Bankruptcy Blog - Business Issues
At Oliveros & O’Brien we are at the leading edge of bankruptcy law and practice. Michael O'Brien is one of only three attorneys in the State of Oregon who is Board Certified as a Consumer Bankruptcy Specialist by the American Board of Certification. He is a frequent speaker at seminars for other attorneys on bankruptcy issues.
We also believe in giving our website visitors and our clients the opportunity to get current, accurate, and practical information about bankruptcy and financial matters. So every week on Monday morning we publish a blog. Their titles and short summaries are listed below, with the most recent one on top. Click on the “More...“ after each one to read the whole blog. Also, if you want to see all of our blogs in a certain catagory, just click on the appropriate one in the column to the right.
A Hidden Benefit of Owing Lots of Business Debt: It’s Easier to Qualify for Chapter 7
June 7, 2010 by Oliveros & O'Brien, P.C.
If you owe more business debt than consumer debt, then you could avoid having to qualify under the “means test” to be able to file a Chapter 7 bankruptcy case. This can make a huge difference. Because if you have too much income and do not qualify under the “means test,” that usually means not being allowed to file a Chapter 7 case. So instead of writing off your debts in a matter of about three months, you could be required to pay as much as you could on those debts for up to five years in a Chapter 13 case. If you have lots of business debt, you may be able to file a Chapter 7 when your income would otherwise not allow you to do so.
Commercial Real Estate—The Next Wave of Foreclosures?
May 31, 2010 by Oliveros & O'Brien, P.C.
There has been lots of noise in the news over the last year or so that the next bad economic shoe to drop will be in commercial real estate—the shopping centers, strip malls, office buildings, factories, apartment buildings, and hotels/motels of the nation. What’s this about? Why are economists so worried about it and why does it matter to you?
Alleviating the Burden of Business Tax Debts through Bankruptcy—Part 2
February 8, 2010 by Oliveros & O'Brien, P.C.
When a business goes out of business, its owners can be left owing many of the tax debts of that business. Have you recently shut down a business and are concerned about whether you are personally liable on any of the taxes of the business? Or have you been closely involved in the finances of a business in which you were NOT an owner, and that business was shut down and still owes taxes? Finally, are you considering shutting down your business but need to know how to deal with its remaining tax debts?
Alleviating the Burden of Business Tax Debts through Bankruptcy—Part 1
February 1, 2010 by Oliveros & O'Brien, P.C.
Just about every struggling business has tax problems. When expenses are very tight, it is very tempting for a small business with a few employees to withhold payroll taxes but then not pay them over to the IRS and the Oregon Department of Revenue. Sole proprietors barely scraping by can’t scrape up the money to make their personal estimated income tax payments each quarter. Then these tax debts grow out of control quickly. Because of the extraordinary collection powers of the IRS and the state, tax debts are often the most immediate and frightening challenge for a business owner trying to figure out what to do.
Dealing with Accusations of Business Fraud Through Bankruptcy
January 4, 2010 by Oliveros & O'Brien, P.C.
When a business goes bad, accusations often fly among the partners or owners about whose fault it was. Sometimes those accusations turn into criminal fraud charges being filed. Sometimes instead or in addition, they turn into a civil lawsuit for breach of contract, fraud, embezzlement, or breach of fiduciary duty. If you have been accused in any of these ways, filing bankruptcy may be the most effective way to resolve your situation.
When Your Business Has to Throw in the Towel— Shutting Down the Business Without Losing Your Shirt
December 7, 2009 by Oliveros & O'Brien, P.C.
Although Chapter 11 and 13 are often effective tools for saving your business, there are some businesses which even these cannot help. If you have a business which may need to be shut down, you are likely wondering how to do so while minimizing the harm to you. Under the right circumstances, and with smart legal planning, filing bankruptcy for the business alone or for you personally can achieve that goal.
Your Business is Worth Saving— If You Could Just Get a Little Patience from Your Creditors…
October 26, 2009 by Oliveros & O'Brien, P.C.
Do you have a business that has been hit hard by the bad economy but could otherwise be a solid money-maker, if you could just get some relief from your creditors? Don’t want to file a bankruptcy because you’ve heard you’ll lose your business? A Chapter 13 case can greatly reduce your monthly debt service AND you can keep running your business. It may be the right legal tool to help your business survive now and thrive in the future.
If it’s Good Enough for Donald Trump’s Casinos . . . Could Chapter 11 Help Save YOUR Business?
September 14, 2009 by Oliveros & O'Brien, P.C.
Trump Entertainment Resorts, Inc., which operates Donald Trump's Atlantic City casinos, filed Chapter 11 bankruptcy last February. Back then Donald Trump gave up his ownership stake in the company. But he recently made an offer to buy back his company, now stripped of about $15 BILLION of debt. Those creditors would receive nothing in the deal. THAT's creative financing.
The news is full of businesses big and small surviving through Chapter 11. Could this strong medicine help your struggling business, too?
Business Bankruptcy Options
August 17, 2009 by Oliveros & O'Brien, P.C.
Bankruptcy law gives the financially struggling business a number of tools to help the business survive. Bankruptcy can also help a business close in an orderly way. Here are the main tools bankruptcy provides for helping you and your business.