What happens in a bankruptcy process?
|
  |
|
|
| Author |
Message |
tab
Apprentice
Joined: 05 May 2006
Posts: 3
|
 Posted: 06/16/08 - 09:03 Post subject: |
 |
|
| I have been planning to start a business and I expect to get a pretty good profit from it. I will be mostly in trading and I seek to assure the best possible position. Now, I would like to know what happens in a bankruptcy process, how it works. If anyone could help that would be great. |
|
|
Back to top
|
|
|
|
 |
codi
Apprentice
Joined: 28 Feb 2008
Posts: 1
|
| Posted: 07/15/08 - 22:53 Post subject: |
|
|
| Running any kind of business is never easy, and part of it is making a sound financial plan. Now, knowing about taxes you need to pay is equally important. Now, getting info on current financial stats is pretty important, and a good business move, or even necessary. There might come time for bankruptcy, and there are various types. The most common are chapter 7 and chapter 13 bankruptcy. The latter one is often desired as it gives advantage of restructuring of your debt and being visible on your record for three years less than the former (7 instead of 10 years). Also, your debts have to be fixed, and unchangeable, while lower than 250,000 as unsecured. Hope you find the info helpful. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
| Page 1 of 1 |
Related topics: | |
|
|
