Bankruptcy Solutions for Small Businesses in California
Small business bankruptcy is a far cry from the Chapter 11 reorganization cases you read about when a car manufacturer or airline goes down for the count. You're not dealing with bondholders, pension funds, union contracts and government bailouts. Instead, you're mainly looking at tax debt and personal guaranties.
Call 888-9-GOT LAW (888-946-8529) for Advice About Small Business Bankruptcy
The bankruptcy attorneys at the ANH Legal Group advise small business owners about the best ways to wind up a foundering company's affairs while minimizing personal liability on business debts. With offices in Woodland Hills, Irvine, San Jose and Oakland, our lawyers work with clients from Los Angeles to Contra County. Contact us for a free consultation if you're concerned about the viability of your business in Southern California or the Bay Area.
We don't handle Chapter 11, but we can show you how you can get the relief you need through other chapters of the Bankruptcy Code.
Bankruptcy under Chapter 7 or Chapter 13 works about the same for businesses as it does for consumer debtors, with one important exception — only individuals are entitled to a discharge. As a practical matter, this doesn't make much difference. It's easy enough to walk away from a defunct business, and your real problems will concern liability under personal guaranties or claims that an individual and a business are essentially the same debtor entity.
The best approach to small business bankruptcy will depend on the nature of the debts and the corporate formalities (or lack thereof) that separate the business entity from the individual. When a sole proprietorship without corporate organization needs bankruptcy relief, we often file the case in the owner's individual name d/b/a the failed enterprise. That protects the individual from any dischargeable liability that might spill over from the business.
We work with contractors, consultants, builders, drivers, professionals, marketers, retailers and landscapers, just to name a few of the entrepreneurial businesses we've helped through bankruptcy. For a free consultation about your company's financial problems, contact the ANH Legal Group at any of our four locations.
