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Strategies for the Debtor -
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Common Strategies There are numerous strategic advantages when filing bankruptcy. These can be sufficient to merit a bankruptcy filing. Some of these include: the Automatic Stay, use of "Avoiding Powers, Lien-stripping and the "Race to the Courthouse".
Tax Strategies Filing bankruptcy as a strategy to discharge taxes can sometimes help a debtor from a tax perspective. This is a very complex area and should be studied thoroughly by your bankruptcy attorney and tax counsel before the decision is made to file a case for tax purposes. Some of the possible advantages are:
Conclusion
There are dozens of strategic considerations involved
in making the decision to file as well as when to file bankruptcy.
There are differences between the chapters
of bankruptcy, and whether the debtor is an individual, partnership
or corporation. A true cost-benefit analysis should be performed by
the debtor, his bankruptcy attorney, and other needed professionals,
including tax counsel, so that the impact of a filing is understood
fully in advance. The client should proceed with his case having the
best advice available.
Written by Henry Rendler |
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![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() - Automatic Stay - Avoiding Powers - Lien-stripping - Race to the Courthouse ![]() ![]() - Bankruptcy Estate - Federal - Homestead - Planning ![]() ![]() ![]() ![]() ![]() ![]() ![]() - Asset Liquidation - Chapter 7 Discharge - Non-dischargeable - Repayment of Debts ![]() - The Debtor - Filing Chapter 9 - Jurisdictional Issues ![]() - Debtor in Possession - The Examiner - Reorganization/Debtor - Chapter 11 Trustee - Creditors Committee - Finances - Filing Lawsuits - Creditors' Rights - Dismissal/Conversion - Selling of Assets - Reorganization Plan - Plan Procedures - Plan Provisions - Claims - Common Plans - Payment of Interest - Chapter 11 Attorney ![]() - Qualifications - The Discharge ![]() - Advantages - Filing Chapter 13 - Meeting of Creditors - Filing Chapter 13 Plan - Creditors' Claims - Plan Confirmation - Order Confirming Plan - Appealing OCP - Modifying Plan - Defaulting - Discharge ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() What You Should Know ![]() |