Analyze the effects of liquidation on the liquidating corporation is chris brown dating anyone
Debtors should be aware that there are several alternatives to chapter 7 relief. With the court's permission, however, individual debtors may pay in installments. For example, debtors who are engaged in business, including corporations, partnerships, and sole proprietorships, may prefer to remain in business and avoid liquidation. Debtors must also provide the assigned case trustee with a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case (including tax returns for prior years that had not been filed when the case began). In addition, the Bankruptcy Code will allow the debtor to keep certain "exempt" property; but a trustee will liquidate the debtor's remaining assets. An individual cannot file under chapter 7 or any other chapter, however, if during the preceding 180 days a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court, or the debtor voluntarily dismissed the previous case after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property. Even if filing jointly, a husband and wife are subject to all the document filing requirements of individual debtors.
(If this were a corporation, income tax expenses would be part of the income statement and the gain on discontinued operations would be reduced by the income tax expense associated with the gain.
1006(b); Bankruptcy Court Miscellaneous Fee Schedule, Item 8.