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Bankruptcy: Should you Recommend It to Your Long-Term Under-Employed Clients?

- 4.6
Paula Collins

Completed

Learning Objectives

To explain how to assist clients in knowing whether bankruptcy might be right for them.
To discuss how to explain to their clients a little bit about the bankruptcy process and timeline.
To able to empathize with some of the moral baggage around the decision to file bankruptcy.
To discuss the bankruptcy process.
To analyze the tax aspect of bankruptcy.

Course Description

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.

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.

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:

Why Do Bankruptcy Courts Exist?
Famous Bankruptcies.
Signs that your client is headed for trouble.
Trusted sources of support.
Process of filing for bankruptcy.
The Means Test.
What can go wrong in a 341 meeting with the trustee?
Timeline of a Ch 7 Consumer or Small Business Bankruptcy.
Cost of a Consumer Bankruptcy.

In this CPE course, speaker Paula Collins will discuss tips for professionals while dealing with clients who are in the process of bankruptcy.

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.

Webinar Qualifies For

1 CPE Credit of Specialized Knowledge for Certified Public Accountants (CPA-US)
1 General Credit of Specialized Knowledge for Accountant/Bookkeeper/Tax Professionals
1 CPE Credit of Corporate Finance for Certified Management Accountants (CMA)
1 CPE Credit of Financial Litigation/Financial Forensics for Certified Valuation Analyst (CVA)
1 CPD Credit of Finance for Accredited in Business Valuation (ABV)
1 CPD Credit of Bankruptcy and Insolvency for Certified Financial Forensics (CFF)
1 CPE Credit of Bankruptcy, Insolvency, and Restructuring for Master Analyst In Financial Forensics (MAFF)
1 CPE Credit of Financial Litigation/Financial Forensics for Certified Business Appraiser (CBA)/Master Certified Business Appraiser (MCBA)
1 CPE Credit of Specialized Knowledge for Iowa Licensed Public Accountant (IA-LPA)
1 CPE Credit of Specialized Knowledge for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Specialized Knowledge for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Paula Collins

Owner, Law Office of Paula Collins, PLLC

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.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

Group Internet Based

Pre-requisites

None

Advance Preparation

None

FAQ’s

Click Here to View

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.6

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RB

Richard Buntin, CPA (US)

Liked how she shared how to counsel clients and how bankruptcy could be a good tool

JB

Janet Barber, CPA (US), CGMA

I love the speaker's opinion that bankruptcy isn't a horrible thing!

RB

Robert Blackwell, CPA (US)

Great information when you are advising clients

SP

Sid Packer, CPA (US)

Excellent presentation!!!

JS

John Shenk, CPA (US)

Excellent information

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1 Credit

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Subject Area

Specialized Knowledge

Completed

This course is set to be rescheduled shortly. Please fill out the short form below, and we'll let you know as soon as the course becomes available

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