Organizing Debts during Business Bankruptcy

While owning a small business can provide benefits including freedom, self-improvement, and personal pride, people may also find that starting their own business requires hard work, long hours, and financial sacrifice. In many cases, small business owners may be forced to borrow money to get their business off the ground and if it does not succeed, they may be forced to repay the loan themselves or file for bankruptcy.

Small business owners who discover that they are unable to make regular payments on their bills and repay their creditors may wish to consider filing for bankruptcy protection. If you are a business owner struggling to make ends meet, contact the Boston bankruptcy lawyer Joshua Spirn at 800-975-5346 to discuss your legal options.

Organizing Your Debts

When organizing your debts, it is important to:

• List all creditors and the amounts owed
• Check the due dates on all bills to see what is past due, currently due, and coming up in the future
• Separate out debts that are owed by the individual owners and what debts are owed by the business
• Organize contracts including equipment leases and property contracts.
• Review the rules for breaking leases and other contracts and determine the penalties for doing so

If you are considering filing for bankruptcy, it is important to have an experienced Boston bankruptcy lawyer on your side.

Contact us

For more information on bankruptcy claims and your small business, contact the Boston bankruptcy lawyers Joshua Spirn at 800-975-5346 today.