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February 2016 Archives

Examining the exceptions to discharge

A misconception exists around many of those in Salem who choose to seek bankruptcy protection. Many seem to believe that bankruptcy filers are limited to those few people who simply cannot manage their money well. However, statistics seem to refute that assumption. The website USCourts.gov reports that an average 1.21 million personal and business bankruptcy cases were filed every year from 2011-2015. Of that number, an average of 835,794 were Chapter 7 filings.

What is a debtor-in-possession?

If you own or share in the ownership of business in Salem that is facing seemingly insurmountable debt, bankruptcy is often your best option at being able to resolve those liabilities while still being able to save your company. However, if your business is incorporated, or owned by partnership or limited liability company, then your only option in filing for bankruptcy may a through a Chapter 11 case. When you file for this form of bankruptcy, you are given a special distinction. You go from being a standard debtor to what is known as a “Debtor-in-Possession.”

Finding tax debt relief

With the commencement of a new year comes the time for Salem residents to start thinking about taxes. Those who are deeply in debt may count tax debts and penalties among their liabilities. The perception of the Internal Revenue Service as being unmerciful in cases of unpaid taxes notwithstanding, there may be methods to achieve tax debt relief that will not hinder one’s ability to pay his or her other debts.

Lawsuit, lost contract drive TV repair company into bankruptcy

Many companies in Salem may have the resources needed to fight against litigation. However, small businesses often find themselves driven deep into the debt when trying to defend themselves from lawsuits. While vindication may ultimately come in court, the money spent to fend off a company’s legal troubles could make the potential of an economic recovery virtually impossible.

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