Business Debt and Bankruptcy, Which Chapters to Choose

As we know from history, risk taking and opening your own business can have great rewards and earnings far exceeding what can be made working as an employee for someone else. Successful businesses sometimes fail after key people leave or someone dies, or a business may fail for a myriad of other reasons.

Business Debt will often include lease hold debt, credit card debt, small business administration loans, and tax debt. Sometimes the business debt is straddled over different entities, to include corporate debt and personal debt.

Bankruptcy can assist a struggling business to stay on their feet, by allowing a discharge or forgiveness of many debts while the business is still running, or can allow for a liquidation of many debts in a chapter 7 case.

For many, the American dream has included bankruptcy in their arsenal of tools available for their very survival. Donald Trump, President Lincoln, stars like Diane Warwick, and many, many others, have used bankruptcy when the tightening of the finances no longer worked in their lives.

Business Debt, and the chapter of bankruptcy associated with business debt is a complicated choice, taking into account many variables from the Bankruptcy Code. The ultimate choice of a chapter depends on what the client qualifies for, and what the client wants for the outcome.

Choosing an attorney to help is the right choice. A client should find an attorney that they can feel assured knows the law, and will work hard for them. A certified specialist in bankruptcy is often the right choice for complex bankruptcy cases.