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Filing for Chapter 7 as a small business owner

On Behalf of | Dec 19, 2019 | Chapter 7, Firm News

Small businesses encounter financial challenges for a wide variety of reasons and attorney Ben Sissman knows how tough it is for business owners in Memphis to work their way out of these situations. Some are able to create a payment plan to address their financial obligations, while others have no choice but to file for bankruptcy. However, bankruptcy can offer many advantages and although this process is sometimes viewed negatively, it can be very helpful in many instances. Business owners who are considering bankruptcy have a lot of options to look over, such as those who clear personal debt through Chapter 13 bankruptcy or small business owners who opt for Chapter 11. In this post, we will briefly discuss Chapter 7 bankruptcy. 

Both individuals, as well as business entities, can file for Chapter 7. There are many issues to consider and the way in which one approaches bankruptcy and their debt makes a significant difference. For example, some small business owners may decide to file for Chapter 7 on behalf of their company, while others may move forward with personal bankruptcy. Furthermore, some business owners are involved in partnerships, in which case the bankruptcy process often becomes even more complex. 

Chapter 7 often helps small business owners clear personal debt as well as business debts, and many business owners have not only found a fresh start but have expanded their business in the wake of a successful bankruptcy petition. To read more about various legal considerations involving filing for Chapter 7, spend some time exploring our site and reviewing your options.