Small business bankruptcy can be extremely overwhelming if you try to handle it on your own and it almost always requires the assistance of a qualified bankruptcy attorney. We have the experience and knowledge that can help you navigate through the Chapter 7 or Chapter 13 process.
Call for small business bankruptcy advice now at 817-737-5436
We offer free consultation
Nearly half of all businesses fail within the first year of operation. If you are a sole proprietor and have found your debts overwhelming, talk to the law office of Alice Bower right away for savvy, experienced advice on filing for bankruptcy protection.
My firm can help if you are a sole proprietorship with:
- Less than $375,000 in unsecured debt and
- Less than a million in secured debt or
- You are in the process of liquidating
As a sole proprietor, you are personally responsible for every asset and liability associated with your business. That is why it is vital to get sound legal advice before you proceed. In some cases, you can continue to operate, uninterrupted, during the course of the proceeding.
Not everyone qualifies for this type of protection, but thousands of owners across the nation successfully file every year. For more than 30 years as a debt relief lawyer, I have helped turn struggle into success. I have helped entrepreneurs figure out where they stand legally and what courses of action make the most sense.
Filing for small business bankruptcy can be a long and involved process. To begin the filing process, you must file a petition with the court in your city. Having an attorney there to walk you through the petition process and be your voice in court is the best thing you can do to ensure that you receive all the benefits that go along with filing.
Our attorney fights for small businesses who are struggling to stay afloat, and we help our clients make sure their petition is accurate and complete.
Let Us Handle Your Petition:
Chapter 7 – This type of filing benefits those whose businesses are hopelessly in debt and who do not feasibly envision a future for it. If your business lacks substantial assets, and restructuring debts is not feasible, Chapter 7 will distribute your assets to creditors. The result is a release from all of the debt obligations.
Chapter 13 – This should be considered if you intend to repay your debt and your personal and business assets are intertwined. Setting up a repayment plan can, for many sole proprietors, help avoid the risk of losing your home and other personal assets.
During a Chapter 13 small business bankruptcy filing, our attorney helps clients analyze all of the key pieces involved in order to come up with an appropriate and feasible repayment plan. These pieces include constructing a current balance sheet, a statement of operations, a cash flow statement and the most recent tax filing. Once our attorney looks at all of these components, we help in the process of reorganizing your small business’ finances so that it has the chance to turn a profit and you can repay some or all of your business debt.
Remember that under a Chapter 13 filing, debts are prioritized and broken down into those that will be repaid in full, those that will receive partial payment, and those that will be legally discharged by the bankruptcy court. Under Chapter 7, you can walk away with grace and the chance to make a fresh start free of crushing debt.
We can help you decide which path is best for your situation. Give us a call today and begin a path toward business debt relief.
Call now for debt relief at 817-737-5436
We offer free consultations
Alice Bower is a small business bankruptcy lawyer in Ft Worth, Arlington, Irving, North Richland Hills, Grapevine, Colleyville, Mansfield, Burleson, Grand Prairie and Bedford. The information contained on this website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.