Small Business Bankruptcy

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Are You Thinking about A Small Business Bankruptcy

If your small business is in financial difficulty, you may be considering your small business bankruptcy. It may simply be time for you to look into whether bankruptcy is absolutely necessary and important aspects you should know about a small business bankruptcy. There are several questions you will need to response about your small business.

Is Your Small Business A Corporation, Relationship Or Proprietorship

You should be aware that corporations and partnerships are legal entities separate from their share holders or lovers and can file Phase 7 bankruptcy or Chapter 11 bankruptcy on their own. With a small business bankruptcy, you ought to know of a partnership’s Chapter 7 bankruptcy. The actual courts trustee can go following the partners of the collaboration if the partnership’s assets usually are not sufficient to pay the partnership debts. Using a small business bankruptcy, this can lead to partners being prosecuted by a well backed trustee suing for the benefit of all creditors of the relationship. Also, you should be aware in which proprietorships are extensions of the small business owner and can’t file bankruptcy by themselves. An individual who owns a small business bankruptcy can file Chapter 7, Chapter 11 or perhaps Chapter 13 bankruptcy provided that the debt limits tend to be met before hand.

Might you Liquidate Or Reorganize Your Small Business

This is another significant question to ask with small company bankruptcy. If you liquidate the business enterprise, you may be able to pay past due salaries and income taxes. If you reorganize the company, this may give you a serious amounts of sell the business assets and the business itself. This can help prevent the loss in assets or money to creditors collections. This is where you really need to maintain a small business bankruptcy attorney. A small business bankruptcy attorney can give you assistance that will help you avoid much pain and suffering when dealing with small business bankruptcy.

How Much Small Business Debt Is Secured

When declaring a small business bankruptcy, you will have to understand what debts are attached and unsecured. A secured debt is guaranteed by a lien of some type of property from the creditor’s. This may be by your arrangement or involuntary by way of a court judgment or taxes. With fresh small business bankruptcy laws, it is best to search online for the best attorney you can find. A small business bankruptcy lawyer has all the specialized knowledge to help make the bankruptcy process as simple as achievable. There are many important Questions and aspects to take into account with a small business bankruptcy.

Comments: 30

  1. George May 20, 2013 at 5:24 pm Reply

    My husband and I had a small restaurant together while we were married. Now we’re almost divorced and we are going to file business bankruptcy. He says he can just file on his behalf and stick me with everything. Is this possible?

  2. Darwin June 2, 2013 at 8:56 am Reply

    I have had a business for about 4 years and I need to expand it and buy more inventories. I have about $100,000.00 inventory but I can not get a small business loan because I had a personal bankruptcy about 3 years ago. Is there any way that I can get a loan? I do not mind to pay higher interest rate.
    Thanks in Advance

  3. Annice June 2, 2013 at 9:35 pm Reply

    Now that Lehman Brothers filed for chapter 11 bankruptcy, what will happen to their current employees?

  4. Delmar June 26, 2013 at 12:02 am Reply

    I keep hearing people in politics and in economics talk about helping small businesses create jobs I understand why this is important but my question is how does big businesses create jobs if only small businesses is helped ? Does big businesses not need tax cuts to create jobs ? Please don’t post answers like big businesses just ships jobs overseas because big businesses has created jobs for americans in the past. Also how does big businesses get consumer spending if only small businesses is helped ?

  5. Alise July 12, 2013 at 4:44 am Reply

    I own a small business and considered filing for bankruptcy to get a fresh start for numerous years. Or is it only for people who hold ordinary jobs. Do you know what effect it will have on my business? I need to clear my past and raise my credit scores. Could my business collapse as a result?

  6. Dorethea July 30, 2013 at 4:30 am Reply

    I don’t own a business I’m just wondering, seeing as how so many small business owners are declaring bankruptcy for their companies right now.

  7. Esperanza August 23, 2013 at 9:46 pm Reply

    Have a small business that we may have to close due to extreme debt. If I have to declare business and personal bankruptcy will business and personal credit cards be washed away?

  8. Shawnta September 13, 2013 at 2:54 pm Reply

    What happens to small businesses when they file bankruptcy? Don’t answer unless you know FOR SURE. In AZ

  9. Jerica September 24, 2013 at 1:33 am Reply

    “While bankruptcies are up, overall, small-business closures are up even more,” Headd said.

    California has been particularly hard hit. The latest data show small-business bankruptcies up 81% in the state for the 12 months ended Sept. 30, compared with the previous year. Filings nationwide were up 44%, according to the credit analysis firm Equifax Inc.

    http://www.latimes.com/business/la-fi-smallbiz-bankruptcy22-2009dec22,0,3305684.story

  10. Alaine October 24, 2013 at 5:33 am Reply

    I have a small business… sole proprietorship…. i’m having to file personal bankruptcy…mostly credit card debt and medical bills. Can I protect my business assets (my computers and some other stuff are exempt under Ch 7, but not office furniture which exceeds the personal exemption) if i convert it to a corporation a few months before filing?

  11. Soraya December 3, 2013 at 1:55 pm Reply

    I am thinking about starting a small business and taking out a loan or using a business credit card. I was wondering, if my business fails somehow, will it affect me personally?

  12. Rosy January 15, 2014 at 10:54 am Reply

    I sold as small business a couple of years ago. At the time the buyers had good credit. I owner-financed the business for 5 years. They are only 2.5 years in. After a year they sold it to someone else and the business is still strong. Now they are 2 months overdue and say they are meeting with a bankruptcy lawyer. It was financed with a personal guarantee. what are my options?
    I do have a written/signed contract. It is signed as a personal guarantee (they had not set up their incorporation yet) so it goes to them personally not their business.

  13. Tessie January 15, 2014 at 4:28 pm Reply

    I own a small business. Another small business owner owes my company about $7000 — too little to sue, probably, and he is trying to pay me back, very slowly. He is probably close to bankruptcy. What I would like is to assure myself that I’ll be among the ones to collect money if he DOES go under- should I write a letter asking to be listed as a creditor? MUST I sue to get that status? He is out of state and a lawsuit would cost plenty. Thanks!

  14. Karleen January 24, 2014 at 8:01 pm Reply

    If it gives small businesses 5,000$ to hire someone & they don’t get more customers they would have to let them go or let them sit on their duffs. All this bill will do is put the country closer to bankruptcy. This may be what obama & the democrats want. All this stimulus has only given a few government jobs that aren’t needed & some short term construction jobs.that has cost us dearly.

  15. Emely February 2, 2014 at 6:25 am Reply

    I have all the paperwork done and on paper i own the business i just need the money to start it up

  16. Stacee February 2, 2014 at 10:54 am Reply

    Married for two years, seperate bank acounts. Children from previous marriages and x spouses.
    Husband posed the idea of a secret divorce…continue to live together in a commited relationship and remarry after bankruptcy or the threat, so that my credit isn’t damaged because of his business problems. A divorce on paper only…is that illegal?

  17. Jay February 15, 2014 at 3:40 pm Reply

    Hello,

    2 months ago an employee of mine filed a legitimate wage claim to the Labor Board. We wrote a check to the “caregiver employee” that bounced, at that point she filed a wage claim. We have a hearing coming up in 2 days. In the notice of hearing, it is stated that we owe the full amount owed to the employee plus interest totaling $5k. I’ve had some unexpected health issues that has resulted in hurting my energy to do business as well as a loss in capital to use for my business.

    I’m not sure what I should do, should I file bankruptcy to avoid having to pay this debt owed to the employee? I simply don’t have the money to pay unfortunately, I want to start fresh with the business in a different name…. PLEASE HELP, I’VE NEVER HAD THIS PROBLEM BEFORE.

    Thanks in advance
    It’s an S-corporation

  18. Rey February 15, 2014 at 7:25 pm Reply

    I would like to know from experienced business owners roughly how much their business makes gross and net i.e. restaurant owners, bed & breakfast, insurance agency, car wash owners, laundromat owners etc and what the start up costs were? Also any business you would not recommend starting?

  19. Warner February 22, 2014 at 1:09 am Reply

    My boyfriend and I are planning to open a business. In the beginning, I surely run the business by myself. My little sister and mom are not working so I will ask them to go to the store to help me. They understand if I don’t give them a lot of money.
    Yesterday, my bf and I were debating about when to hire new people. I told him that I will run the business by myself for a long time. He said it will be very tiring. We started to “argue” when to hire people. I just don’t see the point of hiring anyone until we have a lot of money coming in. He said “well, you will be very tired if you work by yourself.” I said, ” I have my mom’s and sister’s help.”

    So..When do small businesses start hiring employees?

  20. Calvin February 22, 2014 at 7:39 am Reply

    What are the 7 steps of a business plan?

  21. Woodrow February 22, 2014 at 8:10 am Reply

    What are some good ideas of areas that I can start my own business. I want something that there is a really need for that there isnt many of them around. Hopefully something that doesnt take couple hundred thousand to start. Any ideas or thoughts.

    I was thinking a lawn fertalization business or gutter cleaning services. Profitable?

  22. Enoch February 22, 2014 at 8:10 am Reply

    I work for a company that is potentially looking at entering receivership to liquidate and close, opening under a new incorporated company. The director is looking to file personal bankruptcy as well since there are large personal debts owed, unrelated to the business, and also significant debts owed to the government. However, I was wondering whether a personal guarantee made by the director for the business will survive the personal bankruptcy and remain enforceable.

  23. Mariam February 23, 2014 at 11:25 am Reply

    If I file bankruptcy do I still owe anything? Do I make small installment payments? I don’t understand bankruptcy completely… I mean I know there is a fee to file… but when i do file am i clear of all my debt or do i still owe a percentage to those companies?

  24. Raymundo February 25, 2014 at 11:52 am Reply

    CAAN SOMEONE GIVE ME BRIEF, PLAIN LANGUAGE DESCRIPTIONS OF, AND DIFFERENCES BETWEEN CHAPTERS 3,7,9,11, AND 13 BANKRUPTCIES? JUST GENERAL, EDUCATIONAL INFORMATION PLEASE!!!!

  25. Terry February 26, 2014 at 5:26 am Reply

    friend of mind in FL have ignored his dedt till he got lowsuit …i think he owe all together aroung $6000 and some $1500 he want to bankruptcy because his wife own a small restaurant and he doesn’t want them to touch the restaurant..
    Can he file bankruptcy…

  26. Sallie March 15, 2014 at 12:25 am Reply

    It seems unfair when a company files chapter 11 they only have to pay back a portion of what they owe to creditors. is this true and how many time can you file bankruptcy until they say you can’t?

  27. Hollie May 11, 2014 at 3:24 pm Reply

    my dream is to own a coffee/sweets shop.

    but i have no clue how to start. im still in high school. what classes do i need to take in college? what part of business should i major in? any suggestions or advice would be greatly appreciated.

  28. Felton May 14, 2014 at 8:56 pm Reply

    @ding and cold
    you know what i meant
    edit:
    all right you side-stepping morons, i feel sorry for people who are so stupid and set in their misguided ways that they can not even answer a simple question

  29. Leta June 8, 2014 at 1:16 am Reply

    yesterday Lehman bros. hldngs. Co. went to bankruptcy; yet it still operates in the stock market (LEH); yesterday it started at 0.19 and finished at 0.21; for me bankrupcy means that the company is unable to substain its bussines and therefore it goes out of the market, but opposite of what I thought it still operates in the market; could someone explain me why and whether it is a good idea to buy the stock at 0.21.

    Thanks

  30. Deane June 13, 2014 at 11:28 am Reply

    I need to file Chapter 7 Bankruptcy. My income for the last six months is about $10,800, well below the median test for NY State. However, my salary comes from my small business, which is an S Corporation. I am the only owner, and I pay myself out of that corporation. Am I able to continue to run my company and declare Bankruptcy at the same time, or would I be forced to close the corporation?

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