When you are running your own business, bankruptcy is a very real possibility, and depending on how your business formation process went, your own, personal assets could be on the line.
Our Chapter 7 and Chapter 13 bankruptcy attorneys been advising both small and large businesses for years in order to give them options to move away from bankruptcy or paths to take when bankruptcy is the only option. In this way, we have helped so many find the relief they need in a tight financial situation.
You may know that there are two different kinds of bankruptcy, and each have their own benefits and drawbacks.
Chapter 7 Bankruptcy
Known as the liquidation bankruptcy, chapter 7 eliminates your unsecured debts by selling your nonexempt property. The key to finding an attorney that can give you the best chance at a new beginning here, is finding one that can make sure your home, cars, and other important assets are exempt from liquidation.
Chapter 13 Bankruptcy
Known as the reorganization bankruptcy, it allows you to keep all of your assets, but reorganizes your debt so that you are able to pay off at least a portion.
Knowing which way to go is a discussion for you and an attorney who cares. Contact us today to find out how we can help you make the best decisions for you and your business.