Bankruptcy for Small Businesses
Posted on Friday, January 20th, 2017
Maintaining a small business can be an exhilarating experience for most people. However, not everyone is as successful as the next, and when a business begins to struggle, debt may begin to build causing much unwanted stress. Fortunately, there are options a small business owner can take to help save the business and possibly reduce the amount of debt. If you own a small business and are becoming overwhelmed by debt, filing for bankruptcy may be a solution that has the potential to provide some relief.
To learn more about filing bankruptcy for your small business, call Amerio Law Firm in Sacramento at (916) 419-1111 to schedule a free consultation with one of our bankruptcy attorneys.
There are a few factors to consider to determine if bankruptcy will help your business. You will want to consider:
- The legal form of the business (i.e., sole proprietorship, general partnership, corporation, etc.)
- The liability of the debts (personal liability)
- Will the business continue running or will it close
- The type of debts incurred
All these factors play a key role in assisting you and your business. As a business, there are two options when filing for bankruptcy: Chapter 7 and Chapter 11. Most small business owners are concerned about the repercussions after filing bankruptcy. For example, many are worried about acquiring credit or loans after filing, but most are more concerned about finding a solution to keep their business operating. At Amerio Law Firm in Sacramento, your concerns are our concerns, and we carefully examine all documentation to provide clear and sound legal advice on the best course of action to take.
After determining what type of bankruptcy to file, the bankruptcy attorneys at Amerio Law Firm will work with you to help you understand the process and how it will impact your business. Depending on the amount of debt that your small business has incurred, filing for bankruptcy is helpful with reorganizing debts, eliminating personal liability for company debts, and it can even help liquidate the business. Our bankruptcy attorneys also work with you to understand the goals you have for your small business to determine the correct chapter of bankruptcy that should be filed.
Filing for bankruptcy can be a tough decision, but having a knowledgeable attorney behind you can really help the process go smoothly. To learn more about filing bankruptcy for your small business, call Amerio Law Firm in Sacramento at (916) 419-1111 to schedule a free consultation with one of our bankruptcy attorneys.