Should I File Bankruptcy for My Business?
When a business owner is considering bankruptcy, there are many factors to take into account.
The first step is to consult with an attorney to see if it is the right decision for your business. There are two types of bankruptcy that businesses can file- Chapter 7 and Chapter 11.
In a Chapter 7 bankruptcy, the business ceases operations and liquidates its assets to pay creditors. In a Chapter 11 bankruptcy, the business reorganizes its debts and continues to operate. There are pros and cons to both types of bankruptcies, so it is important to consult with an attorney to see which one makes the most sense for your business.
There are also several other considerations when deciding whether or not to file bankruptcy for your business. One is the impact it will have on your personal finances.
Omar Zambrano Law Office is happy to help you pay off your debts and start over.
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By calling 626-338-5505 or by visiting us at 12738 Ramona Blvd Baldwin Park CA 91706.