The means test is the test that the law applies to determine whether you’re eligible for Chapter 7 bankruptcy—a type of bankruptcy filing that allows debt forgiveness. Chapter 7 bankruptcy usually forgives unsecured debts, such as credit card and medical debt. Filing under Chapter 7 is reserved for low-income citizens... View Article
Business bankruptcy could have a significant effect on your credit score if you are personally liable for any of the debts incurred by your company. The type of business entity/structure you have and the company’s own tax liability will have a lot to do with whether or not personal liability... View Article
Filing for bankruptcy always comes with a certain degree of risk, especially as a business owner. There is a chance that filing personal bankruptcy could make it difficult, if not downright impossible, for you to keep your business. However, this depends on the circumstances of your case, as well as... View Article
Chapter 13 bankruptcy for individuals gives people who do not pass the means test for filing Chapter 7 an opportunity to reorganize their debts into a repayment plan they can pay back over the course of several years. This course of action is also available to small businesses, in a... View Article
If you’re struggling with your finances as a small business owner, filing for Chapter 7 business bankruptcy in Montgomery County, TX could be one way to save your company, or simply offer you a less turbulent way of closing it down. It’s not common for a business entity itself to... View Article