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Personal Bankruptcy
Personal bankruptcy for business owners can complicate the process more so than the average bankruptcy. However, with the proper due diligence and the right guidance, you can eliminate most of the major problems associated with declaring personal bankruptcy as a business owner. Choosing the right bankruptcy lawyer and understanding all of the details of personal bankruptcy filings are essential in this process. Too many times people that file for bankruptcy do not understand the long-term financial implications and live to regret it. Given these complications, there are few items to consider before filing personal bankruptcy:
1. Examine all of your personal bankruptcy options.
2. Contact a few bankruptcy lawyers to obtain bankruptcy help and guidance.
3. Determine if you want to file for consumer bankruptcy.
Understand Chapter 13, Chapter 7 bankruptcy and the process
The primary filing distinction between Chapter 7 and Chapter 13 bankruptcies is that you can keep some assets under Chapter 13 that you would have to liquidate under a Chapter 7 filing. There are other disparities between the two and it is prudent to know each and every one. In addition, you can file other types of bankruptcy besides these two but they are by far the most popular.uscourts.gov. Determine the personal bankruptcy laws and information specific to the state in which you live from the website BankruptcyInformation.com.
Obtain advice from a bankruptcy attorney
When filing for personal bankruptcy, the services of an attorney are imperative. Sometimes people will file too quickly or too late but retaining an attorney can give you an unbiased picture of the financial situation and help you make the correct decision.Make the decision whether to file for personal bankruptcy
As previously stated, bankruptcy is not something to take lightly but sometimes it is the best option. Because each financial situation differs greatly there is no simple or right answer.- If you decide to file for personal bankruptcy be sure to keep the personal bankruptcy records for at least seven years. Often companies listed on the bankruptcy sell your debt during the filing and those companies will try collect the debts even after the filing.
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Tips & Advice for Personal Bankruptcy
Are you worried about the survival of your business due to serious personal financial issues you are facing? Personal bankruptcy may have a significant effect on your small business–how much of an effect depends upon how your business is structured.
You will, of course, want to seek legal counsel before filing for bankruptcy; after all, there may be less drastic measures you can take to deal with your personal debt. If bankruptcy is your only feasible solution, you will need to discuss with a lawyer how to handle any effects that the legal action will have on your business.
It will make a difference whether your small business is incorporated. If yours is a proprietorship, you will likely be unable to separate your personal assets and debts from business assets and debts–all debts are labeled as personal in a proprietorship. If your small business is incorporated, you may be required to declare shares of your business and possibly business equipment as personal assets.
There is a possibility of your small business being forced to close as a result of personal bankruptcy. This is less likely with service businesses than with businesses that hold inventory. Working with an experienced attorney is your best bet in avoiding this outcome. To learn more about bankruptcy and how it can affect your small business, click on the links on the left. Compiled by Business.com, these links will provide you with a great deal of valuable information.
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