Columbus Lawyer For Small-Business Bankruptcy
Small businesses frequently take on bank loans, credit card debts, and other obligations as a part of doing business. Small businesses are also often legally indistinguishable from their owners, whose lives and finances are connected to the business’ success and failures.
When a business’s debts exceed the owner’s ability to repay them, bankruptcy is often the only option for saving a business and erasing the owner’s debts.
Guerrieri, Cox & Associates, LLC., in Columbus, assists small businesses in central Ohio. If your sole proprietorship or general partnership business is in financial trouble and you need a way out, our lawyers will listen to you, counsel you and guide you to the other side of your financial impasse. Our goal is to enable you to eliminate your debts and start anew in both your personal and professional life.
Small-Business Debt Restructuring Through Chapter 7 And Chapter 13 Bankruptcy
The tools we use for most
Chapter 7 bankruptcy. This is an option for small businesses that cannot repay even a portion of their debts. Chapter 7 is often referred to as “liquidation bankruptcy” because it authorizes the possession and sale of certain of the owner’s business and personal assets in order to repay creditors. Some business assets, known as “tools of the trade” are exempt from liquidation. Depending on the nature and set-up of your business, the business may resume or close after filing a Chapter 7 bankruptcy.
Chapter 13 bankruptcy is generally a better option for small-business owners, particularly if they are still making an income and wish to continue doing business. Instead of zeroing out business debts by liquidating business assets (a move that can destroy the business the owner intends to save), it reorganizes debts so they can be repaid over time. Many business owners who file for Chapter 13 are able to continue running their businesses as before, but with substantially less debt.
What About Chapter 11?
Chapter 11 is an extremely complicated and costly form of bankruptcy that is geared toward restructuring large corporations with significant debts and assets so they can continue business operations. Most small businesses, particularly sole proprietorships, are unsuited to them. As a result, Guerrieri, Cox & Associates, LLC. does not represent businesses in Chapter 11 bankruptcy.
You Have Nothing To Lose But Your Business. Call Us For A Free Consultation
Contact Guerrieri, Cox & Associates, LLC. to schedule a confidential appointment to discuss your small business and its financial needs. Our Columbus attorneys for small-business bankruptcy have established a strong track record of helping businesses — and business owners — to get back in the black, and back on their feet.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
2500 N. High Street, Suite 100, Columbus Ohio 43202
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