Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Can Chapter 7 Bankruptcy Help Small Business Owners?

Filing for bankruptcy as a small business owner can be a complicated process. In some cases, filing for bankruptcy may endanger the future of the business. However, this is not always the case. In some situations, bankruptcy can provide the financial freedom a person is looking for without shutting down their business.

If you are considering bankruptcy but are unsure about how your filing may affect your small business, do not hesitate to consult with a skilled and experienced lawyer. Contact the Birmingham Chapter 7 bankruptcy attorneys of Greenway Bankruptcy Law, LLC, at (205) 324-4000 to discuss your situation with a compassionate and capable legal representative.

Can You File for Chapter 7 Bankruptcy as a Small Business Owner?

Depending on the business, a person may not be able to file for Chapter 7 bankruptcy as a means to protect both themselves and their business from creditors. This connection can be severed, however, making a small business owner’s business responsibilities different than their personal financial responsibilities.

A person may be held personally liable for their business in the following situations:

  • The business is owned solely by the filer
  • The business is owned in a partnership that includes the filer
  • Contracts for the business are personally signed by the filer
  • The filer makes a personal guarantee to financially protect the business

In these situations, whatever debts are owed by the business are inextricably tied to the personal interests of the owner or partner. This can make business bankruptcies for small owners practically like personal bankruptcies, as personal assets can be seized in these cases. As a result, the business may be unable to continue.

Contact Us

If you are a small business owner whose personal finances have become wracked by overwhelming debt, bankruptcy may be able to help you to move on with your life. Contact the Birmingham Chapter 7 bankruptcy lawyers of Greenway Bankruptcy Law, LLC, by calling (205) 324-4000 today to speak directly with an attorney who can advise you of your options.

 

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
Robin M
"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
Jennifer S.
I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
"I would like to thank Greenway Bankruptcy Law, LLC for the way in which they handled my bankruptcy case."
Robert M.
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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+