Chapter 11 Bankruptcy

Bankruptcy attorney Matt Christensen explains debtor's exams and how they happen in Idaho State Courts. He also covers a list of exemptions that would apply to the collection of those judgments here in Idaho.

Below is a transcript of the video, formatted for readability. 

Hi, my name is Matt Christensen. I am a partner here at Johnson May. Today I am discussing debtor's exams, how those happen in state courts in the state of Idaho, and then exemptions that would apply to the collection of those judgments.

As a business owner, there are very few things more unsettling to consider than shutting down your business or filing bankruptcy. The US Bureau of Labor Statistics (BLS) finds that 20% of new businesses fail during the first two years, 45% during the first five, and 65% during the first 10. Only 25% of new businesses make it to 15 years or older.

These are sobering statistics, to be certain. However, filing for bankruptcy does not necessarily have to spell the end of your business. Similarly, many businesses that do close never pursue bankruptcy. Typically, most businesses that file bankruptcy do so due to overwhelming debt. There is a bright side to all this: some businesses are able to save themselves by renegotiating untenable debt situations and essentially ‘starting fresh.’