Small Business Bankruptcy

What happens when a small business can no longer afford to operate? Unfortunately, when tough times hit, they sometimes make it impossible for struggling businesses to continue to operate under normal conditions. Sometimes small-business owners find themselves facing serious issues in a crisis and must turn to bankruptcy to escape from the financial burdens placed on their business.

For bankruptcy information that you can trust, call the Boston bankruptcy attorneys at the offices of Joshua Spirn and Associates at 800-975-5346. We are happy to help explain the legal options available to struggling small business owners.

Common Types of Business Bankruptcy

Before deciding on a course of action, it is important to consult the advice of an experienced bankruptcy attorney. Below are four common types of business bankruptcy:

Chapter 7 – Small businesses will often choose to liquidate their assets to pay their creditors instead of restructuring the business.
Chapter 11 – Some businesses will choose to continue operating under a restructured plan for paying back their debts.
Chapter 13- Businesses cannot file for Chapter 13 bankruptcy, but sometimes individuals file for this type to cover obligations they owe due to the failure of a small business.
Chapter 12 – This type of bankruptcy typically applies to family farms and usually allows the family to continue farming while paying off debts.

Contact a Boston Small-Business Bankruptcy Lawyer

If you or someone you know is facing bankruptcy due to financial difficulties in a small-business venture, please contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346.