Bankruptcy

Yet Another Way to Keep a Business in a Chapter 7 Bankruptcy Case

By Joseph McDaniel, Esq.

Let's do a quick recap; bankruptcy is critical to job-formation in the United States because entrepreneurs need to be able to learn their jobs, because no school teaches you how to be an entrepreneur. That's partly because the job description changes daily.

It's also because running any particular business requires a learning curve.

So for any particular biz, all you need to do is to work on it like crazy for five years. And then experience the heartbreak of massive failure.

And then the humiliation of bankruptcy, a public failure. That's public record.

But by then, Grasshopper, you will have learned the answer to the Koan!

Not the ever-popular "What is the sound of one hand clapping?"

But one that's more useful in the business world: how do I run this business without ANY overhead, just by subcontracting the elements of the business, and overseeing the process?

Okay, the first Koan is much more elegant.

But finding the answer to the second Koan makes you very, very happy indeed.

Note: this is a post-graduate issue. If you have a brick-and-mortar business, and you want to keep and improve that by way of your bankruptcy, don't be embarrassed. The trick with the loaves and fishes is not so easy, Grasshopper!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on February 11, 2010 (boomark / email).