When a business owner is dealing with too much debt, it can be difficult knowing how they can get bankruptcy help. Business owners have two different options when it comes to filing for bankruptcy. These include chapter 7 and 13. To find out which will be most beneficial, it can be helpful for a business owner to meet with an attorney. They attorney can go over the owner’s financial records to ensure the best type is chosen.
Business owners who want to wipe out their debt quickly can file for chapter 7. This type of bankruptcy can allow an owner to continue to operate his business even though he has wiped out all of his business debts through bankruptcy. In some cases, a business owner may be required to submit all business property for liquidation. This results in all business property being sold and the business being shut down.
There is also the option of filing chapter 13 bankruptcy. This type of Business Bankruptcy in Skokie is only available for individuals who own a business. The business must only have a sole proprietor and must not be a corporation or LLC.
This type of bankruptcy is advantageous for business owners because it allows them to keep all of their business property and pay down their debts through a repayment plan. This Business Bankruptcy in Skokie allows business owners to continue operating their business. As long as they are able to pay down their debts during the repayment period, this leaves the business free of debts.
To find out which type will be most beneficial, business owners should schedule a consultation appointment with an attorney. The business owner will need to bring in information on all of the business debts, operation costs, and business income.
An attorney can prove instrumental in helping business owners. Chapter 7 bankruptcy can be settled in as few as six months while chapter 13 gives business owners a period of two to five years to pay down their debts. Call and attorney and schedule an appointment to get started on the process of overcoming business debt. You can visit website or their Google+ page for more information.