Using Chapter 13 Bankruptcy for Small Business

: Chris Lee Law Firm

  Filed under: Business Bankruptcy

business bankruptcyIf you have discovered that your small business is not eligible for the chapter 7 bankruptcy relief then you will have to go for the chapter 13 bankruptcy option. This may turn out to be a better alternative for both you and the business.

With a chapter 13 bankruptcy it works off of a re-payment plan. It allows you to reorganize your debts so they are more manageable. In some cases there may be debts that will be discharged but this all depends on your financial situation, the repayment plan and the type of debt. Priority debts are must pays, no matter what your level of income is. Unsecured debts may end up getting discharged but again this depends on your particular situation.

There are a lot of variables when it comes to any Dallas bankruptcy. Make use of these services as soon as you determine that you need to use this form of financial relief.

Keep in mind that only individuals can use the chapter 13 bankruptcy option. If you have a incorporated or LLC business it cannot file for bankruptcy under the business name. There are specific requirements and steps you would have to take in this case if you want to bring that type of business under a chapter 13 bankruptcy.

Usually a chapter 13 bankruptcy stays in effect for three to five years so it is a lengthy process. It also provides for an option of being able to meet your financial obligations with far less stress or hassles from creditors.

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