Chapter 13 Bankruptcy for Small Business Owners

If you are a sole proprietor or general partner, Chapter 13 bankruptcy may help your struggling business. Through Chapter 13, you can keep your business and repay business debt over a three to five year period.  But there are limitations -- you can't file for Chapter 13 if your business is a corporation or limiited liability company. And if you want to close your business, Chapter 13 might not be a good option.