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Bankruptcy Consultation, Without Straight Answers, I Can’t Help

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Reposed with the permission of Matt Berkus

A bankruptcy consultation is time for honest discussion. From time to time, I have those consults where the prospective client won’t give a straight answer to a relatively simple question. At that point, it is time to cut the consultation short because there is no way to help that person.

I had such a Continue Reading →

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How To Value A Small Business In Bankruptcy

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Post by Cathy Moran, Esq., Bankruptcymastery.com

What’s it worth?

Another round of bankruptcy newbie questions suggests it’s time to review small business valuation questions.

Our hypothetical debtor supports his family working in an incorporated business that he wants to continue operating.  He is the only shareholder.

The scenario that prompted this post had the debtor reporting to his lawyer that the business was worth $100,000. That’s well beyond the available exemptions and, in ...

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How Does Median Income Affect Bankruptcy?

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When you file for Chapter 7 or Chapter 13 bankruptcy, your household income is compared to the median income in your state for a household of the same size. For Chapter 7 bankruptcy, median income is used as a means test to determine if you are eligible for chapter 7 relief or not. If  you don’t qualify for Chapter 7, median income is used to determine ...

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