Small Business Bankruptcy
Unfortunately, small business owners are some of the hardest-hit individuals during times of economic crisis. Many small shops and stores do not have the financial backing or reserve funds to survive long periods of slow business. When revenue stops flowing into a business and debts begin piling up, small business owners may consider filing for bankruptcy to help ease the financial burden.
Although most small business owners begin their ventures with the hopes of steady financial growth, difficult financial times may make it hard to maintain responsibility for all of the debts a business can incur. If you are considering filing for commercial bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon & Jameson, LLP at 512-338-1100 today.
How to File for Commercial Bankruptcy
Business owners seeking to file for commercial bankruptcy may take steps that include:
- Hiring an experienced commercial bankruptcy attorney
- Meeting with financial advisors, business partners, investors and others associated with the business to determine whether or not the business will be profitable in the future
- Organizing financial records including any assets and liabilities
- Deciding whether to file for Chapter 11 or Chapter 7 bankruptcy depending on whether your business requires reorganization or liquidation
- Filing the appropriate bankruptcy petition in court
- If you have filed for Chapter 11 bankruptcy, design a plan for repayment of debts and reorganization of the company.
Contact an Austin Commercial Bankruptcy Attorney
If you own a small business and are considering filing for commercial bankruptcy, contact the Austin commercial bankruptcy attorneys of Slater Kennon & Jameson, LLP at 512-338-1100.