If your small business is struggling with debt, bankruptcy may provide some relief. Whether bankruptcy can help depends on a number of factors, including:
In this area, you can find information on using Chapter 7, Chapter 13, and Chapter 11 bankruptcy for business debts, how to figure out if you are personally liable for business debts, whether you can get credit or loans after filing bankruptcy for your business, and whether there are nonbankruptcy alternatives to deal with business debt in your situation.
Chapter 11 Bankruptcy: An Overview
Chapter 11 bankruptcy allows the filer to restructure debts, including modifying payment terms and decreasing balances. Chapter 11 and Chapter 11, Subdivision V, are used primarily by businesses that would like to remain operational. Chapter 7 can also be used by individuals whose debts exceed Chapter 13 bankruptcy limits.
Chapter 7 for Small Business Owners: An Overview
If you are a struggling small business owner, filing for Chapter 7 bankruptcy may help save your business or provide a simple way to liquidate it.
Chapter 13 Bankruptcy for Small Businesses: An Overview
If you're a small business owner struggling with debt, you might wonder if a business bankruptcy in Chapter 13 would help you reorganize your debts and save your business. If you're a sole proprietor saddled with debt and struggling to keep your small business open, Chapter 13 bankruptcy might help you keep business assets, pay important creditors, and reduce the amount owed on debt.
Will Bankruptcy Help If I Want to Continue My Business?
Bankruptcy can help you whether you wish to continue or shut down your business. However, which type of bankruptcy can benefit you the most depends on your business structure and if you intend to stay in business.
Chapter 7 vs. Chapter 13 for Small Business Owners
Whether you want to keep your small business open or get rid of business-related debts after a closure, bankruptcy can help. But first, you'll need to understand the benefits and limitations of each chapter. Learn the pros and cons of Chapter 7, Chapter 13, and Chapter 11 bankruptcy.
Are You Personally Liable for Business Debts?
Whether you can be held personally liable for the debts of your business depends on the structure of your business and how it was formed.
Is Your Spouse Liable for Your Business Debts?
Whether your spouse is liable for your business debts depends on how your business is organized and how the debt was incurred.
Chapter 7 vs. Chapter 11 Bankruptcy
People considering small business bankruptcies often struggle with choosing between Chapter 7 vs. Chapter 11 bankruptcy. This article explains which chapter of bankruptcy works best for businesses as opposed to individuals and why. Also, learn how bankruptcy rules differ depending on whether an individual or small business files for Chapter 11 vs. Chapter 7 bankruptcy.
Chapter 7 vs. Chapter 13 for Small Business Owners
Whether you want to keep your small business open or get rid of business-related debts after a closure, bankruptcy can help. But first, you'll need to understand the benefits and limitations of each chapter. Learn the pros and cons of Chapter 7, Chapter 13, and Chapter 11 bankruptcy.
Chapter 13 v. Chapter 11 Bankruptcy for Small Business Owners
Learn if a business can file bankruptcy, including whether Chapter 13 or Chapter 11 works for small business bankruptcies and other business bankruptcy options. Also, discover whether a business can file Chapter 13 and how to file business bankruptcies.
Starting a New Business After Bankruptcy
There is nothing in the bankruptcy law that prohibits you from starting a new business after bankruptcy. In fact, you might be able to apply some lessons learned from your prior financial problems to keep you out of trouble in the new business.
Can I get a small business loan after bankruptcy?
You can probably get a business loan after bankruptcy, but it will be more difficult. Learn what steps to take to increase your chances of getting a loan.
Will Business Bankruptcy Affect My Credit?
Whether a business bankruptcy will affect your personal credit depends on whether you are personally liable for the business debt under the law.