Hi, I am currently a little confused about business bankruptcy. My freind currently owns a limited company, that is struggling with debt. So much so that they are being sued and cannot pay. I believe he wants to declare the company as bankrupt, but what does that make him liable for, just what he originally invested (which was £1), or what the company is currently deemed to be worth?
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My colleague and I own a small business together, we currently have $17k outstanding on it from items we refinanced to buy it, we have also built up a $13k credit card debt.
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What is a business able to do to prevent itself having to file for bankruptcy. I guess there must be more than one and I'd like to know as many as possible?
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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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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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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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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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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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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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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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