Debt Relief Options For Small-Business Owners
Sole proprietors, people who have a family business, or those who run small companies can face financial problems on more than one front. Typically, forming an LLC is intended to limit the personal liability of members, but the rules are constantly in flux. Other business forms provide business owners with protections from personal responsibility for the debts of the company.
Many Small-Business Owners Face Personal Liability For Company Debts
Lenders and suppliers, however, frequently require small-business owners to sign personal guarantees. In a tough economy, a business owner may use personal credit cards, arrange personal loans, or offer his or her home as collateral to obtain a loan to keep the business running. Business debts can mount, placing the business in financial ruin.
Personalized Debt Relief Strategies
At the Grubb Law Firm, P.C., in Independence, Missouri, I understand the difficulties small-business owners face. Finding a workable solution to serious debt problems requires a detailed understanding of both business and personal liabilities that owners may be facing. Every business owner’s financial structure is unique. If you are facing overwhelming debt associated with a small business in Clay or eastern Jackson County, I am here to help.
For nearly 30 years, I have helped individuals and business owners find effective debt relief under the Bankruptcy Code. I take the time to evaluate the business and personal liabilities small-business owners face to craft the best legal strategy to obtain meaningful debt relief. I can evaluate the assets and debts of the business, and advise you whether you need to file bankruptcy to liquidate the business. In some situations, the personal liability associated with business debt can threaten an owner’s personal finances.
Options for small-business owners may include:
- Filing for Chapter 7 bankruptcy to liquidate the company and close down the business effectively
- Filing for personal bankruptcy under Chapter 7 or Chapter 13 to obtain effective debt relief for personal loans and credit card debt used to finance the company
- A sole proprietor may reorganize debt under Chapter 13 to obtain debt relief
- Finding alternatives to bankruptcy through negotiations and debt workouts
Get A Free Consultation With A Trusted Small-Business Bankruptcy Lawyer
To arrange a meeting with an experienced bankruptcy attorney in Independence, Missouri, send me a message online or call 816-252-8848. I offer flexible scheduling with weekend and evening appointments available. The initial consultation is free.
The Grubb Law Firm, P.C., is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.