Personal Bankruptcy for Business Owners
If your small business is awash in red ink, a reorganization of debts through bankruptcy may enable you to keep the enterprise afloat. The key question is whether you should try to salvage the business or whether you should let it go.
Chapter 7 bankruptcy provides debt relief to owners of closely held businesses who are personally liable for debts of the business. The Minnesota bankruptcy attorneys of Hoglund, Chwialkowski & Mrozik, PLLC, can advise owners of small and mid-sized businesses on the merits of Chapter 11 reorganization versus Chapter 7 liquidation.
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Minnesota Small Business Bankruptcy Lawyers
Chapter 11 bankruptcy provides a reprieve from creditors while debts are reorganized. The plan must be approved by creditors, which can be a tough sell. A high percentage of Chapter 11 plans ultimately fail when the business does not return to profitability. Are you merely delaying the inevitable and putting your personal assets at risk?
Folding the business through Chapter 7 is sometimes the more prudent option if you cannot reasonably expect to turn the business around. Chapter 7 bankruptcy may:
- Discharge unsecured business debts that you have personally incurred
- Prevent judgments and liens against your personal assets
- Stop the threats and harassing phone calls
- Let you out of a commercial lease, equipment lease or sales contract
- Prevent home foreclosure, repossession or other creditor actions
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In this tough business climate, small business owners are vulnerable to market forces beyond their control. We can help shop owners, consultants, doctors, construction contractors and other people with businesses and professional practices get relief through Chapter 7 bankruptcy. Our knowledgeable attorneys can help you get out from under a sinking business and protect your personal financial interests.
The attorneys of Hoglund, Chwialkowski & Mrozik have 40-plus years of combined experience in bankruptcy law, including many business bankruptcy filings. We have multiple office locations throughout the Twin Cities and around Minnesota. Contact us today for a free consultation.