Posts Tagged ‘Bankruptcy’

Whether your company is large or small, sooner or later you will experience the pain and apprehension that come from receiving notice that one of your customers has filed bankruptcy.

Bankruptcy can be a tough issue, especially to the small business owner whose customer has fallen on hard times. Problem #1: You’ve likely lost a customer for your products or services. Problem #2: You’ve likely lost the ability to collect the money the customer still owes you. Problem #3: The future potential bankruptcy “preference” may pull even more money from your coffers, as a Smart Business article points out. The bankruptcy of another means their ability to pay you is severely compromised, unless you’re “secured.” However, what if you were paid and the payment is deemed to have been a…

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Asset protection planning is all about taking chips off the table in good times, so that you still can walk away from the table a winner no matter what happens in bad times.

You can learn more about how to legally protect your assets on our website.

These cases confirm a perhaps obvious intuition—that fraudulent transfers can prove counter-productive at best, and disastrous at worst.

 Sometimes when people get into financial trouble, they look for an easy way out. Whether out of sheer desperation or an attempt at trickery, some resort to making what the law considers a fraudulent transfer. Fraudulent transfers have a tendency of coming back to bite you and several recent cases serve to demonstrate that fact, as in one of Lewis Saret’s recent posts on Forbes (and the much longer list in the Wealth Strategies Journal.) One case is that of re Quaid, (2011 WL 285645, Bkrtcy.M.D.Fla., Jan. 26, 2011,) where a Florida man sought to use a self-settled trust to…

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More than 1.6 million Americans are expected to file for Bankruptcy this year, with 42% of filers citing “job loss” and another 65% citing “income reduction” as the determining factor.

it’s unfortunate that bankruptcy hits responsible persons the hardest because they likely have the most to lose.