I also say unfortunately because a lot of people have a difficult time finishing their Chapter 13 repayment plans. If they could have paid off their debts, they would have, right?
S corporations cannot file Chapter 13 bankruptcies; only individuals can.
Chapter 11:If you want to keep the doors of your corporation open and have the debt restructured, you would file a Chapter 11. Here, you propose a plan of reorganization which needs to be accepted by a majority of your creditors and confirmed by the court.
The bottom line is that if you think you can get rid of enough debt to warrant a BK filing, then it might be a good idea.
Today's tip:These days it is becoming ever easier to create top-notch marketing tools in-house. My favorite addition to your marketing toolbox is a series of tools from HP which make creating first-rate marketing materials simple and easy. From business card templates to a royalty free image gallery and a lot more, the HP Marketing Resource Center (www.hp.com/united-states/smb/marketing-impressions/) is a great spot to get started.
And what if you need a new logo? Then HP's Logoworks (www.logoworks.com) allows you to get three designers to give you three mockups to choose from (nine total), for $300. That's a great deal, and a great service!
Ask an Expert appears Mondays. You can e-mail Steve Strauss at: email@example.com. And you can click here to see previous columns. Steven D. Strauss is a lawyer, author and speaker who specializes in small business and entrepreneurship. His latest book is The Small Business Bible. You can sign up for his free newsletter, "Small Business Success Secrets!" at his website —www.mrallbiz.com.