Bankruptcy for Small Businesses in California

Get Help from Experienced Rancho Cucamonga Bankruptcy Lawyers

Small business owners face different challenges than other individuals when filing for bankruptcy. Make sure you have efficient, dedicated lawyers on your side when you begin the bankruptcy process. It may seem difficult for you to figure out how to proceed with your bankruptcy when you own a small business because there are many different assets to consider. The attorneys at Atlantis Law can evaluate your situation and help you determine the best option to seek relief from your debts.

Bankruptcy Options for Business Owners

Facing bankruptcy for small business owners may seem daunting. If you are a sole proprietor to your business, you can get rid of business and personal debts at one time if you file a Chapter 7 bankruptcy. This does not necessarily mean that you would lose your business, as it could be an asset that is eligible for exemption. You could still run your business after bankruptcy, while beginning to re-build your credit. However, if you are not the sole proprietor and you own the business as a partnership or corporation, you would likely be forced to sell the business assets as part of the liquidation process to settle the debt owed.

If you cannot qualify for a Chapter 7 bankruptcy, you might be eligible for a Chapter 13 bankruptcy. If you are a sole proprietor, you could work out a payment plan that that would allow you to keep all of your business assets. In a Chapter 13 bankruptcy, you could run your business throughout the bankruptcy process.

There is another option available to small business owners -- a Chapter 11 bankruptcy. You could restructure your debt and maintain ownership of your business in this type of bankruptcy. You can only seek a Chapter 11 bankruptcy if you own the small business as a partnership, corporation, or limited liability corporation. Each type of bankruptcy has its own advantages and drawbacks. The laws regarding bankruptcies are difficult to understand, so make sure you have a team of intelligent, capable attorneys with proven results on your side.

Legal Representation for Small Business Owners in Rancho Cucamonga

At Atlantis Law, the team of attorneys will help you throughout the bankruptcy process. They have represented clients for years and have a 100% success rate for discharge in Chapter 7 bankruptcies. Atlantis Law's knowledgeable lawyers will help you file for bankruptcy as a small business owner. Contact the firm today to discuss your available options!

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