Are you struggling financially in your business? You may have a couple bankruptcy options available to you. Chapter 7 is usually reserved for those companies that are struggling so badly they cannot stay afloat. The business is dissolved, assets are liquidated, and any proceeds from the sale are distributed between shareholders and creditors. Chapter 11 bankruptcy, on the other hand, is filed when the business owner wants to save his company. This solution is referred to as reorganization bankruptcy. The business is allowed to remain open while completing the bankruptcy process. Learn more about business bankruptcy here.
Are you receiving more bankruptcy notices than payments from debtors? Not sure how to respond, protect your interests, and collect on debts? Here are steps every creditor should take:
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.
Each spouse in a marriage with significant tax debt has his or her self-interest, which may need a different solution than the other spouse.