The Small Business Owner's Guide to Bankruptcy: Know Your Legal Rights, Recover from Mistakes and Start over Successfully

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Money problems don’t have to mean the end of your business

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Overview

Money problems don’t have to mean the end of your business

Understand your legal rights-
Learn to use bankruptcy laws to save your business

Many small business owners make decisions that prevent them from using the bankruptcy laws to save their businesses, homes or other property.

The Small Business Owner’s Guide to Bankruptcy provides the information you need to avoid those kinds of mistakes.

--Gives general background information for all small business owners

--Reasons for money problems; the collection process

--Types of bankruptcy and their alternatives

--Myths about bankruptcy

--Do’s and Don’ts of filing for bankruptcy

--Explains the types of bankruptcy and filing steps

--Chapter 7

--Chapter 11

--Chapter 13

* Discusses business after bankruptcy

--Keeping your business alive

--Rebuilding your credit

--Working with banks

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Product Details

  • ISBN-13: 9781572482197
  • Publisher: Sourcebooks, Incorporated
  • Publication date: 10/28/2002
  • Edition description: 1ST
  • Pages: 256
  • Product dimensions: 7.00 (w) x 10.00 (h) x 0.66 (d)

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.

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

Introduction

Part 1: Background Information for the Businessperson

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

Section 2: The Special Challenges of 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
Chapter 11
Chapter 12
Chapter 13
Comparing the Types of Bankruptcies

Section 5: The Interplay of Business and Personal Debt

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

Section 7: Alternatives to Bankrupting the Business or Yourself
Budget
Borrowing and Debt Consolidation
Dealing With Creditors
Work Out Program

Section 8: Lawyers, Business Creditors, and Their Function
WorkOuts

Section 9: 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 and Giving a Vehicle or Home as Security
Taking Cash Advance on a Credit Card or Cashing Checks
Living on Credit Cards
Transferring Balances from One Card to Another
Lie or “Puff-Up” Numbers on Loan Applications
Not Paying Income Taxes
Stopping Payment of Withholding
Not Following Corporate Formalities

Section 10: Analyzing Business Debts and Assets
Before Bankruptcy
Leases
Vehicle and Equipment Leases
Business Credit Cards
Purchase Agreements
Assets
Value
Profit and Loss

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

Section 12: What Will I Lose?

Section 13: Do’s and Don’ts of Filing for Bankruptcy
Pay Themselves Bonuses after No Pay
Taking Goods From Business
Pay Off Loans to Family Members and to Close Friends
Transferring or Selling Property to Family or Friends at a “Sweetheart Price”
Paying Off Car Loans
Buying a New Car or a Reliable Car
Hiding Assets

Part 2: Types of Bankruptcy

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

Section 15: Chapter 11 and Chapter 13 Bankruptcy
Chapter 11
Chapter 13 Bankruptcy
Operation of a Chapter 13
After the Plan is Filed
Post Plan Problems

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

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

Part 3: Life and Business After Filing Bankruptcy

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
Score Keeping
Rebuilding Your Credit

Glossary

Appendix A: Personal and Business Budgeting

Appendix B: Federal and State-Specific Bankruptcy Exemptions

Index

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Sort by: Showing all of 2 Customer Reviews
  • Anonymous

    Posted October 9, 2006

    Intensely practical workbook for when things are going downhill

    If small business bankruptcy is on your mind, you may be experiencing a few sleepless nights. Rather than reaching for the sleeping pills, stay up with this clear, brief and sympathetic introduction to bankruptcy laws and how they function. The authors, attorneys Wes and Wendell Schollander, walk the small-business owner through a typical bankruptcy, pointing out the traps to avoid. You do not need to read it from cover to cover since most chapters stand alone. Although that results in some repetition, we recommend this book both to small business owners in a financial jam or those who are worried they might be, and to anyone who wants to understand bankruptcy basics without paying for a single billable hour of attorney time.

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  • Anonymous

    Posted January 5, 2003

    This book saved a "Motherless Child"

    It is 12:32am, and I just returned from a poignant chain of events that led me to this book at Barnes and Noble. I was actually researching an author interested in featuring my small business in a book he is writing. Unfortunately, I was considering bankruptcy in an effort to protect my "tools of the trade," although I did intend to (and will) pay off my debts as a matter of priciple. The book allowed me to see my options in plain English. It answered my questions more clearly than govenment web sites that I'd labored over for hours. I had spent the last several days saying that it was stupid and ridiculous to have to declare bankruptcy because the amount of my debt is small in relation to my earning potential based on my education, achievements, work experience and employment/business prospects that are more promising than they have been since before the econoomy started to slow down. As a 27-year-old only child with no parents, I really had nowhere to turn for informed guidance throughout my struggles during the past several months. I also could not afford a lawyer. However, the book gave me enough information to make sense of the process and ask the right questions to advisors with very limited (pro bono) time to offer. I can't help but think that finding the book was divine intervention. Maybe the book did not save my life, but it did save me from starting a process that, in light of my financial situation and intentions, was not worth the trouble. And the book was surprisingly inexpensive for the wealth of knowledge it contained. Although my debts were largely business-related, I was considering a personal bankruptcy. I would recommend this book for small businesses as well as individuals considering bankruptcy. I will alway be grateful to the men who wrote this book.

    Was this review helpful? Yes  No   Report this review
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