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Recent Business Bankruptcy questions
I am 2 months into a Chapter 13 bankruptcy (waiting on my
I am 2 months into a Chapter 13 bankruptcy (waiting on my official plan confirmation). Within my plan, I 'crammed down' a vehicle title loan that I obtained from TitleMax of Virginia. I was just reading over the agreement I signed with TitleMax and noticed that my becoming "subject to a bankruptcy proceeding" is defined as an "event of default". The agreement goes on to list TitleMax's remedies in the "event of default". I have been under the impression that as long as adequate protection payments are being made to TitleMax (until such time as my trustee begins distributing payments to them from the plan), then they cannot repossess my vehicle? (I am a Pro Se filer by the way). I have attached a photo of the specific sections of the agreement in question.
Business BankruptcyHi,I own 2 taxi Medallions in Chicago
Business BankruptcyHi,I own 2 taxi Medallions in Chicago (2 licenses to operate taxicabs).,they are on a LOAN ,debt are totaling $520000 .Thre's no Equity in the Medallions,sinceUBER came,the value of a Medallion is estimated to be $150000.Two years ago,the value of each medallion was 350K;then UBer came and destroyed the value...SO I am underwater.I purchased the medallions as follows:one for 50K and one for 80K;then I refinanced the medallions multiple times "cash out refinancing",so my Loans became bigger.I cannot afford to pay the monthly payments anymore ,(as I don't have drivers on my cabs )and soon they will probably sue me.I am also personally liable for debt.So I will have to file BUSINESS /CORPORATION BANKRUPTCY.My company is a C CORPORATION.I will soon file personal bankrupcy also.Issue:I didn't file the BUSINESS TAX RETURNS for the past 5 years,as I was always at loss,and I thought that I don't have to do this if Im at loss..My mistake.QUESTION: I should file the back taxes before I start the CORPORATION BANKRUPTCY??
Bankruptcy specialist: We have a client company in trouble,
For business bankruptcy specialist: We have a client company in trouble, and will be speaking with a local BK attorney in person. But for important matters, I like to hear a few explanations or opinions. -- You could say that this client operates in a major industry, where it takes several years to build a business, gain credibility with all the players, and make it over the hill. This company is almost at the peak, ready to go over, but there is resistance due to managing all the debt and vendors/creditors that have build up along the way. Of the +/- 50 creditors, they have been great to work with, for the most part. Only one small active, collection lawsuit so far, a couple collection efforts, but more could start to come in. The good news is that, through extraordinary effort, this company has finally made it over the hill, in terms of high level customers and work, in the past month or so, and they are busy almost to capacity. But now it's like a horse race for cash flow, to put out all the fires, long enough to actually make it, and gain a foundation. -- In a perfect world, this company would be able to prove that they have made it on the offensive side, and get a bank to aggregate everything into one loan, re-package/re-capitalize, simplify, pay off vendors and creditors, gain some operating cash cushion, and move on. But that's pretty dreamy. -- What are the primary factors in a small business being able to qualify for Chapter 11? And generally, how do you "know" when it's time to stop trying to work debts out yourself, and file? Feel free to ask any clarifying questions. Thanks.
If I can't pay back my business loan, $100k (with personal
If I can't pay back my business loan, $100k (with personal guarantee) and business credit cards, $50k (with personal guarantee) what can happen? What is at risk, personal asset wise? I do own a condo which is rented to a third party ($250k value, $180k mortgage) and a house, which we live in, ($410k value, 385k mortgage).
If a business establishes a Limited Liability Company structure
If a business establishes a Limited Liability Company structure with little to no assets and it is a sole proprietorship. Then, the company has to declare bankruptcy to escape some business debt, what is the process?If the loans are in the company name but the individual didn't co-sign for them but did provide a social security number for the application - said to be just for identification purposes - and the load does not show up on the individual credit report; what is the liklihood that the bank will go after the owner(s).Are there typically debt settlements made prior to a business bankruptcy if the bank feels they might lose out on the money?
I am listed as a c corp in Florida and purchased a small business
I am listed as a c corp in Florida and purchased a small business with a promissory note of 17k (no personal guarantee). I am unable to negotiate a favorable new lease with the landlord and will owe the previous owners of the store $4,700. The note states they can take over the business if I do not pay, but there will be no lease agreement. Will I be liable for the $4,700 or will they just take left over inventory and equipment?
I total my C250 mercedes and my insurance company has given
I total my C250 mercedes and my insurance company has given me $12500 after paying off the balance of my car loan. At present time I am considering bankruptcy because my business is upsidedown. Now I am replacing my car but do not know if best to lease or purchase. I only have to put $5000 down to lease but $20,000 to purchase to equal same car payment. If I leave the money in my checking and lease the car, will the extra $15000 be taking away in the bankruptcy?
I filed a Chapter 7 that was discharged before the debtors
I filed a Chapter 7 that was discharged before the debtors Chapter 11. He has told me that if I claimed the debt as an asset in my Chapter 7, then I forfeited the right to any claim in this new business bankruptcy. I do not know if I claimed it as an asset or not. However, if I didn't he said he will report me for fraud for not claiming it as an asset. Please tell me if you think I have a claim.
I have a real property situation that isView more bankruptcy law questions
To Socrateaser:I have a real property situation that is a little peculiar.A young woman died and her home is going into probate. Due to her young age there isn't a living trust or a will.Her mother wants to get some cash to sell her beneficial interest in the estate.The first lien holder is foreclosing.I've been doing some reading and I found this link:http://www.pearlstein-law.com/bankruptcy&probate-rev1.htmlQ. Can a pending foreclosure of property of a probate estate be stopped by the filing of a bankruptcy?A. YES, but only if a person having "an interest in the property of the probate estate" files the bankruptcy since the estate cannot do so. Such "interested persons" may include the Personal Representative, a beneficiary, heir or claimant.So the deceased owner's mom is a claimant.Questions:1. Without a will or living trust, who are the beneficiaries or heirs by default in Utah? Parents first? Children first? etc. How does this work?2. Suppose all the beneficiaries sell their beneficial interest to my business. Can that business then file bankruptcy to restructure the payments of the first lien holder.3. If I buy the beneficial interest of the estate does the bank have to talk to me about the loan? Do I have a legal right to take over loan negotiations/payments?