The Small Business Owners Guide to Bankruptcy

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If bankruptcy is the best alternative, however, we are highly experienced business bankruptcy lawyers who have guided countless clients through the complex process of small business bankruptcy. If you own a small business that is overburdened with debt, our experienced Los Angeles small business bankruptcy lawyers can help.

Contact us online or call us for a free consultation at as soon as possible. Our Los Angeles small business bankruptcy lawyers can guide you through the challenges you are facing.

We are extremely effective in helping small businesses achieve the best possible financial outcome when problems arise, and our attorneys have more than six decades of combined legal experience. We know the law and we know how to help you pursue your best interests.

The Personal Bankruptcy Option When Going Out of Business | Nolo

Is bankruptcy the right choice for your small business? Which Chapter should you file under? Which does your business qualify for? These are complex questions that have great significance for how you should proceed.

Small Business Bankruptcy & Its Effects

When you reach out to our small business bankruptcy lawyers, we will provide a comprehensive analysis of your circumstance. In a free consultation with our attorneys, we will help you make the right decision, obtain the proper documentation and answer even your most complex questions about small business bankruptcy.


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  • We have represented countless individuals, corporations, and small businesses as they successfully emerge from bankruptcy throughout Los Angeles and all of Southern California. Regardless of the details involved in your case, we have the experience and resources to assist you.

    Montana Small Business Bankruptcy: Who is Responsible for the Debt?

    In general, the bankruptcy Chapters available to a small business depend upon what kind of legal entity it is:. The following bankruptcy Chapters are available to small businesses, depending upon what type of legal entity they are:.


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    • Which Chapter? In general, the bankruptcy Chapters available to a small business depend upon what kind of legal entity it is: A Sole Proprietorship: If the business is a sole proprietorship then the owner and the business are one in the same. This means that the owner is personally responsible for all of the business debts.

      If a sole proprietorship files for bankruptcy, then the owner is filing for themselves personally as well. That said, the amount of property you can protect in Chapter 7 bankruptcy varies greatly from state to state and also depends on the value of your assets. If your business is a partnership, corporation, or LLC, Chapter 7 is an easy and transparent way to close your business and liquidate its assets, as the trustee becomes responsible for selling off assets and paying your creditors. This provides you with a convenient way to wash your hands of the failing business and start with a clean slate.

      Conclusion

      Only sole proprietors receive a discharge of business debts by filing Chapter 7. Also, business entities are unable to use exemptions to protect assets in Chapter 7, which means the trustee will sell off all of your business assets to pay creditors, and your business will be closed for good. This is why many business owners file for Chapter 7 on behalf of both their business and personal liabilities. Moreover, some debts are not dischargeable, including student loans, child support and alimony, along with certain income taxes, so in these cases, Chapter 7 would do no good.

      Navigating the bankruptcy process is a complicated undertaking and should only be done with the trusted advice of legal counsel.

      Five Ways To Avoid Bankruptcy When Starting A New Company

      Contact me today to learn more. This article is a service of Beverly R. Apr