In the days before the Covid-19 pandemic, a new chapter of bankruptcy was created to make small business bankruptcies faster and cheaper. This new “Subchapter V” could not have come at a better time. Subchapter V was recently made more…
Category: Business Bankruptcy
Chapter 11 Bankruptcy May Be the Best Way to Handle Employment Tax Debts
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As most small business owners know, there are various business taxes a company is required to collect, account for, and pay over to the taxing authorities. In Massachusetts, businesses are required to withhold income for both state and federal income…
Bankruptcy and Sales Tax Problems
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A sales tax debt is a tough debt to have. Because of penalties and personal liability, bankruptcy may sometimes be the only way to manage a tough sales tax problem. What is the sales tax and who is required to…
Chapter 11 Bankruptcy Reorganization in a Nutshell
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Unlike in Chapter 7 and Chapter 13 bankruptcy, creditors have a vote on what happens in Chapter 11. Chapter 11 bankruptcy is sometimes used by individuals who are over the Chapter 13 debt limits, but most of the time businesses…