America was built on the drive of individuals to follow their own path to success and a better life. Small businesses are a cornerstone of that tradition, and they remain one of our nation’s most important assets. Unfortunately, however, small business owners face some of the greatest financial risks of anyone. Many lack the financial means of larger business owners, putting their own financial wellbeing at risk for the sake of their company.
If the turmoil of the world economy has affected your small business, burdening you with debt and making the day-to-day operation of your business a struggle, filing for bankruptcy may give you a new start. Rather than marking the “end” of your company, bankruptcy is actually a way to keep your business alive in the face of a floundering economy and rapidly-increasing debt.
Bankruptcy laws are designed to protect the interests of individuals and business owners. Their efforts are essential for our economy, and the government has a stake in making sure they stay in business. By seeking the expert help of a Massachusetts bankruptcy lawyer, you can eliminate many of your debts immediately and make the remainder easier to manage.
For small business owners, there are numerous options available for bankruptcy. You may be able to take advantage of many of the options that would ordinarily only be available to individuals, while also receiving many of the protections that benefit businesses. Depending on the specifics of your business and financial life, you may be able to keep more of your assets safe than you might expect.
Both individuals and businesses are able to file for Chapter 7 bankruptcy. Chapter 7 involves liquidating many of your assets, but there are many exemptions. Small business owners are able to claim much of their property and other assets as necessities for their business. Chapter 11 bankruptcy is usually the course of action for businesses. It involves restructuring your debts and business operations to make sure you can repay your debts. Depending on your circumstances, it may suit you.
Businesses are not able to file for Chapter 13 bankruptcy, but many individuals can take advantage of Chapter 13 protections for a business they have a significant financial stake in. If you own a small business, especially if you have very few or no other employees, the special protections of Chapter 13 may be able to handle many of your business’s debts.
If your small business is struggling because of a fragile economy and heavy debt, you may be able to eliminate your debt and start afresh. To learn how you can find relief from your debt, call the experienced Boston bankruptcy lawyers of Joshua Spirn & Associates today.