Bankruptcy is an option if your business is struggling because of debt. As a business bankruptcy may be a complicated matter, we recommend consulting the our Business bankruptcy lawyers in Gilbert, Arizona. Our experienced Gilbert, Arizona Bankruptcy Law attorneys at My AZ Lawyers. An attorney at My AZ Lawyers will evaluate your debt and give you some direction as to what decisions you should make in order to meet your business financial goals. Many business owners assume that they need to file a bankruptcy specifically for the business. A personal bankruptcy (either Chapter 7 or 13), however, may be a better solution by eliminating any personal liability you may have for business debts and getting a clean financial slate. After the bankruptcy, you can move on with your life and begin business again without the burden of debt.
CALL 480-488-9800 MY AZ LAWYERS TO SCHEDULE AN APPOINTMENT –FREE CONSULTATION– TO DISCUSS YOUR BUSINESS FINANCIAL MATTERS WITH AN ATTORNEY AND FIND OUT IF YOU ARE LIABLE FOR YOUR BUSINESS DEBT:
You may not be liable personally for your business debts in bankruptcy:
- if your business is an LLC
- if you are a limited partner
- if your business is a corporation
You will be personally liable for your business debts
- if your business is an LLC, a corporation, or you are a limited partner and:
- if you have cosigned on a debt
- if you have business and personal liabilities that are intertwined
- if you are a sole proprietor
- if you personally guaranteed a debt
- if you are a general partner in business partnership
Creditors can go after you and your assets if you are personally liable for the business debt.Some small business owners opt to file bankruptcy even when it doesn’t appear that they will be personally liable for business debts in order to protect themselves against potential claims by creditors against them. It is not uncommon for business owners to be liable for the business’ debts. When your business fails to pay its bills and debts, it is time to connect with an attorney who can give your some options and help you wipe away the debt.
My AZ Lawyers law firm has qualified business bankruptcy lawyers in Gilbert who can assist you in dealing with businesses filing bankruptcy. Our experienced business bankruptcy lawyers in gilbert can explain the advantages and disadvantages of the bankruptcy chapter filings available to business owners. They understand the law, the process, and the proceedings involved with Chapter 7, Chapter 13, and Chapter 11 bankruptcy.