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Do I Need To File Bankruptcy If My Small Business Fails? Call (703) 967-3315 or visit https://fishersandlerlaw.com and ask us about our 👉$0 Down Bankruptcy Program today.👈
Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.
If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy under the U.S. Bankruptcy Code. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!
If you're a struggling small business owner—especially a sole proprietor—filing for Chapter 7 bankruptcy could help you save your service-related business or provide a simple way to close it. It's rare to put any other type of business in a Chapter 7 bankruptcy—such as a partnership, LLC, or corporation—because it's usually not beneficial. The business won't receive a debt discharge, and filing for bankruptcy can increase other liabilities, such as a lawsuit to pierce the corporate veil.
A sole proprietor typically uses Chapter 7 after a business closure (but not always—more below). The benefit to the filer can be substantial because Chapter 7 will discharge (erase) both qualifying business and personal debts, thereby genuinely giving the debtor a fresh start. Unlike a Chapter 11 or 13 filing, Chapter 7 doesn’t require creditor repayment. And it's fast, taking three to four months to complete.
The downside is that all business and personal property become part of the bankruptcy estate. But you won’t lose everything. Bankruptcy law allows you to keep “exempt” assets in Chapter 7, such as some equity in a home and car, household goods, a retirement account, clothing, and a small amount of the equipment needed in your profession. The Chapter 7 bankruptcy trustee sells assets that aren’t protected by an exemption and distributes the proceeds to creditors.
I often get calls from people who want to know if I can help them file bankruptcy for their business. After trying their best, for one reason or another their business plan just didn’t work out. Maybe they didn’t have enough capital. Maybe their household couldn’t survive on one income while the business got up and running. Whatever the reason, they want to know if the can declare bankruptcy to get out from under the debt for the business.
As a general rule, it’s fairly unusual for most small businesses to file bankruptcy. In most cases, the business’s debts far outweigh the business’s assets. If creditors were to try to collect the debt from the business, they wouldn’t get anything from the business. There just isn’t any practical reason for the business to file bankruptcy. The one reason a business might want to file bankruptcy is if it has a great deal of inventory or property that it needs to get rid of to satisfy its creditors. Some business owners will file bankruptcy in that case to let the bankruptcy trustee deal with the distribution of these things.
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Fisher-Sandler, LLC
12801 Darby Brook Ct #201
Woodbridge, VA 22192
(703) 967-3315
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Fisher–Sandler, LLC
3977 Chain Bridge Rd #2
Fairfax, VA 22030
(703) 691-1642
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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
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Business After Bankruptcy - Getting the Help You Need to Rebuild After Bankruptcy
Bankruptcy can be a life changing decision that will impact your finances and your social life for many years to come. However, this does not mean you should remain defeatist and defendant once you have opted for bankruptcy. You should proceed and try to get back to ordinary business after bankruptcy.
Bankruptcy - Protect Yourself Today!Every day we hear of troubled Individuals and families losing out on their savings and security. It is very unfortunate and scary to be in the shoes that experience these circumstances. It is only when persons are faced with losing it all that they run to find security and cover from a Bankruptcy Attorney.
Overcoming the Barriers of BankruptcyOn occasion, bankruptcy is the only solution to severe financial problems. Regrettably, the process often imposes feelings of guilt and a sense of failure. If you have experienced bankruptcy, realize that there is hope of recovery and restoration.
Do Not File Bankruptcy! How to Eliminate Unsecured Debt by 60% and Prevent BankruptcyIn these days of recession, getting financial stability is the dream of everyone. This is why most of the people trying to get rid of financial problems by filing bankruptcies and other ways. Bankruptcy is not a good option for you to remove your credit card debt so, don't file bankruptcy.
The Pros and Cons of BankruptcyIf your financial situation has gotten tough, filing for bankruptcy is one option to pull yourself from the brink of financial ruin. Particularly in today's economic climate where too many people have lost jobs, lost homes and lost retirements, paying every day bills is a struggle.
Bankruptcy Fees - How Much Does Bankruptcy Cost?Part of making the choice of attorney to represent you in bankruptcy is the cost of the attorney's services. Price should not be the only consideration, however it is an important factor in selecting the right attorney. Bankruptcy is a complicated area of the law.
Legal Alternatives to BankruptcyBankruptcy is the state of a person in which he or she is unable to pay back his debts which he owns to others or the bank directly. Many of the businesses fail to pay back their debts and hence they plan on to declare bankruptcy to save their ailing business, which is least desired by everyone.
Avoid Filing Bankruptcy - What is the Best Alternative to Filing BankruptcyYou should certainly avoid bankruptcy when you have great debt relief options at your service. In fact, the best alternative to filing bankruptcy is debt settlement. As a matter of fact, debt settlement has become very popular among consumers and is an option which is taken regularly among them.
Declaring Bankruptcy - Cost and Important ConsiderationsA large number of people are going through financial difficulties in their lives -- especially with the recent global Crisis throughout the world. There are a lot of individuals and corporations that undergoing buyouts and layoffs. Financially weird situations may sometimes take a bit of time to become better.
Tips on Successfully Filing Georgia BankruptcyFiling bankruptcy in Georgia can be a complex practice. How do you know if you are eligible for filing bankruptcy in Georgia? This guide educates you on how to successfully declare for Chapter 7 or Chapter 13 bankruptcy, specifically for Georgia residents.
Bankruptcy Automatic StayAutomatic stay is a powerful protection device for consumers in the realm of bankruptcy. A bankruptcy automatic stay can be defined as temporarily evaluation that has been automatically placed once the bankruptcy petition has been filed by a company or individual.
Weighing Bankruptcy ConsequencesThe time when one is engulfed in debts is the worst time of life. There can be unpaid bills, late and high credit card fees piling up, outrageous interests of creditors and more.
Debt Relief Alternatives to Bankruptcy - Get Out of Debt and Prevent BankruptcyIt has been observed over time that people tend to accept the process of bankruptcy as the only process to eliminate debt. You should know that there are processes like debt relief alternatives to bankruptcy.
Debt Settlements Vs Bankruptcy - Which Financial Debt Relief Option is Best For You?Because of economic recession many people are kept in a debt spiral and they need to get out from it but if they believe that bankruptcy is the only way to remove their outstanding credit card bills then this is not correct. There is an alternative which is debt settlement, with debt settlement you can remove your arrears and it is a legitimate way to clear your dues.
Avoid Filing Bankruptcy - Tips in Finding the Legitimate Debt Settlement Services OnlineNow-a-days financial freedom is the dream of everyone but removal of liabilities in these days of recession is not very easy. Most of people were unemployed and many lost their businesses because of recession. The people who have huge debts and can not pay to their creditors want to eliminate their arrears. This is why most of the people filing bankruptcies, but it is not a good practice to eliminate arrears and you should avoid filing bankruptcy. If you file bankruptcy then your credit score become lower and bankruptcy stays with your credit report for 10 years and also visible to everyone.
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