It has never been more dangerous for business owners to file Chapter 7 bankruptcy in Nebraska.

New rules now require that business owners prepare special valuation reports to provide more information about the assets of their business.  Chapter 7 Trustees have the power to sell unprotected assets, and they are demanding special reports showing the

Business owners filing Chapter 7 beware!  You may have to close your business until the Chapter 7 Trustee surrenders any claim to it.

That is the nightmare that potentially awaits unincorporated business owners who file Chapter 7.  Why is that?  And why does this only happen to unincorporated business owners?

The problem occurs because the

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Whether a business is incorporated or not can have a dramatic impact on the outcome of a bankruptcy case, especially in Chapter 7 cases where the bankruptcy trustee has the power to sell non-exempt assets.  Successfully filing a business bankruptcy in Nebraska depends on understanding the important difference between incorporated and unincorporated business assets. 

Let’s

Frequently I meet with small business owners who own companies that have become so burdened with debt that I describe the corporation as being “toxic.”  Even if business improves and cash flow increases, the corporate entity is so weighted down by bank liens, court judgments, and tax debt, it can never recover.  The business may