Charlotte Small Business Bankruptcy Lawyer

Charlotte Small Business Bankruptcy Attorney Serving North Carolina

No one wants their small business venture to go through bankruptcy, but statistically, this is a rather likely result. Many entrepreneurs make the decision to file bankruptcy on their businesses every day. You are far from alone. Even some of the most successful businesspeople in America have gone through the bankruptcy process for a venture that struggled or did not work out the way they would have liked. Being an entrepreneur is inherently risky, no matter what you do. If you are ready to start the bankruptcy process, it is important to find a knowledgeable business attorney who can help you address legal and financial issues and make sure you are on the right track for life after bankruptcy.

Blossom Law PLLC is skilled at assisting bold entrepreneurs through bankruptcy. Our goal is to make the process as simple as possible for you so that you can move on with minimal harm done. We see filing bankruptcy for a small business as simply being one stepping stone on your path to success. With us, you will have an experienced and capable attorney to navigate the bankruptcy courts for you so that you can focus on moving forward in your professional life.

Huntersville Lawyers for Chapter 13 Bankruptcy

While Chapter 13 bankruptcy is typically used by individuals, it may be an option for sole proprietorships as well. Chapter 13 bankruptcy for small businesses is used by entrepreneurs who aim to restructure and repay their business's debts rather than closing the company down entirely.

It can be especially helpful for sole proprietors whose personal assets, like their home, are entangled with their company's finances. If your personal assets are at risk of being foreclosed on or repossessed, a Chapter 13 bankruptcy may be able to save them while also keeping your business up and running.

The terms of your repayment plan will depend on factors like the total amount you owe and the amount and nature of capital your company owns.

Attorneys in Gastonia for Chapter 7 Bankruptcy for Small Businesses

If you no longer feel that you can realistically move forward with your business, then Chapter 7, or liquidation bankruptcy, may be the right answer. When it is determined through a means test that your company cannot repay your debts, your business assets will be used to pay off as much of the debt as possible. The company is then dissolved. If you are a sole proprietor, you will receive a discharge at the end of the process, releasing you from any further debt. We can also assist with any tax issues related to your bankruptcy.

Blossom Law PLLC is committed to helping small business owners who are going through this difficult process.

Law Firm for Chapter 11 Small Business Bankruptcy

If your company does have a realistic chance at recovering and continuing to operate, Chapter 11 bankruptcy may be the right course of action. It is more of a reorganization than a classic bankruptcy. Our lawyers will help you work with your creditors and a court-appointed trustee to develop a reorganization plan that may involve things like repaying or discharging some debts, ending contracts that are no longer workable, or recovering some assets. The court will approve most fair reorganization plans.

This can be a long and difficult process, sometimes taking over a year. Our lawyers will be with you to lend a hand at every stage.

Call a Mecklenburg Small Business Bankruptcy Attorney

Blossom Law PLLC will be there to offer all the help and guidance you need during your bankruptcy process. Our highly knowledgeable attorney will serve as a competent and skilled guide. Contact us online or call 704-256-7766 to get started with a free consultation.