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Small Business and Bankruptcy

Small Business and Bankruptcy

Posted By Law Offices of Marshall D. Schultz || 2-Jun-2014

Are you a small business owner who is currently struggling to keep up with financial obligations? Are you being threatening with legal action or worried that you will be unable to maintain operations? If so, you may want to consider bankruptcy as a way to help eliminate your outstanding debt and get your business back on track. Many small business owners have gotten their businesses off the ground by using their own personal assets and property as collateral to secure loans or back their investment. In these types of cases, it is you as the small business owner who will be held personally liable for the debt your business incurs. Even if your small business is an LLC or corporation, there is still a possibility that you and your business partners could be held partially or entirely liable for certain debts. At the very least, your business assets could wind up being sold to get your debt paid off.

At Marshall D. Schultz, our lawyers handle all types of bankruptcy cases for both individual filers and small business entities seeking debt relief. We have filed more than 10,000 bankruptcy cases and are extremely proud of the results we have helped our clients achieve. As there are many complexities involved in the bankruptcy process, it is advised you hire an experienced lawyer who can help show you the way. Our lawyers are well versed in the various bankruptcy options available to small business owners and we are committed to being the unwavering advocate you need during this difficult time.

Before you file for bankruptcy you will need to decide whether you want to reorganize your debt and get it paid off within a reasonable period of time so as to continue business operations, or if it would be more beneficial to cut your losses and close your doors. After assessing your financial situations and discussing your overall objectives, we will work with you closely to help you choose the type of bankruptcy (Chapter 7, Chapter 11 or Chapter 13) which is most likely to give you the outcome you seek. If you are a small business owner who is considering bankruptcy as a debt relief option, do not waste any time in speaking with a Detroit bankruptcy lawyer at our law offices. We await your call!

Categories: Bankruptcy, Small Business

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