Small Business Bankruptcy
Unfortunately, when a small business struggles to make ends meet, it may become overwhelmed with debt. In some cases, the company’s best option may be to file for some form of business bankruptcy. Although bankruptcy seems like an acceptance of defeat, in many cases it can be the fastest route to a clean slate and a new beginning.
If you or someone you know is operating a small business that is slowly going under, you should consult an attorney about your legal options. Contact the West Palm Beach bankruptcy attorneys at Eric N. Klein & Associates, P.A. to discuss your financial situation with a professional. Call 561-353-2800 today to schedule a free initial consultation.
Business Bankruptcy Options
Because each case has unique circumstances regarding investments and debt, it is important that you consult an experienced bankruptcy attorney before proceeding. Four of the most common types of business bankruptcy are:
- Chapter 7-This option allows small businesses to liquidate their assets to pay their creditors, as opposed to restructuring their business.
- Chapter 11-This form of bankruptcy allows businesses to continue operating so long as they restructure their repayment of debts.
- Chapter 12-Businesses cannot file for Chapter 12 bankruptcy; however, sometimes individuals file for this type of bankruptcy to repay debts incurred due to the failure of a small business.
- Chapter 13-This type of bankruptcy typically applies to family farms, and allows the family to continue farming while paying off debts.
Contact Us
If you are struggling to repay your debts, you do have options. Regardless of whether you are considering personal or business bankruptcy, the West Palm Beach bankruptcy lawyers at Eric N. Klein & Associates, P.A. can help. Contact 561-353-2800 today to discuss your financial situation with a professional.
