There is nothing more important to a business owner than preserving the welfare of his or her business. Unfortunately, there are times when once-profitable businesses no longer are, and in some cases, there is no realistic hope of them ever becoming profitable again. If you find yourself in this situation, you may feel stuck in debt. Fortunately, you do have options, and one of them may be Chapter 7 bankruptcy. Contact a seasoned Kentucky Chapter 7 business bankruptcy lawyer from Schwartz Bankruptcy Law Center to learn more about this type of bankruptcy and whether it’s right for you.
The prospect of bankruptcy is a frightening one for many, but with a competent Louisville, Kentucky business bankruptcy lawyer in your corner, it doesn’t have to be. Our firm has decades of experience representing business owners just like you, and we’re here to help you on your way to financial independence, no matter how dark things currently seem. If you’re looking to get to the light at the end of the tunnel, start by speaking with Schwartz Bankruptcy Law Center today.
Chapter 7 isn’t the best option for all business owners. For example, if your business has a viable future but you just need help getting out of debt, Chapter 11 or Subchapter 5 bankruptcy may be best for you. However, if your business has little to no profit potential and your debts are currently worth more than your assets, there’s a strong chance that Chapter 7 business bankruptcy is right for you.
Essentially, in Chapter 7 bankruptcy, we will liquidate your business (which will likely result in it permanently closing down) to pay off as much debt as possible. Though no business owner wants to close his or her business for good, it’s often a better alternative than being shackled to accumulating debt.
The goal of Chapter 7 business bankruptcy is to sell all assets to pay your creditors, hopefully discharging all unsecured debts, meaning you’ll no longer have to pay those debts. Additionally, once you file for Chapter 7 bankruptcy, it will trigger an automatic stay, which prevents creditors from all collection activities until the bankruptcy process is complete. This means that you’ll likely be able to remain in your home and have some breathing room until the completion of the bankruptcy process.
If you believe Chapter 7 bankruptcy is right for you, or you’d like to explore other alternatives, please don’t hesitate to contact a dedicated Louisville bankruptcy lawyer from Schwartz Bankruptcy Law Center today. We are here to help you move on to a bright and secure financial future.