Oakland County Chapter 7 Bankruptcy for Businesses Lawyer
Are you a small business owner struggling to make ends meet and pay your bills? When was the last time you saw a true profit from your business? Many small business owners are suffering due to the recession — you are not alone if you are considering closing your business due to a heavy debt load.
Before you make any decisions about whether to continue your business operations or shut your doors, consult with an experienced business bankruptcy lawyer. Sheryl A. Shoebottom, PLLC, is a Southfield bankruptcy law firm that represents clients in and around Oakland County, Michigan, from an office in Southfield. To schedule a free consultation, call 888-343-9145 or contact the firm online today.
Personal or business bankruptcy? Whether the business owner should file a personal bankruptcy or a business bankruptcy depends on a number of circumstances, including whether the business has been sued by any creditors. If no creditor lawsuits have been filed yet, the business owner may want to file personal bankruptcy to protect his or her own assets from business creditors.
Chapter 7 Bankruptcy for Businesses
Chapter 7 bankruptcy for businesses is a liquidation bankruptcy. The business owner sells the business property, and the proceeds from the sale are turned over to creditors. If any receivables come in after the business closes, those funds also go to the creditors. The process is managed by a United States bankruptcy trustee.
Other than these transactions, Chapter 7 business bankruptcy relieves the small business owner of the legal responsibility to pay business debts.
Learn Your Debt Relief Rights as a Business Owner
In the experience of bankruptcy attorney Sheryl A. Shoebottom, clients experience a tremendous sense of relief and freedom once they learn about the legal options they have to escape unmanageable debt. Learn more about business bankruptcy at a free consultation with an experienced bankruptcy attorney. Call toll free 888-343-9145 or contact the firm online to schedule a free consultation.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
