Owning your own small business requires hard work and personal sacrifice, including financial investment. Small business owners commonly co-sign or provide collateral for business loans, to assist in growth and expansion of their business. Unfortunately, if the business fails or has financial difficulties, the owner who personally guaranteed the business loans is held responsible.
At the Law Offices of Michael S. Schwartz, we are dedicated to protecting your personal finances from your business's financial difficulties. To schedule a free consultation with a Southampton small business bankruptcy lawyer, call 215-396-7900 or contact us online.
Fortunately, small business owners have the option of filing for small business bankruptcy by filing for personal Chapter 7 or Chapter 13 bankruptcy. The best option for you and your small business depends on your specific circumstances.
For example, if your small business was floundering to begin with, but now provides steady, reliable income, it may be in both your (and your small business's) best interests to file for Chapter 13 bankruptcy. In this way, you can protect your investment as you pay off accrued unpaid loan balances through a reasonable repayment plan, while continuing to make payments to keep the loan current.
However, if your business has never been financially successful enough to provide a source of steady income and you meet the income requirements of the means test, Chapter 7 bankruptcy provides the opportunity to liquidate eligible assets to pay off secured creditors, while discharging debt from unsecured creditors.
For a free consultation about filing for small business bankruptcy through filing for personal Chapter 7 and Chapter 13 bankruptcy with a Havertown attorney at the Law Offices of Michael S. Schwartz, call 215-396-7900 or contact us online.
We have offices in Southampton, Havertown and Perkasie to serve you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.