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Do you know what to expect when your business files Chapter 11 bankruptcy? Part 4: Do you have all the professionals in place?

In addition to a company bankruptcy lawyer, there are significant accounting and reporting requirements that must be fulfilled while your company’s Chapter 11 bankruptcy is pending. The company may need to hire an accountant to help fulfill the reporting requirements and if the company has performed regular accounting and bookkeeping in the past, hiring an […]

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Do you know what to expect when your business files Chapter 11 bankruptcy? Part 3: Are all the key members or shareholders on board with filing bankruptcy?

Part 4: Are all the key members or shareholders on board with filing bankruptcy? If there is more than one owner in a company that may be a candidate for Chapter 11 bankruptcy, a majority in voting interests must approve bankruptcy as a the right course of action. Business owners should discuss the needs for […]

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Chapter 11 business basics: Part 2: Have you hired your own attorney to represent you during your company’s Chapter 11?

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Part 2: Have you hired your own attorney to represent you during your company’s Chapter 11? It is important for business owners to understand that the attorney that files bankruptcy for the company is not the owners’ personal attorney. While the bankruptcy attorney may keep the owners’ goals for the business in mind while preparing […]

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Do you know what to expect when your business files Chapter 11 bankruptcy? Part 1: Have you found the right attorney to represent your company?

Business Bankruptcy

Chapter 11 bankruptcy is a great tool to restructure the finances of a business in financial distress. Chapter 11 allows the owners to continue to operate the business while renegotiating loans that have become too burdensome for the business to service profitably or working with taxing authorities to repay back-taxes of all types. Have you […]

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3 ways to protect your financial health

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There are some common pitfalls that can cause financial distress and lead to bankruptcy. Here are some of the easiest ways to avoid bankruptcy: 1. Don’t sign on the line Co-signing with a friend is a mistake! As the saying goes with friends and money… When it comes to giving a friend the help of […]

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How does personal bankruptcy work for individuals?

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There are three prominent Chapters of the Bankruptcy Code that individuals can utilize to file bankruptcy. Personal bankruptcies are most commonly filed under Chapters 7, 11, 13 and less commonly Chapter 12. Find the right fit for your bankruptcy needs: One of the most important steps in determining if bankruptcy is right for you is […]

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What are Bankruptcy Exemptions?

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Bankruptcy exemptions are a set of laws that determine what property you may keep after filing bankruptcy. Bankruptcy exemptions exist in both Federal and state law. The different exemption laws vary and in Michigan you may generally choose to elect either Federal or State law exemptions. An exemption analysis is critical before choosing to file for bankruptcy.

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Can I Keep My House If I File Bankruptcy?

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Ultimately it depends on your circumstances. It mostly depends on three factors: (1) which chapter of bankruptcy you are filing, (2) whether or not you can continue to pay your mortgage payments, and (3) whether or not you can exempt any equity you may have. Chapter 7 Chapter 7 bankruptcy is likely the best option […]

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