Port St. Lucie Business Bankruptcy Attorney
Struggling with high levels of debt that have become unmanageable is a stressful experience for anyone. For business owners though, there is a lot more on the line. If your business has incurred high levels of debt, your livelihood may be in jeopardy and you may wonder if you will lose everything you have worked so hard for. Fortunately, business owners have options that can help them keep their business while also dealing with the high levels of debt they are currently carrying. Our Port St. Lucie business bankruptcy attorney can advise you of your options and help you keep your business doors open.
Should You File Business Bankruptcy or Personal Bankruptcy?
There are times when a business owner may commingle their own debt with the debt of the business. In these cases, the business owner becomes personally responsible for the debt if the business does not repay it. This is a very difficult situation, but there are ways to eliminate the debt while shielding your business from harmful impacts.
Sometimes, it is better for a business owner to file Chapter 7 bankruptcy for their personal debt. This can discharge the business debt the owner has become responsible for, while also shielding the company from the harmful impact of bankruptcy. Many business owners find that once they file Chapter 7 and discharge their own personal debt, it is no longer necessary to worry about filing bankruptcy for the company.
Bankruptcy Does Not Mean Closing Your Business
One of the reasons business owners are often so hesitant to file a business bankruptcy is because they believe they will lose everything they have worked so hard for. This is often not the case. There are many different types of bankruptcy and some of them will allow you to not only keep your doors open, but also allow you to operate your business during bankruptcy proceedings.
The most common type of bankruptcy filed by businesses is Chapter 11. During a Chapter 11 bankruptcy, the debts of a business are not discharged but instead, they are restructured into a repayment plan. Unlike in a Chapter 13 bankruptcy, there are no time limitations on a Chapter 11 bankruptcy repayment plan, which can make it even more affordable for business owners to repay their debt.
Chapter 13 may be another option for business owners, but this type of bankruptcy is usually reserved for individuals filing personal bankruptcy. Chapter 13 only handles a certain level of debt and for most businesses, the debt levels they are carrying are greater than these and so, Chapter 11 bankruptcy is usually the better option.
Our Business Bankruptcy Attorney in Port St. Lucie Can Advise You of Your Options
If you are a business owner and your company is struggling with high levels of debt, call our Port St. Lucie business bankruptcy attorney at Kelley, Fulton, Kaplan & Eller today. Our skilled attorneys can advise you of your legal options and help you choose which one is right for you. Call us now at 561-264-6850 or contact us online to schedule a consultation.