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How to File for Bankruptcy for Your Business

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Summary: File for bankruptcy for your business by hiring a lawyer and gathering important documentation regarding business expenditures, assets, inventory and received accounts. Review tax returns and ledgers in order to successfully file for bankruptcy with information from a lawyer in this free video on bankruptcy.

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By Andy Forman
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Andy Forman, Attorney at Law, has been in bankruptcy representation for over two decades and has lead council in over 3,000 bankruptcy cases. Forman is a member of the Florida Bar and...read more

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Video Transcript

"Well you have a small business, and you're considering filing a business bankruptcy. My name is Andy Forman, and I'm a consumer and business bankruptcy lawyer in Tampa, Florida, and I help and assist small business in filing bankruptcy reorganizations. One of the first things you're going to need to do is hire a lawyer. The Constitution allows individuals to file their own bankruptcy cases, but businesses are required to have lawyers, otherwise they would be engaged in the unlawful practice of law. In order to file a business bankruptcy, after you've retained counsel, you're going to need to gather information regarding the business, copies of tax returns, profit and loss statements, ledgers, accounts receivable, a list of the assets and inventory, the names and addresses of your creditors. This information will be given to your business bankruptcy lawyer and he'll prepare the petition and schedules that will be filed with the court. About 30 days after your business files for bankruptcy, you'll be examined by a trustee who will make inquiry into your assets and your liabilities, your accounts receivable. They'll review your tax returns and your statements. In some cases, you'll do a reorganizational bankruptcy, but you'll go over that with your lawyer, and he'll work through that process. My name is Andy Forman, good luck with your business bankruptcy."

eHow Article: How to File for Bankruptcy for Your Business

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