Many people who file for bankruptcy face a number of financial hardships. These hardships often include numerous overdue tax payments, which are often referred to as back taxes.

During a bankruptcy filing, an individual's back taxes are usually put on hold. While this hold may not remove the back taxes from the individual's obligations, it will often give them time to settle other financial matters and raise enough money to pay off their back taxes. 

If you or anyone you know has questions about their back taxes, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100. 

When a company files for bankruptcy, the company may be able to get rid of certain debt obligations. However, certain debt obligations will likely stay on the books and must be paid off.

If the company does not have enough assets to cover the debts, then the owners may have to use their personal assets to pay off the debts. This situations usually does not arise in corporations, in which the stockholders personal assets are protected. 

However, if the company is a partnership or sole-proprietorship, then some or all of the owners may be forced to use their personal assets to pay off the company's debts. 

If your company is overloaded with debt obligations and considering filing for bankrupty, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

According to a bankruptcy trustee, 154 people filed claims against Peanut Corp. of America, according to the Associated Press. They claim that they became sick from a salmonella outbreak linked to the peanut company. 

The outbreak was traced to plants in both Texas and Georgia. As a result of the outbreak, the company was forced to file for Chapter 7 bankruptcy. 

At this time, the amount and timing of the claims is unknown but will be determined during the bankruptcy proceedings. 

If your company is considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100. 

When partnerships file for bankruptcy, there are many financial, tax, and legal consequences. Oftentimes sorting these issues are complicated and require the help of a third party.

For tax purposes, the amount of tax obligations or benefits due to each partner will often depend on the partner's basis. If the partner has little or no basis, then that partner may not receive any tax benefits. 

For legal purposes, the legal implications will often depend on the type of partnership. If a partner is a limited partner, then that partner may not be liable for debt obligations, while a general partner may be liable for some or all of the debt obligations. 

If your partnership is considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP LLP at 512-338-1100.

When companies file for bankruptcy, they are typically able to get out of paying many of their debts. However, they usually are still required to pay their taxes.

For many companies, this tax burden can be substantial, especially if the company has not paid all of their taxes in the past. If these taxes have not been paid, then the IRS may target the company and begin an investigation. 

If the IRS determines that the company owes taxes for previous periods, the company has a number of options. These include paying the taxes immediately or contesting the IRS's claim in court. 

If your company is considering filing for bankruptcy, contact the Austin Chapter 11 bankruptcy lawyers of Slater Kennon LLP, 512-338-1100. 

After the recent bankruptcy filing of CIT Group Inc., a spokesperson for Dell said the computer company would not be impacted. Dell uses the small-business loan company to administer some its loans to its customers. 

CIT filed for Chapter 11 bankruptcy in order to restructure its business after many months of decline. Since CIT's decline, however, Dell has been doing less business with the small-business loan company. 

If your company is considering filing for Chapter 11, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.