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Source: /legal/business-government-contracts/
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 »
Source: /guides/article-of-incorporation-key-terms-33204/
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
Whether you file for Chapter 7, Chapter 11 or Chapter 13, bankruptcy laws have numerous rules and exceptions regarding what kinds of debts are covered, who is eligible to file, and what property you can keep. There are also many bankruptcy law firms ready and able to assist you with this process.
Before filing for bankruptcy, consider the following:
1. Bankruptcy affects your credit score, although it's possible to rebuild good credit post-bankruptcy.
2. Bankruptcy is intended for individuals and businesses who have struggled to pay their bills, but cannot get ahead.
3. Bankruptcy law varies from state to state. Check your state’s requirements prior to filing.
Consider whether Chapter 7 bankruptcy laws meet your financial needs
Chapter 7 bankruptcy is called "liquidation." An individual's property may be confiscated and sold to pay back some of your debt. However, some types of debts can be eliminated in a Chapter 7 bankruptcy case. Some property is exempt under certain states' Chapter 7 bankruptcy laws, like clothes, car and furniture. A Chapter 7 bankruptcy lasts 3 to 6 months on average.Ask about Chapter 13 bankruptcy laws if you want to pay back your debts
The most common type of consumer bankruptcy is Chapter 13, or "reorganization." Under Chapter 13 bankruptcy, a consumer gets to keep all her property, but must pay all or some of her debt in monthly installments over a period of time; usually 3 to 5 years depending on the size of the debt. Under Chapter 13 bankruptcy laws, you don't lose property.File Chapter 11 for your business bankruptcy
Under Chapter 11 bankruptcy laws, you don't have to close your business. You do, however, have to come up with a court and creditor-approved plan to repay your debts while you continue to operate your business. If a trustee is appointed to your case, the trustee takes control of your business and its property.Find a bankruptcy law attorney
You do not need to partner with bankruptcy law firms to file for bankruptcy. However, if you want the process to go smoothly, it may be wise to get one. If cannot afford a lawyer, check with your local legal aid office for a listing of bankruptcy lawyers who offer free representation.- It is suggested that spouses file for bankruptcy together if they are both liable for the debts they want to release. Bankruptcy law information states that creditors may demand that the entire amount be paid by the spouse who didn't file.
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Tips & Advice for Bankruptcy Law
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.
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