Florida Attorneys Handling Small Business Bankruptcies
Small business owners facing serious financial problems often face dealing with business debt that is tied to personal assets. Business creditors can get court permission to take an owner's personal property such as houses, cars and bank accounts to cover their business debt. Few personal assets may be excluded, and even specific personal items put up as collateral may not stop the loss of others.
At the Law Office of Henry Hernandez with offices in Naples, Tampa and Miami, Florida, we want you to know there are solutions to your business's financial problems. With our help, you can explore small corporate bankruptcy strategies. We have advised many business owners, including those in Spanish-speaking communities, on the proper course of action to take.
To find out more about how a bankruptcy filing could help you save your small business and how we can help protect your interests, contact an attorney for a free consultation.
Protecting Sole Proprietors, Partnerships and Small Corporations
- Sole Proprietorships - To the IRS there is no difference between a single business owner and their company. This means that you are personally liable for all business debts; creditors will go after your personal assets to pay them.
- Partnerships - Generally partners in a business share similar personal liability for debts. Each partner is personally responsible not just for their portion of debt, but for all debts of the business. Creditors know this, especially when other partners are broke.
- Smaller Corporations - Personal assets are typically protected from creditors when a business is incorporated as a limited liability company (LLC), unless an owner waives that protection. Sadly for most small business owners, they are often forced to give the right to limited personal liability and many creditors demand personal liability in order to secure loans or extend credit. Landlords also require guarantees backed by personal assets before leasing commercial property.
As a small business owner with personal guarantees tied to business debt, you may be able to file for bankruptcy under Chapter 7 or Chapter 13. If you have pledged personal property for your business, you may be able to file bankruptcy for yourself and your business individually. Keeping your business depends upon many factors. Consulting with an experience bankruptcy attorney can help you make sound decisions about how to proceed.
Find Out if Bankruptcy is Right for Your Business
For a confidential discussion about your small corporate bankruptcy options, contact the Law Office of Henry Hernandez for a free consultation.
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