Debt Relief for Business Owners
A Chapter 7 Bankruptcy filing is proper when a business has no plans of continuing operations and lacks significant assets. If your business structure is that of a sole proprietor or a partnership, then chances are that the debts that you incurred for your business are of personal nature. There is no corporate entity to shield you from personal liability. If you are a small business owner struggling to pay your debts, filing a Chapter 7 personal bankruptcy can help eliminate debts for which you are personally liable. Back rent, debts owing to vendors, personal loans, and other financial obligations can all be discharged.
If your business is a corporation or limited liability company (LLC), then any bankruptcy relief sought for business debts must be filed on behalf of the business. In contrast to a personal bankruptcy, in which most debts are discharged and assets are exempted under Bankruptcy rules, a business bankruptcy requires the business assets to be sold and proceeds to be distributed to creditors to satisfy outstanding debts unless a Chapter 11 Bankruptcy is filed. However, each business bankruptcy is different. There are cases when business owners continue operations and retain control of their business and its assets. In other cases, the Court will order a complete liquidation of the business. If you wish to keep your business, we will do everything in our power to allow you to keep your business.
At Mishiyeva Law, PLLC., we can examine your individual situation and outline your options. No matter your legal structure, whether you are a sole proprietor, a member of a partnership or a limited liability company, or a shareholder of a corporation, we will make sure that you receive effective and comprehensive legal services. We serve small and mid-size businesses throughout New York City, including those in Brooklyn, Queens, and Long Island. For a free initial consultation with an attorney at Mishiyeva Law, PLLC., call 646 736-6328.