Small Business Bankruptcy

I had a large business loss last year How do I take the loss over a period of years-perhaps 6-10 years?

leggy — Tue, 22 Jun 2010 23:39:08 +0000

beachlover asked:

I owned a coffee shop that ended in bankruptcy. How do I take the $100,000+ loss over a period of years rather than in one lump sum on my taxes-IF it's possible. I used turbo tax last year and I thought it asked me if I wanted to deduct 10,340 per year and I said yes but this year it doesn't show any record of this. HELP!
Someone asked how I could have incurred such a large loss-well-I took a raw unimproved site and put in all the bells and whistles and ran it for a year. It doesn't take long to run up this type of debt. I would like to take the loss over a period of years but am not sure how to do this. My cpa hasn't been any help. Doesn't anyone have any knowledge of the tax law that turbo tax was talking about last year when I did my taxes? I can't afford another cpa!

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What are my rights as a Landlord with my tenant filing Chapter 11 Bankruptcy?

leggy — Sun, 20 Jun 2010 18:57:28 +0000

LHill asked:

I am leasing commercial space to a National tenent, who just filed Chapter 11 Bk. The business is for sale, and our lease was rejected and not included in part of the sale. The space is almost vacant other than a few structures and pieces left behind. How long do I have before I can lease it out again and take possession?

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Texas bankruptcy: Can you keep your home and 401k/IRA?

leggy — Sat, 19 Jun 2010 14:31:56 +0000

St. Ruger asked:

I have a friend that has a large business debt he is personally responsible for and is not able to pay it. He's considering bankruptcy and thinks he has to forfeit his home (residence) and retirement accounts in 401k and IRAs. I think those may be protected. Who is right, are could we both be wrong?

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Bankruptcy and a Real Estate transaction?

leggy — Tue, 15 Jun 2010 13:18:39 +0000

trs3737 asked:

I have a contract on a home and just found out 2 days before closing that the seller in is the process of filing for bankruptcy and now the closing is on hold. Her realtor claims that this will be resolved in a short period of time, but he has not proven to be the most reliable source. First, shouldn't this have been brought to our attention sooner? Also, is a seller required to disclose this information? I feel like someone dropped the ball since our lender told me he has never heard of this in the 20 years he has been in the business. Any advice on this would be helpful.

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How do I dissolve debt or get my mortgage payment lowered with a poor credit score to avoid bankruptcy?

leggy — Fri, 11 Jun 2010 19:49:11 +0000

40 something asked:

My husband's employer of 17 years chose to restructure the company. He is now pursuing a new trade entirely. Is there any grants or other money available for his new business and our family finances during this transition? Our debt to income is totally out of whack and we need help!

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Is there a way I could find out on line if my landlord has filed for bankruptcy?

leggy — Fri, 11 Jun 2010 15:47:37 +0000

jean d asked:

I live in NC. Our landlord(s) is a business in Florida with many properties here. i heard the rumor yesterday he filed for bankruptcy

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Has anyone had trouble communicating with their bankruptcy lawyer?

leggy — Fri, 11 Jun 2010 07:44:00 +0000

Lara Croft Fan asked:

They all seem to be so busy and even the receptionist has her own voice mail. This is frustrating. I'm ready to do business and pay the f-ing money and I don't want to drive all the way there and find out they can't help or I need to come back and do another thing. UGHHHH!

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At what point will the United States officially declare bankruptcy?

leggy — Mon, 07 Jun 2010 20:14:15 +0000

sweet_home_obama asked:

And how will the nation be carved up after we go out of business?

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Separation, Bankruptcy and Credit Card Debt?

leggy — Tue, 01 Jun 2010 06:30:01 +0000

Nicki asked:

My husband of 29 years recently walked out on me and our three girls. I’ve been awarded spousal support and child support through the courts. $400 spousal, and 500.00 Child support ( that ends in two years )

Ever since he left, Oct 1st I have fallen behind on all of my bills, but mostly my two Credit cards which are solely in my name. These are in my name because he had a business bankruptcy about five years ago, and was not able to obtain any credit.These cards are both maxed out to a total of nearly ten thousand dollars, and the phone calls have just begun.I try my best to keep my payments up, but I’m not even meeting the minimum.

Yesterday I received a call from a credit bureau over my Sears charge card and found out that they are charging me an $148.00 a month for an Over Limit Amount !

I phoned them and asked them to stop those extra charges and of course they told me no . They also told me to go into bankruptcy. After 2 days of researching the net, and making phone calls, I find that I could lose my home if I do this?? I am quite mystified at the whole process and wondered if you had some sound advice for me? I have just been in touch with a debt consolidation place, but they said that I would have to make payments of $250.00 per month for FIVE years..

That’s over 3,000 more than i owe right now, and if I had an extra 250.00 I’d be making my credit cards payment with that. I am 53 years of age, have been out of the work force for 16 years ever since we got custody of his grand daughter.

I am also leery of leaving my eldest daughter home alone, she is Down syndrome, and we use wood heat to keep the place warm. I am joint owner of a mobile home with my ex husband, and the three girls live here with me. The mobile is paid off now. I cannot risk losing the roof over our heads by declaring bankruptcy, do you see any way out for me? Should I declare bankruptcy, Debt Consolidation or keep plugging uselessly away?

I live in British Columbia, Canada
Thank you for your responses, much appreciated

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Can a Chapter 13 Bankruptcy be converted to a chapter 11?

leggy — Fri, 28 May 2010 03:15:18 +0000

mommyv asked:

The trustee will not confirm our Chapter 13 BK because we have too much debt per the guidelines for a 13. We were self employed but aren't any longer, but the majority of the debt is from our previous business.

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