If you are a small business owner facing financial struggles, it is likely you have incurred a significant amount of personal debt trying to keep your business afloat. It is important to seek the advice of competent bankruptcy counsel to discuss the possibility of eliminating the business-related debt you incurred personally. It is common for small business owners to sign personal guarantees, obtain loans, use personal credit cards and even borrow from their own savings account to fund the business. As a result, the business owner can incur a significant amount of personal debt. If you are concerned how your personal bankruptcy case will affect your company, it depends on the type of business you own. If your entity is legally incorporated, it is not required to file its own bankruptcy case. However, a business owner who files bankruptcy must list his interest in the business as an asset in his filing. Very often the business is not affected by the bankruptcy, but it is imperative that you consult with an experienced bankruptcy lawyer to make sure your business will not be affected by a personal bankruptcy.. If you own a small business and you are considering filing a bankruptcy, contact Levitt & Slafkes, P.C., to obtain advice you can depend upon.
We are bankruptcy lawyers who know how to make a difference in your financial situation. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.