… considering bankruptcy are concerned about protecting their personal assets. If a business is a corporation, some debtors assume that creditors cannot pursue them personally for debts owed by the corporation. The truth is that creditors may have the power to pursue the debtor’s personal assets under certain circumstances. The most important question a business owner should ask him/herself?

Did you personally guarantee the corporate debt? Although the corporation and its owner(s) are …

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Retailer’s August report reveals their 12th month of sales declines as many company’s hopes for a recovery are dashed.  According to an article in the Star-Telegram, retail stores saw an average sales decline of 3.4 percent for the month of August.

Stores suffering from declining sales include:

Target Corp. – minus 2.9 percent

Limited Brands Inc – minus 5.9 percent

Macy’s …

Tags: Bankruptcy Bankruptcy protection Macy Target Corporation United States

According to an article at CNN, Taylor, Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, after suffering from crippling events that have prevented it from continuing business.

The article said:

“The death spiral began after the Federal Housing Administration suspended Taylor Bean’s authority to issue FHA-insured loans. That was immediately …

Permalink: /dallas_bankruptcy/taylor-bean-mortgage-corporation-files-chapter-11-bankruptcy/

… and begin rebuilding their company’s financial health.

Chapter 11 bankruptcy allows the debtor corporation to negotiate with creditors and significantly slash their debt obligations.  Many good companies have overextended themselves during the boom.  Maybe they took out loans for expansion only to be hit with a recession and reduced consumer spending.  Bankruptcy allows them to compensate for this misstep by reducing their debt load sometimes as much as 50 percent or more.

Most …

… what he owes or works out a settlement….

Bankruptcy fraud allegations include:

Using a corporation to hide his assets.

Transferring assets to his girlfriend Christi Rowan

Paying Rowan’s living expenses and that of her daughter during his bankruptcy.

Falsifying a lease to obtain a homestead exemption.

Seaver alleged that Hecker paid $159,000 in Rowan’s credit card charges, including $30,000 for a dog and $11,000 for her vacations. He says that in the …

… chance financially. In Chapter 7 bankruptcy a debtor, whether they are an individual or a corporation can discharge all of their debts with no further obligation to their creditors.  With this fresh start, they can immediately rebuild their credit and save for the future. Many countries, such as India, have no system that will adequately forgive a person’s debt, leading some who are overwhelmed with debt to even consider suicide. A sad state of affairs …

According to an article in the Dallas Morning News , Nokia Siemens Networks announced that it will implement 100 job losses in the Dallas area.  The company employs 900 Dallas residents and 64,000 workers worldwide. The job losses are a part of Nokia’s global reorganization designed to save more than $700 million by the end of 2011.

The article said:

“The company said it expects to …

… which are terminated in Chapter 7 bankruptcy are insured by the Pension Benefit Guaranty Corporation; but 401k plans are not insured.

If your employer files Chapter 11 bankruptcy, the retirement plans will most likely be affected by their restructuring efforts. Both retirees and employees usually retain counsel to represent their interests during the bankruptcy.

How To Protect Yourself

Find out if your pension plan has been terminated.

Find out …

The news headlines are filled with stories about big corporations filing for Chapter 11 bankruptcy, but what about filing Chapter 7 bankruptcy for business?  Are there any benefits in filing a Chapter 7 bankruptcy for your business?  Well, maybe, let’s take a look:

If a business owner wants to completely close his/her business and liquidate its assets, filing a Chapter 7 bankruptcy …

Tags: Business Chapter 11 Title 11 United States Code Corporation

When Nortel Networks filed for Chapter 11 bankruptcy protection, they left many employees who were right at the cusp of retirement with shattered dreams and unmet obligations.  One of those jilted Nortel employees was Linda Amick, who worked for the company for 24 years, according to an article in the Huffington Post .

The article said:

“It was really a great place to work,” …

According to an article in the Star-Telegram, mortgage giants Fannie Mae and Freddie Mac , would topple over into bankruptcy without the lifeline of government funding that has poured into these behemoths since September 2008.

The article said:

“The companies, created by the government to ensure the availability of home loans, have tapped about $96 billion in government aid since …

According to an article in Reuters, an independent oil and natural gas company Baseline Oil & Gas Corp filed for Chapter 11 bankruptcy protection in a Texas bankruptcy court due to their inability to pay creditors, declining commodity prices, disappointing development drilling results and the U.S. economic decline.  The company has $13.6 million in debt and only $3 million in assets. …

Tags: Bankruptcy Chapter 11 Title 11 United States Code Corporation United States Unsecured debt