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Facing Bankruptcy as a Small Business Owner?

Bankruptcy for Small Businesses in California

Call Rancho Cucamonga Bankruptcy Lawyers (888) 836-2396

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.

What Types of Bankruptcy Can a Business File?

If you have a business and need to file for bankruptcy, your options are:

Chapter 7 Bankruptcy for Businesses

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 can continue to run your business after bankruptcy while rebuilding your credit, however, if you are not the sole proprietor and you own the business as a partnership or corporation, you would most likely be forced to sell the business assets as part of the liquidation process to settle the debt owed.

Chapter 13 Bankruptcy for Businesses

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 have the option of working out a payment plan that would allow you to keep all of your business assets. With Chapter 13, you have the ability to run your business throughout the bankruptcy process.

Chapter 11 for Businesses

With Chapter 11 bankruptcy, you can restructure your debt and maintain ownership of your business. You can only seek a Chapter 11 bankruptcy if you own the small business as a partnership, corporation, or limited liability corporation.

Legal Representation for Small Business Owners in Rancho Cucamonga

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. At Atlantis Law, our attorneys will help you every step of the way and can answer any of your questions.

We have represented clients for years and have successfully handled complicated Ch.7 with tax debt, EDD & SSI overpayment, business debt and business BKs. If you are a small business owner and need to file for bankruptcy, contact us today!

Contact Atlantis Law Firm to discuss your available options!

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