Practical Help During an Emotional Time
Owning and running a small business is a dream for many people. When that dream has been realized, it is extremely difficult to watch it come to an end. When business owners are not generating enough revenue to pay their bills, their employees or their taxes, the resulting debt can put additional stress onto an already emotional time.
As an experienced bankruptcy attorney, I have helped many business owners who faced overwhelming file for Chapter 7 bankruptcy. I am a specialist in Bankruptcy Law certified by the State Bar of California, Board of Legal Specialization, and I have 30 years of experience with business bankruptcy.
My role is not simply to help you fill out a Chapter 7 bankruptcy form. I provide an individual analysis of each client's situation, personal attention, and counsel through the entire process of business bankruptcy. For a free phone consultation to discuss your situation, call today at (949) 723-8441 or contact me by e-mail to set one up.
Could You Be Facing Both Personal and Business Bankruptcy?
There are questions concerning business bankruptcy that depend on the type of business you initially formed. If your business was not set up as a corporation or LLC, i.e. you are a sole proprietorship, you are personally liable for the business debt. In such a situation, a personal bankruptcy discharges all debt, including the debt incurred by the business.
If your business is a corporation or LLC, but you have personally guaranteed all or a significant portion of the business debt, both a business bankruptcy and a personal bankruptcy may need to be filed.
Even if the business has been incorporated or is an LLC, business owners who haven't been paying 941 taxes (employee withholding taxes, FICA, etc.) can be held personally responsible for their repayment. In these cases, we can determine whether the corporation or business has any remaining assets. We will find what the business can liquidate to raise enough money to pay off as much of the withholding taxes as possible before filing.
Contact a Lawyer Right Away for Business Bankruptcy Solutions
Whether you are a sole proprietor, the shareholder of a corporation or a member of an LLC, contact me by e-mail or call me right away at (949) 723-8441 for a free phone consultation. We can work together to decide what options will work best in your situation.
Law Office of Jonathan R. Ellowitz