Brandon Small Business Bankruptcy Lawyer
Bankruptcy for Small Business Owners in Hillsborough County
Can a Business File for Chapter 7?
If you own and run a small business and have fallen into serious debt, it may be wise to file for Chapter 7 bankruptcy and discharge all of those expenses. 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.
Some business owners choose Chapter 7 bankruptcy if their businesses have assets that can be liquidated. If the business does not have assets, then the owner may be able to file under Chapter 7 and avoid creditors taking action against the individual owner. However, if you do not have assets to liquidate, it may be wiser to let the corporation end by not filing for corporate status.
When Should I File for Business Chapter 7?
At 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.
Our firm can help you to do this in an efficient manner. You can save a lot of time by filing for these bankruptcies at the same time. 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.
Benefits of Filing Business Bankruptcy
The benefits of filing Chapter 7 for small businesses is different depending on how you file. If you are a sole proprietor, it will allow you to wipe out your personal and business debts in one case. If your business debt is more than your personal debt, you do not have to meet the requirements based on the means test.
Call Our Small Business Bankruptcy Lawyer in Brandon
Learn more about Chapter 7 for small businesses. Call an experienced Tampa chapter 7 bankruptcy attorney at The Golden Law Group. We are ready to answer all of your questions about bankruptcy, debt relief and illegal collections practices. From convenient office locations, we represent small business owners in bankruptcy matters in Brandon, Tampa, 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.