Business Bankruptcies
Are More California Munipical Bankruptcies On Their Way?
Recently, the cash-strapped city of San Bernadino decided to file for municipal bankrutpcy following the footsteps of Stockton and Mammoth Lakes. Also, the California city of Vallejo emerged from bankruptcy after filing chapter 9 for its own reasons stemming of course from financial troubles. On the heels of these events, local southern California cities are looking for new ways to...
Read MoreSan Gabriel Bankruptcy Attorney Jeffrey Hsu Gets Results For Business Bankruptcy Clients
Recently I, Bankruptcy Attorney Jeffrey Hsu of JCH LAW FIRM, successfully filed a bankruptcy for members of an LLC faced with personal guarantees related to a retail business. While some bankruptcy attorneys recommended that they file for chapter 7 corporate bankruptcy (I believe those attorneys were hoping to justify the generation of additional attorney’s fees), I act with...
Read MoreIs Your Business An Asset In Your Personal Bankruptcy Case?
Oftentimes, I get calls from individuals asking why their S Corp, LLC, partnership, C Corp, or other business entity must be accounted for as an asset in their personal bankruptcy filing. Well, it’s actually quite simple. The business owner has an interest in the business as a shareholder, member, or partner of the business entity. Sure you might not even be benefitting from direct...
Read MoreSmall Business Bankruptcy & Personal Guarantees
Recently, I filed a small business bankruptcy/personal bankruptcy for business members of an LLC who had leased a space in one of the newer commercial developments in the San Gabriel Valley. In such small business bankruptcy cases where personal guarantees were given to secure loans, leases, or other necessary business expenditures, understand that a personal guarantee holds that...
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