At Winfrey Law Firm, PLLC, we know that many small business owners take on a venture to fulfill a lifelong dream or to carry on the tradition of a family-owned business. While some small businesses enjoy success, others are not as fortunate. The realization that a small business is failing is often a difficult pill to swallow, which makes the decision to close up shop and even file for bankruptcy a particularly hard one to make. However, it is important to keep in mind that filing for Chapter 11 bankruptcy can be a positive choice. It can reduce stress, address financial concerns, provide peace of mind, and even allow for a fresh start.
When filing for bankruptcy as a small business, there are three options available as to what type of bankruptcy to file. A business’s structure will determine which type of bankruptcy for which it is eligible:
Beyond that, the specific type of bankruptcy the business will choose to file will depend on the particular circumstances of the case, including the main focus on the cause of the business’s debt and financial problems. An experienced Chapter 11 bankruptcy attorney from Winfrey Law Firm, PLLC will be able to advise a small business owner on which type of bankruptcy protection will best meet their needs:
Seeking Knowledgeable Legal Bankruptcy Assistance
In light of the complexities that can arise in bankruptcy cases involving small businesses, it is advisable to consult with an experienced Chapter 11 bankruptcy attorney about your options. A skilled lawyer can listen to the facts of your particular case and guide you by choosing the bankruptcy option that is most beneficial to you. Contact Winfrey Law Firm, PLLC today to begin a conversation about bankruptcy for your small business.