Chapter 13 Bankruptcy for Small Business Owners
For larger businesses that are considered legal entities separate from their owners, Chapter 13 bankruptcy is not an option. However, if you are personally responsible for the debts of your business, as in a sole proprietorship or certain forms of partnership, it is possible to include these business debts in a personal bankruptcy filing. This will allow your sole business to enjoy the benefits of your personal bankruptcy filing, granting you the opportunity to get your debt under control while keeping the business functional.
At the Russell Van Beustring P.C., our legal team is dedicated to helping those who are facing unmanageable debt to get their finances back under control through bankruptcy. If you need help with shedding the burden of your personal and small business debts, contact an experienced Houston bankruptcy lawyer at our offices today at 713-973-6650.
Advantages of Chapter 13
For individuals who are personally liable for their business debts, Chapter 13 is an excellent option for consolidating debts into a single manageable payment over the course of 3 to 5 years, and it may be able to reduce your overall debt significantly. After filing for Chapter 13, you will enjoy the following benefits:
- Pay off your priority and secured debts with a single simple repayment plan
- Discharge remaining unsecured debts following the completion of your payment plan
- Have the opportunity to “cram down” secured loans, or reduce the debt to the current value of the property securing the loan
With a skilled Houston bankruptcy attorney guiding you through the process, you and your small business can use Chapter 13 bankruptcy to eliminate outstanding debt and return to profitability.
If your business debts have grown to the point where you are unable to make your monthly payments, it is time to consider the powerful options afforded to you through bankruptcy court. For a free consultation with a Houston bankruptcy attorney to discuss how Chapter 13 can save your small business by eliminating the debts for which you are personally responsible, contact the Russell Van Beustring P.C., today at 713-973-6650.