How can bankruptcy help small business owners?

by DeLadurantey Law Office, LLC on November 8, 2013

How can bankruptcy help small business owners?If you own a small business, you are familiar with financial pressures. You have vested time, energy and money in your business, so when it struggles, you are impacted personally. If you have accumulated a significant amount of personal debt in relation to your business, bankruptcy may be the answer to your troubles.

Many business owners use personal loans, credit cards, guarantees and even funds from their retirement or savings accounts to support their venture. When the business hits hard times, you do too. Chapter 7 or Chapter 13 can help you eliminated a significant amount of personal debt related to your business.

How does a personal filing impact your business? If your entity is incorporated, it is a separate legal entity and it does not have to file a bankruptcy case to coincide with your personal filing. However, it is important to understand that if the business owner files for bankruptcy, his or her interest in the business will be considered an asset. While this could potentially put the entity at risk, most trustees are reluctant to interfere with businesses.

If you are a business owner considering filing for personal bankruptcy, contact DeLadurantey Law Office, LLC for help.

Contact The “Milwaukee Bankruptcy Attorneys,” DeLadurantey Law Office. LLC for all your Chapter 7 and Chapter 13 bankruptcy needs.  Whether you need debt negotiations or debt relief, or even foreclosure defense, DeLadurantey Law Office will handles bankruptcy matters for the following location – Milwaukee, South Milwaukee, West Milwaukee, Waukesha City, Waukesha Town, Kenosha, Racine, and all other municipalities in Milwaukee County, Waukesha County, Kenosha County, and Racine County.  DeLadurantey Law Office, LLC can be contacted by phone at (414) 377-0518.

 

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