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Using Bankruptcy to Help Keep Your Business Afloat

Posted By Allmand Law Firm, PLLC || 10-Sep-2013

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Small business owners can benefit from bankruptcy in a number of ways. Aside from using this powerful financial tool to help eliminate business debt, you can get legal assistance in restructuring or reorganizing your financial obligations. This may help you gain more control over business finances while remaining in business. There are a few aspects to think about when considering bankruptcy as a solution in handling small business finances.

Bankruptcy can help your business in multiple ways. Chapter 7 bankruptcy may help you eliminate personal debt obligations while protecting business assets for sole proprietors. Chapter 13 bankruptcy may help you restructure business debt obligations into an affordable repayment schedule. With Chapter 13, sole proprietors can enter both business and personal debts. The same is true for Chapter 7 small business filers.

Chapter 13 gives you protection while making scheduled payments. Your business assets remain protected while you make payments and keep business running as usual. If your business is a partnership, LLC, or corporation, you may benefit from a Chapter 11 bankruptcy filing. Chapter 7 can also liquidate business assets should you decide to close or end operations.

Small business owners with personal and/or business debt obligations may want to review their options in more detail with an experienced bankruptcy expert in Dallas-Fort Worth. In many cases, you can protect business assets while making affordable payments or eliminating qualifying debt. You should also review exemptions available for business assets.

Reference: http://www.nolo.com/legal-encyclopedia/bankruptcy-help-continue-business.html

Categories: Bankruptcy
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