CHAPTER 7 BANKRUPTCY
SMALL BUSINESS BANKRUPTCY CHAPTER 7BIG HELP FOR SMALL BUSINESSES
Many small businesses in Florida and all over the United States are still struggling after the economic fallout of the 2020 pandemic. Even those who have been able to remain open during these challenging times are overwhelmingly dealing with late payments, bills that can’t be paid, and invoices that have sat on shelves for many months. If this sounds like you, you might be considering a Chapter 7 business bankruptcy for your small business. At Szabo Law, we can help you navigate this difficult choice.
Filing for Chapter 7 bankruptcy as a small business owner can be intimidating. You may not know where to begin or who to talk to throughout the process. You will likely hear various opinions and a lot of misinformation while you’re contemplating your company’s and employees’ future. However, professional legal advice is the only input you should lean on since that legal knowledge can guide you through the decision-making process.
A Chapter 7 bankruptcy is a drastic choice for a business. It’s the option that is chosen when all of the others have been exhausted – and when the business has no other choice than to close its doors and liquidate its assets. However, if you are struggling under the weight of overwhelming debt, it can help you liquidate your company in an orderly fashion – and make solid plans for your financial future after this chapter of your career closes.
FREQUENTLY ASKED QUESTIONS
WHEN IS CHAPTER 7 THE RIGHT CHOICE FOR MY BUSINESS?
For a small business bankruptcy Chapter 7 is a great option for relieving overwhelming debt. It is a drastic step, but an effective one for struggling businesses. If you are out of options for resolving these debts, speak to a Chapter 7 bankruptcy attorney about finding the relief you need.
WHAT HAPPENS DURING A CHAPTER 7 BUSINESS BANKRUPTCY?
This depends on your financial situation. You may have to close your business, but may be able to keep some assets you accrued through it. For more information, speak to a knowledgeable bankruptcy attorney for guidance.
IS A CHAPTER 7 BANKRUPTCY MY BUSINESS’S ONLY OPTION?
Not at all. As a business owner, you have several options for dealing with debt. Chapter 7 bankruptcy might be your best option, but so too may be Chapter 11. Chapter 11 allows for the restructuring of debt. Talk to your attorney to find out more about which is your best choice.