Famous Corporate Bankruptcies [mortgageprotectiontips.blogspot.com]
Question by CJ: Will filing corporate bankruptcy effect our personal credit? We were sole proprietors when we started our business and got some credit based on that. We later incorporated. Within a year we sold the business and the deal did not go well (he's not paying). So, we are probably going to have to file corporate bankruptcy due to debt we now can't pay off. Will this impact our personal credit? I'm of course going to talk to an attorney, but wondering if anyone here knows. Best answer for Will filing corporate bankruptcy effect our personal credit?:
Answer by P J
Did you use a corporate tax number or your personal social security numbers when securing the debt? If you personal ssn's are involved, yes.
Answer by Free Medical Help
No, that is exactly why you incorporate, to protect your personal assets and save your personal credit. You ought to try merging or selling outright at a low price though, instead of losing everything. Many people may see potential for your business or need a losing situation as a tax shelter and buy it from you. It never hurts to try to turn a bad deal into a mediocre deal. So, try to find another buyer, quick before it is too late!
Answer by truthseeker
By incorporating, you and your husband have protected your personal assets and credit. It was a very smart move on your part
Answer by DrIG
Talk to an attorney too about the major question as to what you can do to get the money that you owe. I am not an attorney but the corporation is a separate entity for you and I do not think that it will affect your credit. I am glad that you incorporated. It was a smart move. Good luck
Answer by Marry
Hi, I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came accross this company on NBC News Special Edition.Check it out here: http://shortlinks.co.uk/2v3
Answer by samy
yes, but for example I found interesting information about your answer, Bad Credit Loans & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/bad-credit-loans.htmlGood luck!
Many of the biggest winners are troubled companies that have turned themselves around and returned to favor with investors and creditors. Obviously not every troubled company is going to turn into a success story; therefore, one of the keys to successfully overhauling a distressed company is identifying the companies that have turnaround potential vs. the companies that should explore alternatives. Has business slowed? Have there been a number of unexpected repairs? Are creditors aggressively calling? Are landlords pounding on your doors? Are notices coming from the IRS? Have you been served with a summons? All of these actions can blindside you and sway your reaction from a calm and usually well thought out solution. It is human nature to react immediately to something that upsets us. That initial reaction may not be the best response to solving the problem. Right Path Business Solutions works along side you to find t he best solutions for what ever might come your way. Through our workout process we redirect your collection calls, analyze your books, assess your assets vs. liabilities, review your operations and provide a detailed plan of action. Our services also extend beyond the business and directly to the business owner. Our approach is to achieve maximum gains for your investment and reduce your personal liabilities. - Company Turnaround - Business Reorganization - Debt Restructuring - Out Of Court Settlement - Liquidation and "ABC" - Bankruptcy Alternative Feel ...
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It also could help American regain the upper hand in its attempt to emerge from bankruptcy as a stand-alone company. US Airways Group Inc. wants to buy ... American offers to drop plans to lay off pilots
As both consumer and business bankruptcies continue to flood our economy, it's no wonder that our recession has been a long and drawn out one. Corporate bankruptcies always seem to be the most shocking, as Americans tend to think that large companies are invulnerable to the financial struggles of small business owners and consumers. Some of the most famous corporate bankruptcies include:
1. Enron- In December of 2001, Enron became the biggest bankruptcy in U.S. History with over $ 63.4 billion in assets. That next year, Worldcom trumped Enron's bankruptcy then in 2008 Lehman Bros became the biggest bankruptcy. The Most upsetting part of Enron's bankruptcy was that the accounting practices were scandalously hiding billions of dollars of loses, and their stock plummeted from $ 90 to $ 10 per share, leaving stock holders with over $ 11 billion in loses.
2. Delta Airlines- Delta Airlines had been failing to post a profitable quarter since 2000, but with the sudden spike in fuel prices in response to Hurricane Katrina, Delta could no longer compete with the smaller and more affordable airlines. In September of 2005 Delta, the third largest U.S. Airline, filed bankruptcy. After a year and a half of negotiations, Delta finally exited bankruptcy in April of 2007 and continues to struggle with high labor costs and rising competition.
3. Washington Mutual- The financial disaster of Washington Mutual is just one example of the lending and fraud practices that heightened our current economic crisis. Several former employees have offered their accounts of Washington Mutuals' "sweat shop" mentality, where high risk loans were frequently offered to both qualified and unqualified borrowers.
Finally in September of 2008, "WaMu" filed for bankruptcy and J.P. Morgan ended up purchasing the bank for $ 1.9 billion.4. General Motors- The most recent and devastating corporate bankruptcy is now considered the fourth largest bankruptcy in U.S. History and was filed in June of 2009, just one month after Chrysler filed. Even $ 19.4 billion in federal help was not enough to save the company from bankruptcy, and the government decided to pledge another $ 30 billion to help the company with it's reorganization. While the government aid has been a hotly debated topic, GM's bankruptcy has had a major impact on a large cross section of Americans; including the closure of plants and dealerships, the loss of thousands of jobs and the severe cutbacks in retirees' benefits and coverage that was promised to them.
While the economy continues to idle through the recession, filing for bankruptcy is nothing to be ashamed of. Filing for bankruptcy can give you the breathing room to reorganize your finances and get yourself to a fresh start. As an experienced bankruptcy attorney, I understand the complexities of bankruptcy and can help your through the process. The Brownsville bankruptcy attorneys at Davis Law are here to help.
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