Question: I'm a small business owner and the business is not making a profit. My business is hurting. Sales have fallen to a 3-year low and I can't pay all of the bills. I think I need to file bankruptcy for the company.
I live in Alpharetta and the business is located in Roswell, Georgia. The problem is that because of competition I've lost a lot of sales. Thankfully, the debt is in the business' name and it's not in my name. I owe money on a lease for the office space and I owe on a loan for inventory. But both are in the name of the business. I have relationships with a local bank and I know the landlord personally from other ventures so I put those debts into the business.
I don't think I'll be starting a business anytime soon and I will just get a job, possibly with a friend's company in Cumming. He said I could start whenever I want and do sales.
Please tell me my bankruptcy options and when I can file. I just want to close the business and move on with my life.
P.C. in Alpharetta
Answer: If you want to close the business, you can likely file a chapter 7 bankruptcy. Many businesses utilize a chapter 7 to shut-down, be free of debts and start over.
It's good that you haven't obligated yourself personally on the debt. Sometimes when a person has a business they cannot get credit or sign a lease without providing a personal guarantee for repayment. In those cases, a personal bankruptcy (either a chapter 7 or chapter 13) is often utilized.
You can file bankruptcy quickly for the company. We have clients visit us for an initial consultation where we explain the procedures involved, give them the necessary forms to complete and tell them exactly what information we require. We process the financial data, do a full financial assessment and prepare the bankruptcy petition. We handle the entire bankruptcy filing from beginning to end.
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