Our attorney can help you understand your options when it comes to small business bankruptcy.
If you’re a small business owner in the Jupiter, Florida area who is struggling to find relief from debt, we encourage you to reach out to our attorney at Gort Law P.A. For decades, our attorney has worked at the intersections of the business and legal worlds, and he can help you determine if small business bankruptcy is right for you.
When it comes to small business bankruptcy, our attorney can assist with both Chapter 7 and Chapter 13 bankruptcy. If hard times have made it impossible for your company to sustain operations, filing for Chapter 7 bankruptcy may be the best choice. Filing for it involves liquidating non-exempt assets to pay off creditors. However, this type of bankruptcy can completely discharge debts and help you close your business in an orderly manner. If you have personally guaranteed your business debt, you may also choose to file for Chapter 7 bankruptcy to wipe it out.
On the other hand, Chapter 13 bankruptcy allows you to reorganize debts and create a feasible repayment plan, all while continuing to operate your company. This type of bankruptcy is only an option if you are a sole proprietor. You cannot file for Chapter 13 as an LLC or corporation.
When you contact our attorney regarding small business bankruptcy, he will take the time to answer any questions you might have as well as review the options you have to ensure you get the details you need to determine your next step. In addition, our attorney can explore alternatives to bankruptcy to assess if another path is the best choice, such as debt consolidation, selling assets, or negotiating with creditors.
If your company is struggling financially and bankruptcy seems like a viable solution, contact us today.