Re: Don’t understand

rms1954 · ‎06-06-2019

@Shanus wrote:
@rms1954 wrote:
You have to understand the world of business and running a company.
@rms1954 I think I know enough even though my business have been much smaller. The basics are the same.

DH has owned his CPA practice for 52 years and can explain anything else I need to know. He has clients that are huge companies, medical practices and individual tax clients. He's required to take hours of CE every year to keep his liscence.

Wasn't referring to you directly. Was responding to OP.

SamBrown · ‎03-10-2010

Or maybe they should have never stopped doing shows like this all along. I have been to Longwood Gardens and I enjoyed the show.

elated · ‎06-09-2010

@chickenbutt wrote:
I could be wrong, but I think bankruptcy is different with companies than with individuals. Companies can just file and keep going but individuals file and they're broke and have to start over to some degree.

@chickenbutt There are two types if bankruptcy for individuals:

Types of Personal Bankruptcy

Chapter 7 (Liquidation Bankruptcy)
- Discharges most unsecured debts, such as credit cards and medical bills
- Some assets may be sold to repay creditors, though many personal assets are often exempt.
- Typically faster, often completed within a few months.
Chapter 13 (Reorganization Bankruptcy)
- Establishes a court-approved repayment plan to pay off all or part of your debts over 3–5 years.
- Allows individuals to keep property, such as a home or car, while catching up on missed payments.
- Suitable for those with regular income who want to avoid liquidation.
Chapter 11, often called a "reorganization" bankruptcy, is primarily used by corporations, partnerships, and sole proprietors to restructure debt and maintain business operations while developing a repayment plan for creditors (U.S. Bankruptcy Code § 109, § 1101.Unlike Chapter 7, which liquidates assets, Chapter 11 focuses on keeping the business alive and providing a structured path to financial recovery .