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Monthly Archives: January 2010

Small Business and Bankruptcy

As a personal bankruptcy lawyer in today’s economy, I am increasingly encountering small business owners facing bankruptcy. These business owners are usually considering bankruptcy because their business income is down and they have some combination of personal debt and personally guaranteed business debt which they cannot repay. I generally see the goal for these owners as wiping out business debt as well as personal liability for those debts, while keeping business assets. While achieving this goal in bankruptcy is not always not possible, bankruptcy can wipe out personal liability for business and personal debts, and can be the best option for business owners in financial distress. Continue reading Small Business and Bankruptcy

Danger Will Robinson!: Credit Card Use Leading Up to Bankruptcy

Most people considering filing for bankruptcy are dealing with credit card debt. This is no surprise considering the wide availability and often terrible terms of revolving credit: compounding interest on unpaid balances, late payment fees, over-limit fees, teaser rates that skyrocket unexpectedly, jacked-up interest rates based on late payment of a completely unrelated debt. I mean, really, the banks have made a science out of tricking and trapping the credit card consumer. It’s no wonder so many people find that there is no possible way they will be able to pay off their credit card balances. Continue reading Danger Will Robinson!: Credit Card Use Leading Up to Bankruptcy