Debt Relief For Small Business Owners
When a small business fails, it may have a variety of different debts, including tax debt owed to federal and state governments. Often the business owner is also liable for these debts. It is not uncommon for a bank or other lending institution to make these individuals sign as guarantors for repaying the debt.
Making sure these debts are handled properly is very important. At The Law Offices of Ronald I. Chorches, our lawyers have years of experience representing businesses and individuals throughout Connecticut in bankruptcy matters. Even if you want to save the business, you should talk to us about your debt relief options.
Eliminating Business Debts
As your attorneys, we discuss your situation to help you decide which makes the most sense for you, whether it is bankruptcy or a negotiated settlement.
We can help you take care of the following kinds of business debts:
- Unpaid Federal Unemployment Taxes (FUTA)
- Unpaid State Unemployment Taxes (SUTA)
- Unpaid Social Security and Medicare withholding (FICA)
- Small business loans and other unsecured debts
The Advantages Of Bankruptcy For Small Business Debt
If you are a sole proprietor, lenders probably asked you to co-sign on business loans to guarantee their repayment. In these situations, you are personally responsible for all your business debts, and all your unprotected assets are vulnerable. You may face lawsuits from creditors as well as potential garnishments, levies and seizures by the government.
Bankruptcy can help you protect your assets, stop collection attempts and end creditor harassment. The automatic stay goes into effect immediately upon filing bankruptcy, and creditors must stop pursuing recovery at that time.
We can help you liquidate your business or reorganize your debts to give you and your business a fresh start.
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.
Ask Us About Your Small Business Bankruptcy Options
For a free bankruptcy 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 860-952-3878. We have offices in Wethersfield and Winsted, and are easily reachable from the cities of Hartford, West Hartford, East Hartford and Manchester.