The federal government values the economic vitality of small businesses and their owners. That's one reason our bankruptcy system is in place: to relieve businesses of crippling debt and investments gone sour, and to help business owners get you back on their feet.
If business debt is putting your personal financial stability at risk, or if your small business simply costs more than it is worth in revenue, it may be time to consider a liquidation bankruptcy.
Chapter 7 Bankruptcy For Businesses: Liquidating Your Business
Liquidation bankruptcy, also known as "straight" bankruptcy, is becoming an increasingly common solution for small businesses in Texas. There is no shame in responsibly managing your finances, and Chapter 7 may be a fast and simple bankruptcy option for a small business. Many times, the process is complete after just four to six months.
With over 28 years of experience in the Dallas and Plano area, attorney Harriet Langston is very familiar with the process of filing Chapter 7 for business organizations and sole proprietorships (also known as DBAs). She is also familiar with filing Chapter 7 for consumers, and with Chapter 11 and Chapter 13 bankruptcy, and can help you to determine which chapter to file.
If you are experiencing any of the following, contact Harriet Langston, P.C. to discuss the benefits of filing business bankruptcy:
- You have business debts that are making it hard to stay current on home, car or other personal payments
- You have business debts that you cannot pay back
- You cannot afford a commercial lease or sales contract
- Creditors and bill collectors are harassing you
The effects of filing bankruptcy under Chapter 7 vary depending on the structure of your business. Because sole proprietorships, partnerships, LLCs and corporations differ in terms of personal liability for debts, sometimes Chapter 7 business bankruptcy involves a discharge and exemptions and sometimes it does not. After a full disclosure of your business assets and debts, Ms. Langston can explain your options to you.
Contact A Dallas Bankruptcy Lawyer
Ms. Langston offers free initial consultations to her clients. If you are thinking about filing Chapter 7 bankruptcy for your business, call 972-233-3328 or submit a contact form online to schedule your consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.