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Recent bankruptcy law questions

Business bankruptcy

business bankruptcy

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Roger

Litigation Attorney

Doctoral Degree

 
32,830 satisfied customers
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.

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DrakeLAW

Juris Doctorate

 
308 satisfied customers
In a bankruptcy the business collateral would not be

In a bankruptcy the business collateral would not be protected or would it

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legalg

Juris Doctorate

 
12,238 satisfied customers
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??

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DrakeLAW

Juris Doctorate

 
308 satisfied customers
hi

hi

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Ely

Counselor at Law

Juris Doctor

 
62,126 satisfied customers
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).

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37,576 satisfied customers
I have a question on the automatic stay

I have a question on the automatic stay for involuntary bankruptcies. a voluntary chapter 7 or chapter 13 bk has a full automatic stay the first time and 30 days the 2nd time within 1 year of the first. How does an involuntary work? Suppose an involuntarybk chapter 7 is filed against someone and is dismissed. Three months later another involuntary 7 gets filed on the same person. Does it still have an automatic stay?

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Roger

Litigation Attorney

Doctoral Degree

 
32,830 satisfied customers
Business Bankruptcy in Chesterfield, Virginia

Business Bankruptcy in Chesterfield, Virginia

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Terry L.

Partner

Doctoral Degree

 
2,832 satisfied customers
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?

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WALLSTREETESQ

Attorney

Doctoral Degree

 
18,022 satisfied customers
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