If you own a small business you have a lot to worry about. Your finances can cause you stress, or worse, especially if you have a lot of debts. Filing Chapter 13 as a business is one way to handle your debts, if you follow these steps.
Determine Your Business Type
If you have a corporation or LLC, you cannot file Chapter 13 bankruptcy in its name. If your business is a sole proprietorship or a partnership you can file as an individual and have the same benefits apply to your business. If you are personally liable for your business debts, you can include it in your Chapter 13 bankruptcy.
Hire a Lawyer
If you’re considering filing for Chapter 13 bankruptcy as a business or an individual, one of the first things you should do is hire an attorney. An attorney can help you navigate the paperwork and legal ramifications of filing for bankruptcy and make sure it’s the best decision for you and your business.
Organize Your Financials
Keeping good records of transactions, your debts and your incomes is an important part of filing for Chapter 13. It will help an attorney determine the best course of action for you and your business and it will help you stay organized during your Chapter 13 repayment period. Hire a bankruptcy attorney today to help get the process started.