Debt Relief for Business Owners and Small Businesses
Over the past several years, many small businesses have found it difficult to remain profitable in this economy. Sole proprietors, entrepreneurs and owners of small businesses that are struggling with debt may be eligible for Chapter 7 bankruptcy if they meet certain criteria.
At the law office of Rochelle D. Stanton Attorney at Law, our lawyer and staff assist small businesses with Chapter 7 bankruptcy. With nearly 30 years of experience, we have the knowledge to help business owners eliminate their debts. For a free consultation with a St. Louis small business bankruptcy attorney, please call 314-262-4390 or contact us online.
Bankruptcy and Small Business
If a business does not have enough assets to file for a different chapter of bankruptcy, or if reorganizing debt is not feasible, Chapter 7 may be available. Chapter 7 for businesses typically requires the liquidation of assets such as vehicles, equipment, real estate and furnishings. A trustee will be appointed to handle the liquidation of the business' assets, relieving the business owner of that responsibility. The business owner will not have to interact directly with his or her creditors.
The automatic stay provided by filing for bankruptcy will stop creditor harassment and collection actions during the bankruptcy process. This includes actions such as filing liens, foreclosing on liens and seizing collateral or property.
Depending on the amount of assets a business has, the bankruptcy case will last for three to four months or until all of the assets are liquidated and the funds distributed to the creditors. When the bankruptcy is concluded, the business will no longer exist.
If your business does not qualify for Chapter 7, we can discuss Chapter 11. To make an appointment with a Missouri Chapter 7 business bankruptcy attorney, please call 314-262-4390. Your consultation is free.
