Often times people are hesitant to contact an attorney or consider bankruptcy when they own a business. They are concerned that by filing a bankruptcy, the business could be impacted. In some cases it may be, but the majority of the time, with small businesses, filing bankruptcy will have little or no affect on the business and may even help it move forward and become more profitable.
It is important to contact an attorney to review your options, especially when your personal finances are in jeopardy due to the business. It is very common for small business owners to fund their business with personal funds. If you find that this is your situation, bankruptcy may help.
When consulting with an attorney regarding your options, make sure you bring with you all company documents such as evidence of incorporation, if applicable, along with profit and loss statements and a list of company debts. It is also important to know what company debts you have personally guaranteed.
If bankruptcy is not possible, our attorneys can offer you other options to allow you to move forward with your business and to try to gain control of your financial situation.