Eligibility for immigrant investors are not really strict in that what they are generally required to do is to invest a minimum of $1 million in either creating a new commercial US business or through restructure or expansion of an already existing business. The source of the money is not really an issue, as long as it was acquired through legal means. Despite the basic amount of investment, the USCIS (United States Citizenship and Immigration Services) can increase or decrease the amount of investment depending on the location that the investor chooses to establish the business; a location where there is low unemployment and good economy can call for higher than $1 million investment while rural areas with high unemployment and not doing well economically may ask for lower investment.
According to the website of the AmLaw Group, aside from the requirements needed by the USCIS, a business will need to be prepped for compliance with the US tax system that they will be adhering to. It is important to note that the United States follows a worldwide tax system, which means that the income from a US person (citizen or resident) either from the country or all over the world will be taxed in accordance to US law.
Investors are required to be actively engaged in the matters of the company. It doesn’t have to be as head of the company, but a managerial position or a policy-forming duty. Any passive investments are not generally accepted in the EB-5 category, except on certain temporary investment programs.Read More
One of the most common ways to declare bankruptcy is through Chapter 13 or reorganization of debt. This method requires you to pay back some or all of your debt after creating an extensive debt repayment plan. It is often difficult to qualify for this kind of bankruptcy since it requires the debtor to repay the debt using their own income. In order to be eligible for Chapter 13 bankruptcy, secured debt must not equal more than $1,149,525 and unsecured debt must not exceed $383,175.
Once a person is considered eligible, they are required to file Chapter 13 paperwork and receive credit counseling from an agency office that is approved by the United States Trustee’s organization. There are fees and charges associated with this process, however if an individual is unable to pay, the agency must provide the counseling service for free.
The main purpose to counseling is to create a repayment plan to restructure your debt. The detailed schedule will outline how, when, and how much you will pay towards each debt. Courts often have a suggested way of paying debts however there is no official plan. Priority debts must be paid in full according to your payment plan. These include child support, alimony, wages to employees, and specific tax obligations. In your plan, any remaining income must go towards secured and unsecured debts. In some cases, unsecured debts may be discharged partially or completely, however if funds are available to pay towards these, the courts will demand the debts be repaid.
According to the website of the attorneys at Gagnon, Peacock & Vereeke, P.C., speaking with a bankruptcy lawyer can help you fully understand the benefits of filing for bankruptcy using Chapter 13. If you or someone you know is considering bankruptcy, consult an attorney in your state to discuss your situation and legal options.Read More