There is still time to save your tax return and file for bankruptcy but you need to act quickly. April 15th is rapidly approaching. If you haven't spent your tax refund yet and you need to file bankruptcy email me at ldspclaw@gmail.com asap.
If you're in the process of a liquidation or reorganization, it's important to take a breath and see the big picture. You kept the roof over your head and your key assets - focus on what you have and how to move forward with it, rather than on what you had to give up. #ldspclaw
If you have more debt than you can pay back at once but have property and assets that you are not willing to part with, a Chapter 13 repayment plan could be a more friendly path to take than liquidation. It can work for you if you have a stable income and are willing to commit to a 3-5 year plan to pay back as much as you are able. #ldspclaw
If an employer files for bankruptcy - whether a liquidation or a reorganization - the secured creditors are paid first and then the expenses of administering the bankruptcy. However, before everyone else gets paid back (if at all), the law recognizes that employee wages and benefits are part of what's called "priority unsecured claims" - they will get paid before the other creditors. The law understands that job security is priceless and ensures that employees get what they're owed to whatever extent possible. #ldspclaw
If you used your personal residence to secure a loan for your small business, ask your lawyer if a Chapter 11 Subchapter V reorganization can help you untangle your business debt from your private life. Even if you're keeping up with the bills right now, it might be a good idea to take steps to protect your family home. #ldspclaw
The law understands that money isn't everything. That's why bankruptcy law allows debtors to keep key assets like their home or their car- even if it means their creditors won't get back 100% of what they are owed. #ldspclaw
Many private companies will try to convince you to take a private loan to cover your debts - or to refinance through them. One typical selling point is that refinancing privately will save you the hit to your credit score that comes with filing for bankruptcy. In some cases, that may be true. However, in many others, your long-term financial stability will be better off going through the courts. Don't make any decisions about debt before you sit down with someone you trust that can show you how the numbers work out over time. #ldspclaw
Even after you have received a notice of foreclosure, you usually have plenty of tools at your disposal to avoid losing your home. Banks are usually willing to renegotiate a financing plan if they see you are serious and you can show that you have assets or a steady income. It'll be on your shoulders to make it work, but don't do it alone - ask a lawyer for help negotiating. #ldspclaw
