Business Bankruptcy Location: Where Can A Business File?

Where may a business file bankruptcy? The president of a small family business based in Georgia called me to ask whether his business could file a Chapter 11 bankruptcy in Florida. The business was a Georgia corporation with offices in Atlanta, Orlando, and Tampa. The caller preferred to file bankruptcy in Florida because he thought doing so would reduce the publicity and his own embarrassment in Atlanta where the president resided. In addition, the president maintains a personal residence in Orlando where he lives half the year.

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Bankruptcy Attorney’s Advice For People Who Cannot File Personal Bankruptcy

Some people are ineligible for Chapter 7 based upon their income and cannot file Chapter 13 because they have debts above the Chapter 13 ceilings. Many other people are advised by a bankruptcy attorney not to file bankruptcy because they have assets which are not exempt in bankruptcy. I sometimes wonder what happens to people facing judgments who are told by a bankruptcy attorney that they cannot file, or should not file,  bankruptcy.

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Client’s Plan To Combine Bankruptcy And Subsequent Asset Protection

A husband and wife consulted with me about a pre-bankruptcy plan. They jointly owned a homestead which had equity. They maintained individual bank accounts and other financial assets. They had over $150k of joint unsecured debt. They wanted to start a new business which would provide their livelihood. The husband was reluctant to file bankruptcy because he may need bank financing; he could obtain financing with his debt level but not with a bankruptcy on his record.

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