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Will Filing Bankruptcy Affect My Small Business? Call (703) 494-3323 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today.👈
Will Filing Bankruptcy Affect My Small Business?
Are you struggling to keep up with your bills? Are you tired of feeling like you're drowning in debt? Fisher-Sandler can help. We offer a no money down chapter 7 bankruptcy. This means you can get the fresh start you need without having to pay a penny upfront. Don't wait any longer. Get the debt relief you deserve.
Call (703) 494-3323 or visit https://fishersandlerlaw.com for your FREE consultation
Call Fisher-Sandler today and find out how we can help you get back on your feet.
Filing for bankruptcy could be a great way to handle the extensive debt you may have. However, if you’re involved in or own a business, there could be some casualties when you file a personal bankruptcy petition.
It will probably depend on the structure of the business. There may be consequences for business management, partners or shareholders, and assets.
Will Filing Bankruptcy Affect My Small Business in Virginia?
You'll Likely Keep Your Business in Chapter 7 Bankruptcy in These Situations:
You're a sole proprietor of a service-oriented business.
Service-oriented businesses—such as a small law office, an accounting firm, or a freelance writing business—don't depend on products, so it's less likely that the trustee will close the company for an inventory (and the trustee can't sell your efforts). However, you'll still need to exempt tools, equipment, furnishings, accounts receivables, and other outstanding income sources.
You own 100% interest in an unsellable LLC or corporation.
You don't own business products, equipment, or accounts receivables—the company does. You'll exempt the value of your shares or ownership interest in the company, not particular business assets. The problem? You won't find a specific exemption to cover this. But it won't matter if the business isn't worth much or isn't one a buyer would want—for instance, it's reliant on your labor (you aren't part of the deal). The trustee will likely abandon it. It will be yours to keep.
You own a portion of the interest or shares in an unsellable LLC or corporation.
The scenario is the same as above; however, selling partial ownership can be even more difficult, especially if the other interest holders are family members. Many investors stay away from these companies.
People also search for:
can you file chapter 7 with no income?
how much do you have to be in debt to file chapter 7?
Documents needed to file Chapter 7?
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Fisher–Sandler, LLC
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Woodbridge, VA 22192
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Fisher–Sandler, LLC
3977 Chain Bridge Rd #2
Fairfax, VA 22030
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Fisher-Sandler, LLC
8002 Discovery Drive, Ste. 422
Richmond,VA 23229
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Fisher-Sandler, LLC - Fredericksburg, VA
1930 William Street
Fredericksburg, VA 22401
(540) 274-5566
7GW5+33 Fredericksburg, Virginia
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Related Videos:
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*DISCLAIMER*
The information in this video is not intended to provide legal advice or to create an attorney-client relationship; but is intended for general education and information purposes only. Laws change periodically, therefore the information in this video may not be accurate. It is imperative that you seek legal counsel in order to determine your rights and obligations under the law and based upon your specific circumstances.
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