Nevertheless, a Subchapter 5 filing still comes with a hefty price tag: about $10,000 to $50,000, depending on the complexity of the case, said Stuart Gold, managing partner at Gold, Lange & Majoros in Southfield, Michigan. The filing fee itself is $1,717.
Meanwhile, a Chapter 7 bankruptcy involves a trustee liquidating the filer's assets and paying off creditors to the extent possible. While this is a common route for individuals, it may not be suitable for a business entity because it won't erase the firm's debt, said Cara O'Neill, a legal editor for Nolo.com and bankruptcy and litigation attorney in Roseville, California.
"We'll see both the individual and the corporation file bankruptcy to get a fresh start or [stop] collection of any debt.""That happens all the time," said Bullock, of Stevenson & Bullock. However, there are differences in who qualifies and how debt is treated in each option. Chapter 7 generally is for people who lack enough income to repay their debt and have little in the way of assets. It also is the most common way to file individual bankruptcy.
acorns Sadness for a business owner and for the employees he had to let go...and its all China's fault!!
acorns It wasn’t COVID-19 that shut your small business down, it was the state. There is a difference
acorns
acorns Call Donald Trump who gave all of the money to his wealthy friends
acorns You guys post this as if it was a toothache ...
acorns After years of bullish, yellow journalism CNBC has the audacity to run this article? Really?
acorns Sell everything and buy FANG!