Small Business Bankruptcy
If your small business is struggling to stay afloat amid debt, it’s important to consult with a debt relief lawyer or bankruptcy attorney in Massachusetts to review your options.
Debt relief options, including bankruptcy, can be challenging to consider. Still, they can be the best path to financial success in the future.
Our lawyers at Daigle Law Office can help you explore your options and find the best solution for your business.
Chapters 7 and 13 Bankruptcy for Small Businesses
When you think about business bankruptcy, you probably think of Chapter 11. However, for small businesses, Chapter 7 or Chapter 13 filing may be the most appropriate choice for finding debt relief.
If your business is a sole proprietorship, there is no difference between the personal and corporate filings—you are your company, and its financial state is your financial state.
Our firm is readily prepared to advise you on making the right choice for you and your company. The commercial bankruptcy process can be complicated, and we’re here to help you – including helping you determine between Chapter 7 and Chapter 13.
If you are pursuing Chapter 7 bankruptcy, our firm will help you gather the necessary information to complete the means test. We are qualified to administer this test and will be able to determine whether or not you qualify immediately.
If you qualify for Chapter 7, we will guide you through the filing process and provide the credit counseling you need to get back on track.
If you do not qualify for Chapter 7, we can work with you to develop a repayment plan to present in bankruptcy court. If your income is at a level where you can pay back the debt over time, we can help you explore alternatives to bankruptcy.
What Are Other Debt Relief Options for Small Businesses?
If you do not want to file for bankruptcy, other options exist to help reduce your small business debt.
- Negotiate with Creditors: Our firm can contact creditors and explain your financial situation. They might be willing to negotiate lower interest rates or extended payment plans to help you manage your debt.
- Debt Consolidation Loan: Consider a debt consolidation loan to combine multiple debts into a single loan with a lower interest rate. This can simplify your repayment process and potentially save on interest charges.
- Business Credit Counseling: Non-profit credit counseling agencies can advise and guide you on managing debt and developing a repayment plan. They may also be able to help you negotiate with creditors.
Our team can help you find the best solution for your business and will discuss all debt relief options.
Small Business Closure
If your business is deep in debt and it doesn’t make sense to keep it open, it can make sense to close it.
The decision to close your business is not easy, but it may be the best way to end the harassment of corporate creditors and help you move forward. Our firm will assist you in obtaining the tools you need to get back on your feet and prepare for the future following a business closing.
Why Hire Us to Handle Your Bankruptcy Taxes?
Discover the difference a local attorney can make in handling bankruptcy and debt relief issues. Contact Daigle Law Office today to schedule a free initial consultation to discuss the means test.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
To schedule a free consultation, please call Daigle Law Office today at 508-771-7444.
