Category: Bankruptcy

How Do You Declare a Business Bankruptcy?

• January 22, 2024
• Kelvin Birk
• Bankruptcy

Whether due to declining sales, increased business competition, or difficult economic headwinds, unforeseen circumstances can leave business owners struggling with mounting and unmanageable debt. Creditors may be calling, and banks are pressuring you to repay loans. If this sounds like your situation, it may be time to declare a business bankruptcy. Rather than being a discouraging end to your business, bankruptcy can actually provide a fresh start for you and your family. Whether you dissolve the business altogether or simply restructure its debt, there are multiple bankruptcy options to explore, and an experienced

Can you go to jail for credit card debt?

• March 1, 2022
• Kelvin Birk
• Bankruptcy

Back in the olden days of England there were things called “debtors’ prisons,” but those have long since been done away with in modern times. These days, no one goes to jail for credit card debt. However, credit card debt can cause all kinds of other hardships including stress, financial woes, low credit scores, and roadblocks to getting a home mortgage.

While you can’t be arrested or put in jail for past-due credit card payments, there are a few kinds of debt that could land you behind bars. For example, failure to pay federal taxes or filing fraudulent tax returns could result in going to jail. Or being in contempt of court by refusing to pay large overdue