Bankruptcy: Should you Recommend It to Your Long-Term Under-Employed Clients? 1 Credit
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Consumers and businesses file for bankruptcy to seek protection from creditors and to reorganize or liquidate debts. Bankruptcy filings rise and fall with the economy. Surveys show that loss of income is the leading cause of consumer bankruptcies, followed by medical expenses and foreclosure.Â
Corporate bankruptcies, on the other hand, are often the result of several factors, including excessive debt, decreased demand, increased costs, lawsuits, or poor accounting practices. As an accountant, attorney, or other professional, you need to be able to discuss the process and different available courses of action with your clients.Â
Depending on the specifics of your business, filing for bankruptcy could provide a viable option for debt relief and a fresh financial start. However, it’s important to evaluate all restructuring options before deciding to file as creditors are often willing to work with debtors to settle their debts. Financial planning could also be a viable option to resolve financial issues outside of bankruptcy.
The following are the major topics covered in this CPE webinar:
In this CPE course, speaker Paula Collins will discuss tips for professionals while dealing with clients who are in the process of bankruptcy.Â
We will discuss that professionals are the trusted source of support to clients as they are scared and have a lot of conflicting information, they want to have an idea about the process, tax implications, and cost of filing for bankruptcy.
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I take a personal interest in my clients and specialize in helping them find solutions to all of their business and individual needs. This means that my clients trust me on a wide range of legal and financial issues that affect their daily lives.
After an early career as a professional pianist, I began to do Tax Preparation for myself and my fellow musicians. This experience is one component of my ongoing practice of providing legal representation to individuals in contracts. I also saw the necessity of protecting assets through Wills, Trusts, and Estate Planning.
In addition to my tax and legal expertise, I have ten years of experience as a Special Education Teacher with NYC Teaching Fellows. Because of this, I have seen firsthand the importance of providing legal representation for those with special needs. The problems faced by these individuals are not abstract concepts to me.
I am a graduate of Brooklyn Law School with a Certificate in Intellectual Property, Media, and Information Law. While in law school, I won the Center for Urban Business Entrepreneurship (CUBE) competition for an app design to help Indie Filmmakers in developing contracts. Additionally, I won Regional Law School Mediation competition. This award alone is indicative of my ability to find solutions.
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Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
RB
Liked how she shared how to counsel clients and how bankruptcy could be a good tool
JB
I love the speaker's opinion that bankruptcy isn't a horrible thing!
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