Killeen Attorneys Providing Debt Relief Options For Businesses
If your business venture has proven to be unprofitable, bankruptcy may be a wise choice. A strategic bankruptcy lawyer will help you determine the best course of action for your business as well as any personal debts. From our office in Killeen, we at Wm. Barry Phillips, P.C., help business owners in financial distress manage the bankruptcy process.
Small-Business Bankruptcy Attorneys Serving Temple, Killeen And Central Texas
One of the major considerations in any business bankruptcy involves determining whether the business entity, the individual business owner or both are liable for the debts. Our lawyers will look at your business structure and the nature of your debts and advise you of your options. Depending on these and other factors, we may advise you to file Chapter 7, Chapter 11 or Chapter 13 bankruptcy. For example, if your company is a sole proprietorship, Chapter 13 could be a way to reorganize and repay your debts. There are many different choices, depending on the specifics of your situation. You can rely on our law firm to help you make decisions that help you immediately and in the long term.
Filing Chapter 7 For Small Businesses
In a business Chapter 7 for a sole proprietor, any nonexempt assets may be liquidated and the proceeds paid to creditors. If most of your debts are nonconsumer debts (debts related to your business or for income taxes), you may be able to file Chapter 7 bankruptcy without being subject to the means test.
If your business is incorporated, you may be able to file Chapter 7 bankruptcy for it without affecting your personal situation. Although corporations do not get a discharge, Chapter 7 is sometimes a good way to wind up a business and stop creditor harassment. Our Killeen attorneys will help you understand your debt relief options and guide you to as favorable a resolution as possible.
Contact Wm. Barry Phillips, P.C.
We are a debt relief agency. We provide legal representation for people filing for bankruptcy relief under the Bankruptcy Code.