Chapter 7 Debt Discharge for Business Owners, Self Employed or Sole Proprietors!
Can a Small Business Owner file for a Chapter 7 Debt Discharge? YES!
As experienced bankruptcy attorneys who have helped thousands of people like you, we can help you determine if you are eligible to file Chapter 7 bankruptcy.
Chapter 7 bankruptcy is known as a fresh start. It allows Business Owners facing serious financial crisis to discharge all of their debt and gain a fresh start in Business! It provides immediate relief and is about a 90 day process from filing date to discharge. ALL of your debts except some Taxes, Student Loans, Child Support and Drunk Driving Debt can be discharged. Even the debt you personally owe for your house and your car is discharged.
Debts that Business Owners, Sole Proprietors, Partners and Self Employed Persons have personally guaranteed or owe are also completely discharged in chapter 7! Your attorney will explain how Bankruptcy 7 strips debts but not secured liens and how you can keep your house and car and Business!
COSTS:
$1599.00 – Estimated attorney fee for a simple chapter 7 bankruptcy for a business owner
$400.00 – Bankruptcy court filing fee and credit reports & online questionnaire
$1999.00 – Total estimated paid to Robinson Law Offices P.C. for a business owner chapter 7 bankruptcy
Filing for bankruptcy Chapter 7 will stop creditors from harassing you with calls, lawsuits, wage garnishing, or the threat of taking away your home or automobile. As soon as a petition is filed, bankruptcy laws invokes an automatic stay halting creditor activity.
In order to qualify for a Chapter 7 bankruptcy, you must have little or no disposable income. In other words, if the amount you earn is approximately the same as your expenses for housing, car payments, food, utilities, insurance and other expenses, you may meet the necessary requirements for Chapter 7. There is a “means test” calculation that Robinson Law Offices P.C. will help you complete to determine if you are eligible to file under Chapter 7 or, alternatively, some other chapter.
Business Owners, Self Employed or Sole Proprietors qualify for the “means test” by calculating their income with profit and loss statements. The amount you claim personally after all of your business expenses are taken is usually reported to you personally in a K-1 or distribution or on schedule C of your taxes. That is the amount we use for the means test!
The Chapter 7 bankruptcy option allows a trustee to administer (liquidate or sell) any property that isn’t protected under state and federal law and distribute the proceeds to satisfy part of your debt. In most cases, we find that creditors have “no assets” for the trustee to administer after you take all allowable exemptions. Robinson Law Offices P.C. will guide you and explain what property the law allows you to keep.
Chapter 7 bankruptcy will also allow a debtor to discharge most debts, freeing the individual from repaying the debt. Some debts are not discharge able though, including current (under 3 yrs old) tax debt, child or spousal support, and guaranteed student loans.
Business Owners and Self Employed Persons can file bankruptcy chapter 7 and eliminate debt that was personally guaranteed or is personally owed on behalf of the business. Mark Robinson has a business degree and taught business law at Oral Roberts University. He has the experience to help small business owners and self employed through the process of chapter 7.
Contact us at Robinson Law Offices P.C. today to get started on your “fresh start”!
