Overview

SIMPLIFY the Bankruptcy Process

Many small business owners make decisions that prevent them from using the bankruptcy laws to save their businesses, homes, or other property. Bankruptcy for Small Business provides all the information you need to avoid making these kinds of mistakes, hurting your credit permanently, and losing everything you ...

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Bankruptcy for Small Business

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Overview

SIMPLIFY the Bankruptcy Process

Many small business owners make decisions that prevent them from using the bankruptcy laws to save their businesses, homes, or other property. Bankruptcy for Small Business provides all the information you need to avoid making these kinds of mistakes, hurting your credit permanently, and losing everything you have worked so hard to build.

LEARN HOW TO:

  • Structure your business to avoid losing everything if you have to declare bankruptcy
  • Keep your business alive even after you file for bankruptcy
  • Rebuild your credit after having to file for bankruptcy
  • Declare bankruptcy and still keep your house, car, and personal belongings

ESSENTIAL INFORMATION ON:

  • The difference between the types of bankruptcy and which one is best for you
  • What creditors are legally allowed to say and do
  • Dos and don'ts of filing for bankruptcy
  • Bankruptcy exemptions from each of the 50 states

"Explaining the way the law works."
- Daily Herald

"Sphinx [legal guides] are staples of legal how-to collections."
- Library Journal

"Their legal survival guides are dynamite and very readable."
- Small Business Opportunities

"An established legal guide."
- Smart Money

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Product Details

  • ISBN-13: 9781402231889
  • Publisher: Sourcebooks, Incorporated
  • Publication date: 7/1/2008
  • Series: Legal Survival Guides
  • Sold by: Barnes & Noble
  • Format: eBook
  • Pages: 272
  • File size: 10 MB

Meet the Author

Wendell Schollander received his BA in Economics and his MBA from the Wharton School of Finance at the University of Pennsylvania. He received his law degree from Duke University. Mr. Schollander has practiced law in the corporate and bankruptcy fields for more than thirty years. He has served as general counsel of RJR Archer and the Specialty Tobacco Counsel. Mr. Schollander currently practices law in Winston-Salem, North Carolina.

Wendell Schollander received his BA in Economics and his MBA from the Wharton School of Finance at the University of Pennsylvania. He received his law degree from Duke University. Mr. Schollander has practiced law in the corporate and bankruptcy fields for more than thirty years. He has served as general counsel of RJR Archer and the Specialty Tobacco Counsel. Mr. Schollander currently practices law in Winston-Salem, North Carolina.

Wesley Schollander received his BA from the University of North Carolina and his JD from Wake Forest School of Law. He is a member of the North Carolina Bar Association and the North Carolina Young Lawyers Association. Mr. Schollander currently practices law in Winston-Salem, North Carolina.

Wesley Schollander received his BA from the University of North Carolina and his JD from Wake Forest School of Law. He is a member of the North Carolina Bar Association and the North Carolina Young Lawyers Association. Mr. Schollander currently practices law in Winston-Salem, North Carolina.

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Table of Contents

Using Self-Help Law Books
Introduction

Section 1: Types of Small Businesses and Their Operations
Sole Proprietorships
Partnerships
Corporations
Limited Liability Companies

Section 2: The Special Challenges of Being an Entrepreneur
Double-Sided Pressure
Reasons for Money Problems
Downward Spiral
Effects of Financial Pressure

Section 3: The Dangers of Past-Due Debts, Bankruptcy, and the Collection Process
Business Creditors
Personal Creditors
Steps the Creditor Cannot Take
Steps the Creditor Can Take

Section 4: Overview of Bankruptcy and How It Works
Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
Chapter 12 Bankruptcy
Chapter 13 Bankruptcy
Comparing the Types of Bankruptcy

Section 5: The Interplay of Business and Personal Debt.

Section 6: Fourteen Myths about Debt and Bankruptcy
It Will Ruin My Credit
Notice of My Bankruptcy Will Be Put in the Newspaper and Become Public
It Will Ruin My Spouse's Credit
I Will Lose My Home and Cars
I Will Lose All of My Other Property
They Will Sell My Property at an Auction in Front of My Home
If I File Bankruptcy, My Spouse Will Have to File Also
My Spouse and I Will Lose Our Jobs
I Will Lose My License
I Will Not Be Able to Get Student Loans
I Will Not Be Able to Have a Bank Account
I Will Be Put in Jail if I Do Not Pay My Bills
The Debts Will Go Way in Time
I Will Never Have Credit Again

Section 7: Alternatives to Bankrupting Your Business or Yourself.
Budget
Borrowing and Debt Consolidation
Dealing with Creditors
Workout Program

Section 8: Lawyers, Business Creditors, and Their Functions
Workouts

Section 9: Ten Traps and Mistakes to Avoid When You Have Money Problems
Pension Plan Borrowing
Borrowing Against a Home to Pay Off Credit Cards
Borrowing from Family Members and Giving a Vehicle or Home as Security
Taking a Cash Advance on a Credit Card
Living on Credit Cards
Transferring Balances from One Card to Another
Lying or Exaggerating on Loan Applications
Not Paying Income Taxes
Stopping Payment of Withholding
Not Following Corporate Formalities

Section 10: Analyzing Business Debts and Assets Before Bankruptcy
Business Debts
Business Assets
Profit and Loss

Section 11: Taking a Financial Inventory
Computing Your Debt Ratio
Classifying Your Debts and Assets

Section 12: What Will I Lose?
Example 1: Sue
Example 2: Tom
Observations

Section 13: Dos and Don'ts of Filing for Bankruptcy
Paying Themselves a Bonus After Not Receiving a Salary
Taking Goods from the Business
Paying Off Loans to Family Members and Close Friends
Transferring or Selling Property to Family or Friends at a Low Price
Paying Off Car Loans
Buying a New Car
Hiding Assets

Section 14: Chapter 7 Bankruptcy
The Automatic Stay
Trustee
Section 341 Meeting
After the 341 Meeting
Problems that Can Arise

Section 15: Chapter 11 Bankruptcy and Chapter 13 Bankruptcy
Chapter 11 Bankruptcy
Chapter 13 Bankruptcy
After the Plan is Filed

Section 16: Post-Filing Issues
Inheritances
Tax Refunds
Gifts from Family or Friends
Deceiving the Trustee
Income Increases

Section 17: Post-Filing Steps and Problems in Chapter 7 Bankruptcy
Audits
Challenges by the Creditors
Challenges by Third Parties
Criminal Sanctions

Section 18: Continuing in Business After Bankruptcy
Keeping a Business Alive

Section 19: Rebuilding Credit
Reasons to Have Credit
Obtaining Credit After Bankruptcy
Reaffirming Credit Cards
Scorekeeping
Rebuilding Your Credit

Conclusion
Glossary

Appendix A: Personal and Business Budgeting
Appendix B: Federal and State-Specific Bankruptcy Exemptions
Appendix C: Consumer Credit Counseling Services

Index
About the Authors

Wendell Schollander received his MBA from the Wharton School of Finance at the University of Pennsylvania and his law degree from Duke University. He practices law in Winston-Salem, North Carolina. Wes Schollander received his law degree from Wake Forest School of Law. He practices law in Winston-Salem, North Carolina.

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