Bankruptcy Options For Small Business Owners
As a business owner, you do your best to set yourself up for success. Unfortunately, sometimes unforeseen circumstances arise and you are forced to make some difficult decisions. Phoenix Law has helped small business owners throughout southeastern Michigan determine if bankruptcy is right for them. We can help you, too.
Chapter 7 Vs. Chapter 13 Bankruptcy
Filing for Chapter 7 bankruptcy is quite common. For most people who file for Chapter 7, their debts will be completely erased. You will no longer be responsible for the mountain of bills that are weighing you down. While this form of debt relief is a great fit for many people, not everyone qualifies. If you still have significant income, you may not qualify for Chapter 7.
In that case, Chapter 13 bankruptcy is another option to consider. With Chapter 13, the court sets you up on a payment plan that usually lasts between three and five years. It all depends on your income and what you can afford. Together we will assess your case and determine what is the best fit for you and your business.
Call Our Office Today
Whether you are going through some personal issues or are facing unexpected business-related costs, there are different types of bankruptcy that can help you get relief. Our family-owned firm understands how stressful these situations can be. Call our Livonia office today for a free consultation at 734-779-9999 or fill out our contact form. We can help.