Looking to bid for federal government work? If you're a member of a minority group or base your company in an impoverished area, the Small Business Administration can give you a big boost in competing for federal contracts. But first you must submit the paperwork to the SBA to get certified in one or all of these three programs: The 8(a) Business Development Program helps small businesses get started and grow with personalized advice as well as set-asides for federal contracts. Read More »
Articles of Incorporation, or Certificates of Incorporation, are written when a business desires legal corporate status in a particular state. Articles of Incorporation portray the basic information of the company, which includes the name of the business, the people (or board) who are responsible for drafting and upholding the articles of incorporation and the corporate purpose. Read More »
Bankruptcy law is designed to assist those who cannot pay their creditors. Bankruptcy allows individuals to either liquidate their assets or create payment arrangements to pay off their existing debts. Bankruptcy law helps to provide orderly distributions to creditors while also protecting the troubled individual or business.
The most common type of bankruptcy that individuals and businesses file for is called Chapter 7. This allows debtors to clear most, if not all, of their debts by surrendering any non-exempt property, which can include collectible items, vehicles, bank accounts, investments, cash, vacation homes and family heirlooms.
The bankruptcy process was set up by the federal government and is presided over by federal law. The stringent requirements that individuals must meet to qualify for bankruptcy are outlined in the Title 11 U.S. code. This code clearly dictates the federal statutes regarding bankruptcy, the bankruptcy process, and the court's responsibility to oversee every course of action taken throughout the process.
Bankruptcy law allows debtors to give the bankruptcy court total control of their financial affairs. Each state has several bankruptcy courts, and each court operates under the District Court of the United States. To get more information and to gain more insight on bankruptcy law, visit the links on this Business.com page.