Will I be able to keep my assets if I file for bankruptcy?
Posted on Friday, May 8th, 2015 at 6:47 pm
When an individual business owner is faced with the decision of whether or not to file for bankruptcy, one concern may be the possibility of having to liquidate all assets with little to no hope of rebuilding their business. Although this is sometimes the case in situations involving extensive debt, one particular bankruptcy option gives business owners the opportunity to hold on to their property and maintain their assets.
Chapter 13 bankruptcy allows debtors to repay creditors with little to no liquidation by establishing a concrete repayment plan and undergoing reorganization. Chapter 7 bankruptcy, on the other hand, will minimize debts but may require you to relinquish certain assets. In this case, a talented business bankruptcy lawyer can help mitigate your losses, and protect any at risk property.
If you are considering filing for bankruptcy, a business bankruptcy lawyer of the Bradford Law Offices, PLLC can walk you through the process and help you decide whether or not bankruptcy is the right move, and if so, which form you should file for. We will walk you through the entire process and work with you to protect your assets and maintain the integrity of your company. Call our offices at (919) 758-8879 to speak with one of our talented lawyers today.