Should your small business file for Chapter 7?
Get Your Free Case Review
Home | Bankruptcy | Should your small business file for Chapter 7?

Should your small business file for Chapter 7?

| Jun 11, 2015 | Bankruptcy

Making the decision to file for Chapter 7 is never easy. When the bankruptcy involves your small business, it can be an even more difficult decision to make. While filing bankruptcy doesn’t necessarily mean you have to shut your business down, it does have some risks as well as some benefits that you may need to consider.

If you have run your business as a sole proprietor rather than a corporation, filing for Chapter 7 could potentially allow your creditors to go after you for any personal property that you may own. This means that the court could order your possessions to be sold to help pay off your debts.

Although it is possible to file for Chapter 7 for your small business without the help of a legal professional, you could potentially make costly mistakes trying to handle it all by yourself. Since there is a good chance that your small business is intertwined with your own personal finances, you may find that it is much easier to request the services of an attorney to help you sort the whole mess out.

Despite these drawbacks, you may find that getting out from your load of debt by filing Chapter 7 will allow you the opportunity to begin anew with a new business or venture. Filing bankruptcy often gives business owners a way to examine what went wrong with their old business strategy and can help them to not make the mistake again when they start something new.

Individuals who are considering filing a Chapter 7 bankruptcy may find it beneficial to learn more about the legal process and how it could pertain to their own personal case.

Source: FindLaw, “Should Your Business File for Bankruptcy?,” Brett Snider, June 11, 2015

Archives

Categories

– Why Hire Nicolet Law? –

Get An Experienced Lawyer On Your Case

We’ve helped thousands of clients with a wide range of legal needs. Let us put the skills and experience we’ve gained along the way to work for you!

Get Our App!

Get our convenient, secure app to
send us legal documents and pay your bill. Available on the App Store and Google Play.

More Than

Million Recvered for our clients

Over

Clients Helped

More Than

Years In business

Over

Years of Combined Experience

What Our Clients Say About Us

powered by BirdEye

Awards & Recognition

Our peers and independent third-party organizations have recognized the hard work and dedication we put into every case. This has led to numerous awards and accolades.

From Our Blog

Road construction results in more dangerous roads

The summer season calls many people on to the streets. In addition to regular traffic, road tripping, family vacations, and...

Uninsured personal injury claims

Insurance is the safety-net that nearly anyone that becomes a victim of an accident needs to recover from the damages. The...

BSA Files for Bankruptcy Following Sex Abuse Scandal

Since its inception in 1910, the Boy Scouts of America has become synonymous with American boyhood. In recent years,...

The Advantages of Hiring a Local Attorney

Who Needs an Attorney? Most people never think about needing an attorney. Nevertheless, situations will inevitably arise in...