As a small business owner, your personal finances may be closely intermingled with the finances of your business. If you are facing debt problems, finding the right solution may involve talking to a lawyer who understands both business bankruptcy and personal bankruptcy.
The New York business bankruptcy attorneys of Shaked & Posner, understand all forms of consumer and business bankruptcy. If you are dealing with issues like unmanageable debt, collection, repossessions and attachments, we offer a free initial bankruptcy consultation to evaluate your case and identify solutions.
Give Yourself a Bailout if You Face Debt Problems
Filing bankruptcy protects you from debt collection activities and gives you time to reorganize your business and get a fresh financial start. Two types of bankruptcy protection are available to business owners:
- Chapter 7 bankruptcy, which is usually used to liquidate a business's assets and eliminate debts when the business will not continue.
- Chapter 11 bankruptcy, which is also known as "reorganization" bankruptcy. Chapter 11 bankruptcy is the most complex type of bankruptcy. It is used by businesses and individuals with both significant assets and debts when the owner wants to continue operating the business or keep assets while reorganizing the business.
Filing business bankruptcy is a last resort. Our lawyers will counsel you about all of your options, which may include modifying lines of credit, negotiating payment arrangements with creditors and non- bankruptcy workouts. Our lawyers can also defend you from lawsuits that threaten to push your business into bankruptcy.
Are My Personal Assets at Risk When I file Business Bankruptcy?
Many small business owners form limited liability companies and corporations to protect their personal assets from excessive business liabilities. However, banks and other companies may not provide credit to small businesses unless the owner personally guarantees the loan.
If you have personally guaranteed a small business loan, you may be able to file personal bankruptcy to protect your assets.
Free Consultation with a NYC Chapter 11 Bankruptcy Attorney
Some lawyers are all about the law. At Shaked & Posner, it's people that matter. Contact our New York City Business Bankruptcy Attorneys for an honest, no-cost evaluation of your situation.
