Small Business Bankruptcy Lawyers
If you are a small business owner and are having some difficulty paying the bills each month we can help. There is a form of bankruptcy relief that can help you, whether that is a Chapter 7, Chapter 13 or Chapter 11 bankruptcy case. Bankruptcy can also help whether you are a sole proprietorship, partnership, limited liability company or corporation. We are your small business and business bankruptcy lawyers | attorneys for the San Francisco, San Jose and Oakland communities. Schedule a free consultation to find out how bankruptcy can help.
Schedule a FREE CONSULTATION today to find out how bankruptcy can help your business. 1-877-9NEW-LIFE
Chapter 7 Business Bankruptcy
As you may know filing a chapter 7 bankruptcy is the liquidation chapter of the bankruptcy code. If you are a sole proprietor you may be able to file under this chapter and still keep operating your business just like you did prior to filing for bankruptcy protection. It is possible. All of your unsecured debts that are eligible to be discharged like credit cards, personal loan or unsecured lines of credit can be discharged. If you own a business along with a number of other parties that is a corporation or limited liability company you may also file under this chapter to wrap things up and discharge the business debts and move on to better things. The filing fee as of 2013 is $306.00.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is to reorganize debts. There are debt limitations. You cannot have secured debts totaling over $1,081,400 that are liquidated and noncontingent. You cannot have unsecured debts totaling over $360,475 that are liquidated and noncontingent. Chapter 13 is mainly for to reorganize the personal debts of business owners and sole proprietorships. Chapter 13 is only available to individuals and not a separate legal entity from the owners such as a corporation or limited liability company. The filing fee as of 2013 is $281.00.
Chapter 11 Bankruptcy
Chapter 11 is available to reorganize debts for individual that have debts in excess of the debt limitations for filing a Chapter 13 and corporations, limited liability companies or partnership. The most significant difference in Chapter 11 reorganizations is that creditors participate and vote on approving the plan of reorganization. The process is much more involved than reorganization under Chapter 13 and much more expensive. The filing party has the exclusive right to file a disclosure statement and plan of reorganization during the 120 period after the case is filed or 180 days in a small business case. The filing fee as of 2013 is $1,046.00.
By Ryan C. Wood