In bankruptcy, a discharge is a term used to describe a debt that doesn't have to be repaid. But not all debts are dischargeable. Those that are include: business loans, unpaid rent and credit card expenses. Debts that cannot be discharged include: some taxes, salaries owed to employees, penalties and fines that have been imposed…
Whether or not you suffer personally from filing bankruptcy to protect your business depends on the chapter you file. If you file chapter 7, you (and the shareholders of your corporation) can lose your stock values if shares are liquidated with the corporation's assets. If you file chapter 13, the shares of the corporation will…
Here's a funny Saturday Night Live video clip, "Don't Buy Stuff you Cannot Afford", to lighten up your day.
A charge off is an accounting entry used by creditors or lenders in their books to account for overdue, uncollected debts. Most debtors, when they see “charged off” on their credit report, assume the debt has been disregarded by the creditor and that they are no longer obliged to repay the debt. This is not…