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Tampa Bankruptcy And Reorganization Blog

What does the IRS say about taxes and Chapter 11?

When approaching Chapter 11 bankruptcy, it is very important to consider the tax implications. Fortunately, the Internal Revenue Service (IRS) knows the challenges that businesses face, and it offers direct advice regarding this process.

Below are a few common questions and answers:

Iconic guitar maker seeks bankruptcy protection

The last few years have seen a number of retail stalwarts succumb to a changing economy. An increasing number of consumers are shopping online and passing up traditional brick and mortar establishments. This change has affected retailers across a number of industries, from Circuit City to Borders Books to Toys-R-Us.

These retailers ultimately went out of business through Chapter 7 bankruptcy. However, some businesses are choosing to seek Chapter 11 bankruptcy so that they can have a better chance of emerging from bankruptcy as stronger, more efficient companies.

How Florida farmers can get a relief from debt

Running a business as a family farmer can be challenging, and cash flow can be difficult to have under tight control, especially due to seasonal fluctuations in income. Therefore, if a farmer has difficultly due to cash flow problems at certain points in the year, it can mean that they run into excessive debts because of unfavorable loan interest rates and late payment fees.

This situation can form a vicious cycle, and farmers might believe that it is impossible to get out of the debt that they have found themselves in. However, this is not the case, and it is important that farmers know about how filing for bankruptcy can help them.

Could your new Facebook friend be a creditor in disguise?

Social media has become ubiquitous with advertising in today’s society. As recent media stories have revealed, part of the ability for Facebook to remain a complimentary service is its ability to sell targeted advertising campaigns to businesses based on information collected about users’ preferences and habits.

 Indeed, this information was likely used for nefarious purposes in our last election and to spread propaganda (i.e. “fake news”). The notion that a user’s Facebook friends “liked” a particular advertisement likely enticed the user themselves to “friend” them as well. 

Can my finances improve by filing for Chapter 13?

Are you experiencing a financial stutter-step? Even the most fiscally responsible Florida residents may find themselves facing some financial hard times every now and again.

The important thing is not to dwell so much on the events that led you to this point. Stuff happens. Resilient individuals learn to shake it off, examine their options and make the hard decisions they must to emerge poised to tackle their money woes head-on.

Chapter 11 bankruptcy: A solution to failed investments

When you have a large estate and a high-earning potential, it is likely that you repurpose your assets into many different investments. All investments, no matter how sensible they might seem, have some risk associated with them, and even the smartest investors can get unlucky at some point.

There may come a time when a few investments turn sour simultaneously. If this happens, you may find yourself overwhelmed with an unhealthy cash flow and rapidly increasing debts. You might find this frustrating, since although you have a bad cash flow, you still have a high earning potential. In cases such as these, Chapter 11 bankruptcy can be a great option in helping you to get back on track.

Debt discharges and Chapter 12 bankruptcy

One of the major benefits of filing for bankruptcy is that it offers a way for people or businesses struggling financially to obtain a discharge from some of their debts. This means that they are able to have some of their debts completely written off.

The first step after deciding to file for bankruptcy is choosing which bankruptcy Chapter to file with. Chapter 12 bankruptcy is a specific type that is created especially for, and is only available to, family farmers and fishermen. In this way, the rules and regulations attached to Chapter 12 bankruptcy are specifically designed to benefit these types of businesses and the people who run them.

Information that needs to be provided in a Chapter 13 filing

When you are struggling financially even when you have a stable job, it is likely that you are ready for a big change in your life that will enable you to have a fresh start. One of the ways that you could go about doing this is through filing for bankruptcy.

If you are employed and you have a stable salary, filing for bankruptcy under Chapter 13 is something that you could consider. This bankruptcy chapter is often referred to as a wage earner's plan. It helps you take control of your finances by working to develop a feasible plan to pay your debts off over a period of time.

Automatic stays in Chapter 12 bankruptcy

Chapter 12 bankruptcy is a specific type of bankruptcy that is especially created for family business owners who work as farmers or fishermen. Therefore, the specifics of the bankruptcy filing are tailored to benefit farmers and fishermen who are struggling financially with their business.

Chapter 12 is different because it is a less expensive process than Chapter 11, and it's simpler, too. It is comparable to Chapter 13 bankruptcy, but it is more flexible and it is designed with seasonal workers in mind. It recognizes that farmers and fishermen do not necessarily have the same income each month of the year.

After discharge: What to expect when exiting Chapter 11

While in the midst of a Chapter 11 bankruptcy your primary focus should be on properly restructuring the business in order to reemerge as a profitable enterprise. The confirmation and acceptance of the reorganization plan may seem like the hard work is done and the end is in sight, but until a final decree is issued the bankruptcy case is ongoing.

Getting ready to be discharged

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