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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Deciding to File a Personal Bankruptcy as a Business Owner

Posted By Allmand Law Firm, PLLC || 31-Jan-2014


With the economy still struggling to bounce back, many people have decided to start their own business when they were unable to gain employment. Having an entrepreneurial attitude during an economic downturn can be beneficial with proper planning. Yet, even self-employed individuals and those with a business run into financial problems and wonder if bankruptcy is an option.

Thinking About Filing a Personal Bankruptcy as a Business Owner?

Whether you are a small business owner or self-employed, if you are considering bankruptcy you may be able to get the fresh start you need with a personal bankruptcy filing. The process for business owners is similar to an individual seeking protection, with the exception of using W-2 information and pay-stubs. A business owner or someone self-employed would supply documentation that details earnings, losses and proof of income.

There are false assumptions that self-employed individuals or business owners who operate as a sole proprietor cannot file for bankruptcy. The process may include more documentation in this matter but an experienced bankruptcy attorney in Dallas / Fort Worth can help you get through the process. You can discuss the possibility of filing with an attorney to get a better idea on whether this can be an option.

The key for debtors in this situation is to be honest about their finances and provide clear proof of income. This includes bank statements, loss and profit sheets, or other documents you use to keep track of earnings and expenses. You can review your income and debts with a qualified financial expert such as bankruptcy attorney or certified public accountant (CPA). In doing so you can help save your business, wipe out business and personal debts, stop collections from creditors, or even end your business with legal assistance.


Categories: Chapter 11 Bankruptcy
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