How Can I Save My Business?
Starting your own business is hard work. Unfortunately, even though you pour your time and energy into it day after day, sometimes that is still not enough to avoid crushing debt. You may wonder if this is the end of your dream. The good news is that debt relief is available for small-business owners. At Nicolet Law Office, S.C., we will invest the time to understand your exact situation and recommend a path forward. We proudly serve clients throughout Wisconsin.
Debt does not always mean the end of your business. Call us for a free consultation.
What Are My Options?
As a small-business owner, you can choose from different bankruptcy types, depending on the specifics of your situation:
- Chapter 7 Bankruptcy
This allows you to pay off a reduced debt load by selling some business assets and retaining others. Chapter 7 finishes in a matter of months.
- Chapter 13 Bankruptcy
This may be an option if you are the sole proprietor of your business. Chapter 13 allows you to create a repayment plan for business debts, payable over three to five years and subject to bankruptcy court approval.
- Chapter 11 Bankruptcy
This is a so-called “reorganization” bankruptcy that allows you to restructure your business debt and continue operating, subject to creditor approval. Chapter 11 is a common option for businesses whose debt exceeds the limit for Chapter 13.
Can My Business Continue Operating During Bankruptcy?
This depends on the nature of your debt and on the revenue stream for your business. Some businesses can reorganize their debts and keep their doors open while paying down their obligations at the same time. Others have such overwhelming nondischargeable debt that they need to wind down operations and close.
No two bankruptcies are the same, so a realistic answer for your business requires a careful analysis. Our experienced attorneys will discuss your situation in greater depth during a free initial consultation.
Get The Help You Need To Save Your Business
The path out of debt begins with speaking to a bankruptcy lawyer. Get in touch through our online form, or else call our office: 715-802-0872. We have convenient office locations throughout Wisconsin, including Hudson and Eau Claire.