Bankruptcy Information Society ...

If you are a business owner bankruptcy, you should consider whether personal bankruptcy, business failure or both of the file. ... .As an entrepreneur you can be through the bankruptcy of the company, and influenced the other way around. ... .It is important to understand what options are available, then make an informed decision that best suits your unique situation. ... .type individuals can choose to either register Chapter 7 or Chapter 13 bankruptcy, while businesses choose between Chapter 7 or Chapter 11 may. ... .Chapter 7 bankruptcy for a company means the company is dropping continuously. ... .Chapter 11, however, the company in the business under a new effect structure.EffectsThe a Chapter 7 bankruptcy is that the company is to stay gone forever. ... .You can never do business under the new name of the company. ... .The advantage is that all debts of the company disappearing with the company, so you do not dwell financial obligations in the future. ... .The effect of Chapter 11, on the other hand, the company under a new business model works and pays his debt to time.Expert insight many entrepreneurs signed personal guarantees or pledged their private property. As collateral to secure financing for businesses. ... .If you fall into this category, you should personal insolvency and bankruptcy of the company. ... .Company bankruptcy fulfillment of the obligations of the Company liable, but it will not meet your obligations on personal debts. ... .Only personal bankruptcy can eliminate your personal HelpBankruptcy obligation.Temporary immediate, but temporary, provide support for your business. ... .If your company files for bankruptcy, does the so-called "automatic stay" to offer your company some leeway. ... .Under the automatic stay, a creditor of the company to pursue the collection of a debt must first be permitted by the bankruptcy court to do. ... .Bankruptcy courts are not usually accept such applications, although if the company has little time to make a plan, without being harassed by creditors.WarningChapter 11 is a great way for a company to reorganize, abolish debt related. To pay back the debt. .Time work and still do. ... .The disadvantage is that many small businesses simply can not afford to Chapter 11 bankruptcy. ... .It requires usually prepare the assistance of an accountant, lawyer and business analyst, a plan for chapter 11. ... .Fees for professionals to easily reach hundreds of thousands of dollars ....