Chapter 7 Bankruptcy for Small Businesses
Many small business owners find that a personal Chapter 7 case is best.
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If you are a small business owner struggling with debt, Chapter 7 bankruptcy may help. Chapter 7 bankruptcy can eliminate most or all of the debts for which you are personally liable. If you are a sole proprietor or your business is a general partnership, you are personally liable for your business's debts, and Chapter 7 may work well for you. If, on the other hand, your business is a separate legal entity, such as a corporation or LLC, you must file a bankruptcy on behalf of the business. While you may be able to use Chapter 7 in this situation, you'll need a lawyer to represent you.
If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.
Chapter 7 bankruptcy can help you eliminate personal liability for business debts.
If you have primarily business debts, you don't have to pass the means test in order to qualify for Chapter 7 bankruptcy.
Find out how Chapter 7 bankruptcy works for sole proprietors, partnerships, LLC, and corporations.
As a sole proprietor, you may be able to wipe out both your personal and business debts by filing Chapter 7 bankruptcy.
Learn about Chapter 7 bankruptcy for partnerships and how it may affect you as a partner.
Chapter 7 bankruptcy can help corporations and LLCs going out of business by providing an orderly liquidation of the business.
Find out whether Chapter 7 personal bankruptcy will wipe out your business debt.
In many cases, small business tax debts are not discharged in Chapter 7 bankruptcy. But there are some exceptions.
If you are a sole proprietor, find out what happens to your business assets in Chapter 7 bankruptcy.
In most cases, you won't be able to continue operating your business when you file for Chapter 7 bankruptcy. There are some exceptions, however.
Stephen Elias, author of Bankruptcy for Small Business Owners, offers up answers to some of the most common questions small business owners may have about Chapter 7 Bankruptcy.
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.
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