Small businesses have a lot of competition out there, and that can make it hard to stay afloat. However, if your business runs into financial trouble, you don't necessarily have to shutter the doors and give up on your dream. Bankruptcy may be a solution that will allow you to get a fresh start and eventually get back on your feet.
If you own a business and you're about to go bankrupt, you know the wisdom of making strategic decisions so that you come out of the situation as financially intact as possible. But you could make a big mistake if you don't understand the rules about preferential transfers.
You have debts -- but so does everybody else you know, right? Maybe some have gone to collection, but is that really a big deal?
If you have a feeling (or already know) that you may need to file bankruptcy, it's important to pay attention to how you spend your tax return this year before you file.
When you're heavily in debt, it can be kind of like having a dark cloud hanging over your head every day. Getting rid of that debt is probably the No. 1 thing on your mind the majority of the time.
If you've fallen behind on your taxes, can a bankruptcy help?
Being broke and saddled with a lot of unpaid debts can be an incredibly lonely experience. More than likely, you see many of your friends and relatives through the filter of their social media accounts. That means that you see what they want to present rather than the whole picture. Most people don't discuss their financial woes that openly. It's easy to start to believe that you're the only person in your social group that's hiding from creditors or struggling to keep the utilities turned on.
You've probably heard it before a few dozen times: Your student loans are not dischargeable in bankruptcy. That's been true ever since 2005 when the Bankruptcy Abuse Prevention and Consumer Protection Act went into action.
One of the things that often stops people from filing for bankruptcy protection is the fear that they'll never have credit again.
Should you file for bankruptcy before or after a foreclosure?