When you run a small business it’s not easy to get to the point that you have to file bankruptcy. It means possibly shutting the door on your dream of running your own business. But there could be a way that you may be able to keep your doors open and still file for bankruptcy.
Chapter 11 Bankruptcy
This type of bankruptcy is set up to be used by corporations and individuals who own businesses. When you run a small business and your getting to the point of where you unable to pay all the bills you have you may want to consider this option. With this type of bankruptcy a business can reorganize their debts. Hopefully with this reorganization they should be able to make payments and keep their small business running.
Most of the bigger corporations out there will usually have a lawyer or a few lawyers on their payroll to handle these problems. But most likely if you run a small business you will not have a lawyer on your payroll. But they shouldn’t be that hard to find. Open up the yellow pages or go on the internet and do a search engine search for bankruptcy lawyers. Talk to a few before you make your final decision, this isn’t going to be a cheap undertaking by far. Just to file for a chapter 11 bankruptcy it will run you over $1,000. That doesn’t even include the fees that your attorney will charge you. But it’s really important to get an attorney to make sure all the records that are needed by the court are filled out and filed correctly. This is why you need to see a few Tampa bankruptcy attorneys and see if you can get the best fees possible.
There are certain things the courts will ask for with a person who runs a business they will need to provide not only the business information, but also they need to supply their personal financial information. Another reason why you should hire a lawyer, they know ins and outs that might help you out in filing the bankruptcy. With the information you will need both the assets of your business and personal assets, liabilities of both. How much you make and what you pay out, again for both business and personal. To find out more specifics of what you will need to provide you can read up more on the internet or you can call an attorney. Several attorneys will most likely meet with you for the first time for free. So get to looking if you feel you need to take this step. Make sure you take the step after much thinking. Don’t wait too long though, you may not be able to try and save the business even once your bills are reorganized. With all the paperwork ready your attorney will be able to file your petition for bankruptcy, than it’s only waiting for court and the judgment.
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Filed under: Bankruptcy Law |