Thinking about a credit counselor? Think again. Many entrepreneurs seek out information to get out of debt and find credit counselor scams. Here is how the scam works. They pay for articles to be posted on blogs with links to their pages. You read the article and feel like you got some great information. Then you click and follow the link. The link takes you to a fancy webpage which promises to make your credit problems go away. They either don’t do much or they give you more headaches. If you use a credit counselor use one that is local to you. Visit their office. Find other people who have used them and were happy with the results.
These scammers give you advice like- reduce your costs. Of course, you know to reduce your costs. You have cut back as much as you can. There isn’t any more to cut back. You need a different kind of help. Or you need an increase in income. If you have your own business, you can use a program like Double Your Revenue. This program teaches you how to increase sales in your business. If this is a program you would like to hear more about just text, DOUBLE to 909 235 9744. Read more
Bankruptcy can be a difficult decision for any small business. There are a number of consequences associated with bankruptcy, including tax consequences that you may need to consider. For more help on the tax issues involved, I would suggest you consult with a small business tax attorney, Samuel D. Brotman or a lawyer within your own jurisdiction to help you mitigate any potential legal problems with the IRS. However, when evaluating whether or not it is time for your small business to file bankruptcy, before you hire an attorney, it is important to know exactly what the requirements for bankruptcy are and how they impact you. These requirements differ slightly when a small business owner files for bankruptcy vs. a regular Chapter 7 or Chapter 13 debtor.
Here are some examples of how small business cases In small business owner cases, if the court makes the finding that there is enough information about the business in the reorganization plan then the debtor may not be required to file an additional disclosure statement related to the business. Also, to determine the classification of small business debtor, the debtor must pass a two-part test. The first part of the test requires that the small business debtor be participating in actual commercial activity. This means that the small business cannot be dedicated to passive income, such as owning real property. In addition, it is required that any liquidated debts, whether secured by a fixture or UCC filing or otherwise unsecured, must not exceed approximately $2,343,300. The second part of this test does not have to do with the business at all, but rather the creditors’ committee. If the creditors committee has already been appointed or if that committee is not active enough, in the court’s eyes to provide sufficient supervision of the debtor, than it will fail that part of the test. A qualified tax attorney or bankruptcy attorney can help explain the nuances of the test to your small business. Read more
A lot of men and women around the U.S and in the state of Georgia have to make the hard decision every day of whether or not they should file for bankruptcy. For some, bankruptcy can be the last of a long list of options to help them achieve some form of debt relief, so that they can attempt to continue living their lives the way they did before their debt problem. For others, it simply doesn’t work out for them and they continue their foray into the deep, dark crevices of debt.
If you have found that you are considering filing for bankruptcy, have you thought about what chapter of bankruptcy you are going to file for? Do you know the difference between Chapter 7 and Chapter 13 bankruptcy? If not, continue reading below to find out. Read more