CHAPTER 7 BUSINESS BANKRUPTCY

CHAPTER 7 BUSINESS BANKRUPTCY

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Stop searching, Brian is the best! Brian is those attorneys who is rare in the field of attorneys. He genuinely cares and listens to your problems without judgment. He is conscientious and a strategic thinker. When I've consulted with him on matters relating to my small business or when I've asked for legal help for a friend, he has always provided astute and superb legal advice. His honesty and character is beyond reproach.

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It's hard to find a good lawyer these days. Many seem only interested in how much your case is worth rather than helping you. I couldn't be more pleased to know this fantastic group at Hallaq Law. They offer excellent service, they're very responsive and reasonably priced. When I first met them it felt like we were old friends. Thank you so much for your help Diem! I wouldn't go to anyone else!

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 It’s a common fact of owning a small business: Small businesses fail all the time and for many various reasons, some of which are outside of the owner’s control. If you’re unable to pay the overhead, and are falling deeper and deeper into debt by keeping your company open, sometimes the best business decision you can make is to shut down the business and cut your losses.

 

When it comes to closing a debt-laden business, bankruptcy is one option that can allow you to stop bleeding money and get a fresh start. However, there are certain considerations for filing for certain types of bankruptcy, and filing a Chapter 7 business bankruptcy has its own benefits and drawbacks.  As a sole proprietor, Chapter 7 lets you wipe out both personal and business debt in a single filing. There are some exceptions that apply and an experienced bankruptcy attorney can guide you in the right direction.  And even though your personal assets will be included in the bankruptcy estate, you can use exemptions to protect some—and maybe even all—of your property.  In a Chapter 7 business bankruptcy, the trustee is responsible for selling your assets and paying your creditors.  A chapter 7 business bankruptcy may be the easiest way to go if you want to put the failing business behind you, and move forward with a new beginning.

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