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Bankruptcy options for small business owners Atlanta, GA

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Bankruptcy options for small business owners

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Here in the Atlanta area there are a number of small businesses. Sometimes these ventures thrive for many years, and other times, unfortunately, small businesses do not make it. When a small business decides to close its doors, business owners are often faced with tough decisions about how to resolve financial issues.

The first step is often for the business owner to determine the exact remaining debts and whether these can be reduced. For example, if a business owes money for a security system, it may be possible to contact the security company and ask if it would be willing to take back the equipment and reduce the outstanding balance accordingly.

If once all liabilities are minimized to the extent possible, unmanageable business debts still exist, the business owner will need to take a look at whether he or she personally guaranteed any loans. Many small business owners have personally guaranteed loans, which means that a lender may be able to not only go after the assets of the business but also the personal assets of the proprietor.

In such situations, it may be wise for the business owner to file for personal bankruptcy protection.

A Chapter 13 personal reorganization bankruptcy, which is generally used by consumers, is available to sole proprietors. In this type of bankruptcy, a repayment plan is created based on the filer’s earnings and debt, among other things.

In other cases, Chapter 7 is a good option. Chapter 7 is often referred to as liquidation bankruptcy. For small businesses, a Chapter 7 filing would generally consist of a trustee taking possession of the business’s assets and distributing them among creditors, after which business debts would be discharged.

Deciding whether to file bankruptcy is a major decision for a small business owner. The protections offered by bankruptcy vary–in some cases, it might be possible to reorganize debts without closing the business, and in others it may be better to close the doors and walk away with a clean slate.

Business owners should seek legal counsel when considering these options.

Source: Fox Business, “My Small Biz Failed. Should I File Bankruptcy?” Justin Harelik, July 31, 2013

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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