Chicago Bankruptcy Lawyers: call (312) 662-1480 -or- book appt below
SMALL BUSINESS BANKRUPCY
Bankruptcy Options for Small Business Owners
If you are a small business owner facing mounting business debt, GetFiled bankruptcy attorneys may be able to help you with debt relief whether you want to continue operating your small business or liquidate/close.
We are an 40+ combined experienced in bankruptcy law, helping many individuals and small business owners obtain debt relief. Some of the business owners we have worked with have even been able to keep their businesses.
The right bankruptcy will depend on many factors, such as your business entity form. Most small businesses are sole proprietorships, partnerships, LLCs, or S corporations. Sole proprietorship is not legally distinct from you as the owner. This means that you can include personal debts in your bankruptcy, but it also means you may potentially lose personal assets with equity (e.g., home, personal property, cash in your bank account, and so forth). Similarly, partners are usually personally liable for partnership debts, but that’s not true for the owners of an LLC. Another consideration is whether you want to continue your business or have decided to close up shop.
Schedule a complimentary consultation with an experienced bankruptcy attorney:
SOUTHSIDE - https://www2.apptoto.com/b/getfiled_southside/#type
DOWNTOWN - https://www2.apptoto.com/b/getfiled_downtown/#type
Business Chapter 7
GetFiled bankruptcy attorneys can help small businesses owners with filing a business chapter 7 to help liquidate your business if you intend to shut your business down. For corporations and LLCs, the trustee will sell all your business assets. If you are a sole proprietor, then you can lose personal assets if they are not exempt so it's strongly encouraged to meet with an attorney before filing for Chapter 7 to see if it's the right option for you, as a small business owner.
Schedule a complimentary consultation with an experienced bankruptcy attorney:
SOUTHSIDE - https://www2.apptoto.com/b/getfiled_southside/#type
DOWNTOWN - https://www2.apptoto.com/b/getfiled_downtown/#type
Chapter 13 for Sole Proprietors
GetFiled bankruptcy attorneys can help small businesses sole proprietor to file for a Chapter 13 bankruptcy if you have a regular source of income. Unlike a Chapter 7, you do not liquidate your assets and instead, you will make regular payments over 3-5 years period to a Chapter 13 Trustee. Your plan payment is (percentage that you pay back to your creditors) are based on your disposable income, assets that you have that need to be protected (such as equity in your house, vehicle, and other personal properties).
Schedule a complimentary consultation with an experienced bankruptcy attorney:
SOUTHSIDE - https://www2.apptoto.com/b/getfiled_southside/#type
DOWNTOWN - https://www2.apptoto.com/b/getfiled_downtown/#type