Should I File Bankruptcy for My Business?
When a business owner is considering bankruptcy, there are several factors to take into account before making a decision. The first step is to consult with an experienced bankruptcy attorney to discuss all of the options and which would be best for the specific situation.
There are two types of bankruptcies that a business owner can file: Chapter 7 and Chapter 11. In a Chapter 7 bankruptcy, the business is closed and the assets are sold off to repay creditors. In a Chapter 11 bankruptcy, the business remains open but must reorganize its debts and create a repayment plan approved by the court.
The type of bankruptcy that a business owner files will depend on many factors, including the type of business, the amount of debt, and whether there is a chance of repaying creditors. A business owner should carefully consider all options before deciding whether to file for bankruptcy.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706