Because small business debt is often linked to personal assets, the small-business owner who is facing a sea of bills, reduced cash flow and the realities of today's economy often feels doubly challenged. At the Hartford, Connecticut, The Law Offices of Ronald I. Chorches, our lawyers understand that for you, business debt is personal.
Chapter 7 And Chapter 11 Solutions
If you are a sole proprietor, you are personally responsible for all your business debts and all your unprotected assets are vulnerable. As your bankruptcy attorneys, we discuss your situation to help you decide which makes the most sense for you, Chapter 7 bankruptcy or Chapter 11 bankruptcy. In either case, the goal is to:
- Eliminate unsecured debts
- Stop creditor harassment
- Stop collection attempts
- Stop bank account levies
- Stop lawsuits
- Give you and your business a chance at a fresh start
Chapter 7 bankruptcy also gives you the ability to quickly liquidate or close your business if you wish to do so. Chapter 11 bankruptcy gives you the opportunity to reorganize your finances, eliminate most or all of your unsecured debt and create a plan to fully or partially pay back other debt over an extended period of time.
When small businesses have financial problems, often the owners have similar financial problems as they have co-signed and guaranteed business debts. This is a typical case that we have seen since 2008 when businesses faced considerable challenges from a deteriorating economy. We have dealt with this scenario many times and we can successfully protect you personally from your business creditors. We have vast experience in guiding you through this difficult and complex process.
Learn More About Small Business Bankruptcy Options
For a free, confidential consultation on how we can help you make the best bankruptcy decision for your small business, please contact us online or call The Law Offices of Ronald I. Chorches at 860-563-3955. We have offices in Wethersfield and Winsted, and are easily reachable from the cities of Hartford, West Hartford, East Hartford and Manchester.