Category Archives: Businesses in Bankrutpcy

Can I Lower my Salary or Wages to Pass the Chapter 7 Bankruptcy Means Test if I am Self-Employed?

Some small business owners inquire as to the possibility of artificially lowering their income or taking less wages out of their business prior to filing a bankruptcy petition in order to pass the Chapter 7 means test.

This possibility is fraught with peril for uninformed individuals. Click here to read more about whether one can lower wages to pass the means test in bankruptcy on the new Michigan Bankruptcy Blog of Michigan bankruptcy attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Business Debt and the Chapter 7 Bankruptcy Means Test

Chapter 7 bankruptcy may be available to prospective filers whose debts are mostly business debts rather than consumer debts regardless of their actual income.

Click here to read more about business debt and the Chapter 7 bankruptcy means test on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a “reorganization” bankruptcy rather than a complete liquidation of debt as in a Chapter 7. A Chapter 13 is, basically, a payment plan enforced by the Federal Bankruptcy Court upon all of your creditors, whether the debt is a “dischargeable” debt like a credit card or “non-dischargeable” debt like a child support arrearage or recent income taxes owed. Contrary to popular belief, you are not required to pay back 100% of what you owe to your creditors in a Chapter 13.

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What Is the Value of my Small Business in Bankruptcy?

A business owned by someone considering filing for Chapter 7 or Chapter 13 bankruptcy may be seized or liquidated the same as any other asset owned by a filing individual if its value exceeds the amount of protection available for that type of property under the US Bankruptcy Code.

Thus, it is extremely important, if you are a small business owner, to retain an experienced bankruptcy attorney to assist you, let your livelihood be lost in the process.

To read more about the value of a small business in bankruptcy, click here to read our full article on this topic on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Should I File a Chapter 7 Bankruptcy for my Michigan Small Business?

Filing a Chapter 7 bankruptcy for a small business is a useful option in certain very specific circumstances only.

To read more about filing Chapter 7 banruptcy for a small business, click here to read our full post on this topic on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.