taxes and bankruptcy! Seriously, they can be a very good combination.
How to avoid getting tripped up in a trap set by Congress supposedly to prevent bankruptcy abuse.
You can file a new bankruptcy immediately after finishing another one, but why would you?
You can file a new case 8 years after filing before (so, now or very soon), or possibly only 6 or 4 or 2 years after, or maybe even with no delay.
After filing bankruptcy, you hope you never have to do that again. But it’s good to know that you can if you need to.
This financial fraud lawsuit seems more aggressive and may be more effective in finding fault that have been the previous multi-billion dollar efforts against other players in the financial crisis.
Detailed 124-page Complaint lists specific ways that Standard & Poor’s intentionally inflated its ratings of mortgage-backed securities for its own financial gain, while lying about the objectivity of those ratings.
Give the bankruptcy trustee the headache of dealing with your final business assets
Protect your business assets immediately with the “automatic stay” and permanently with property exemptions.
Careful: if your business is not a sole proprietorship, legal disputes against your business are not “stayed” by your personal bankruptcy’s “automatic stay.”
Ongoing litigation, or the threat of it, against you and/or your business usually dies with your bankruptcy filing.
Chapter 7 puts you in the driver’s seat to either keep or surrender the collateral securing your business debts.