Chapter 13 Bankruptcy Information

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  A small business may need to file a bankruptcy to protect its owner and its assets while continuing to operate. The sole proprietor (an individual “doing business as”) can file a Chapter 13.and include his business. One exception to this rule is if the small business is operating as a corporation. Corporations are not permitted to file Chapter 13 pursuant to Section 11 USC 109 e. This section clearly states that only an individual with regular income can file a Chapter 13; however, there may be a way around this.

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  A small business may need to file a bankruptcy to protect its owner and its assets while continuing to operate. The sole proprietor (an individual “doing business as”) can file a Chapter 13.and include his business. One exception to this rule is if the small business is operating as a corporation. Corporations are not permitted to file Chapter 13 pursuant to Section 11 USC 109 e. This section clearly states that only an individual with regular income can file a Chapter 13; however, there may be a way around this.

Reaffirmation agreements have been the source of significant debate since the bankruptcy amendments of 2005.  One issue that strikes fear in the hearts of debtor’s counsel is whether to allow a client to reaffirm a mortgage obligation.  This is a huge issue because of the real estate market and the uncertainty of the economy.

Reaffirmation agreements have been the source of significant debate since the bankruptcy amendments of 2005.  One issue that strikes fear in the hearts of debtor’s counsel is whether to allow a client to reaffirm a mortgage obligation.  This is a huge issue because of the real estate market and the uncertainty of the economy.

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Are you responsible for a credit card supplied and reimbursed by an employer?  The answer is often “yes”, which leads to painful complications.

You are very likely responsible if you signed the credit card agreement.  Another warning sign is if you must pay the bill and then get reimbursed.  If it shows up on your credit report, then the creditor certainly thinks you are personally responsible.  

You must list the card as a debt in a bankruptcy filing if you are obligated on the account.  The account may then be closed, which can embarrass you to your employer. 

New here? Get free automatic updates sent to your email box!

Are you responsible for a credit card supplied and reimbursed by an employer?  The answer is often “yes”, which leads to painful complications.

You are very likely responsible if you signed the credit card agreement.  Another warning sign is if you must pay the bill and then get reimbursed.  If it shows up on your credit report, then the creditor certainly thinks you are personally responsible.  

You must list the card as a debt in a bankruptcy filing if you are obligated on the account.  The account may then be closed, which can embarrass you to your employer.