https://youtu.be/BxSjEQwmM28 What are the biggest mistakes individuals that are facing taxed bankruptcy need to avoid? So, some of the biggest mistakes include filing the wrong type of bankruptcy, filing prematurely without engaging in adequate bankruptcy planning. Also, many businesses don't consider the impact of liens on their cash collateral and their ability to continue to operate in the event of a proposed reorganization or restructuring. Oftentimes, business bankruptcies include tax claims that can be pursued against certain individuals involved in the business such as the CFO, or other people involved in making managerial decisions. So, making proper designated payments before the case is filed is often important to eliminate or reduce the individual's exposure to those trust fund types of taxes. Additionally, many of these business owners do not realize that they can use the bankruptcy court as a forum to litigate and dispute tax claims in a more efficient and effective manner.