BRANDON SMALL BUSINESS CHAPTER 7 LAWYER SERVING HILLSBOROUGH COUNTY
Filing Personal and Business Bankruptcy at the Same Time
Owners of small businesses often have their personal assets tied to their
business property. When debt becomes too great, and the business income
cannot keep up with payments to creditors, Chapter 7 bankruptcy may be
a viable solution.
The Golden Law Group, we often advise business owners that they don't file for
Chapter 7 for their business entity. If the business has insignificant assets and
is no longer a viable business entity, it may be the best solution to
simply let the corporation die by not renewing its corporate status. If
the business has assets that can be liquidated, however, it is probably
best to file for Chapter 7, to ensure that creditors cannot take action
against the individual owner.
If you have commingled your personal assets with your business entity,
it may be best to file simultaneous Chapter 7 bankruptcies for yourself
and your business. By filing simultaneously, you won't necessarily
reduce your filing fees and attorney costs, but you will save a significant
amount of time by having the two bankruptcies confirmed in the same time
frame, rather than consecutively.
Learn more about Chapter 7 for small businesses. Call an experienced Florida
bankruptcy attorney at The Golden Law Group. We are ready to answer all
of your questions about
relief and illegal
From three convenient office locations, we represent small business owners
in bankruptcy matters in
Sarasota, and communities throughout the Florida Gulf Coast region. If you are
over your head in debt and don't know where to turn for relief, turn to us.
Contact us today for a free, no-obligation consultation.