Bankruptcy Relief For Businesses

In Pennsylvania and elsewhere, businesses end for a variety of reasons. But when a business flounders, small-business owners can be left struggling to repay an overwhelming amount of business debt. The founding attorney and debt relief staff at Bryan P. Keenan & Associates, P.C., provide financial guidance for business owners considering bankruptcy relief.

Options For Business Owners

As a small-business owner, you may be personally responsible for the debts incurred by your business. If the business fails, lenders expect you to pay back the money owed. Filing for personal bankruptcy through Chapter 7 can discharge you from your financial obligations and allow you to make a fresh start. The bankruptcy exemptions also allow you to keep a certain amount of property, so you will still have assets after filing. Keep in mind that in most cases, filing for Chapter 7 dissolves the business.

Chapter 13 bankruptcy offers another solution for small-business owners. When you file Chapter 13, you can keep your assets while paying down business debt through a structured repayment plan. The repayment plan is based on the amount of debt you owe, how much your business earns and the amount of property you own. Generally, the repayment period lasts three to five years, during which time you can continue to operate your business.

Consult With Us To Learn More

The right type of bankruptcy for you and your business will depend on your needs, any mitigating circumstances and your business goals. Let our experienced lawyer review the factors of your case and suggest a possible course of action.

Do not let business debt continue to cause financial strain. Arrange a free consultation to learn about business bankruptcy and debt relief options. To schedule an appointment at our Pittsburgh office, please call 412-923-4941 or reach us online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.