Chapter 7
Chapter 13
Testimonials
“This is a great place to go for help with financial decisions. Everyone is so nice and friendly and really quick with your processing needs. The atmosphere is so warning and welcoming and I really appreciate all the advice and help that they have given to me. This is such a excellent place. I would recommend to anyone that needs help exploring bankruptcy needs to try them you will not be disappointed.
-Ms. E
“Jennifer Johnson is absolutely the best bankruptcy lawyer I have worked with! She gave me so much more information & advice than any of the other lawyers I previously spoke to. This firm definitely cares about you & makes filing for bankruptcy as easy as it can be. Will definitely recommend them to anyone who needs help with filing. Thanks so much Jennifer!.”
-Ms. B
Bankruptcy For Small Businesses
Individuals and sole proprietors can choose Chapter 13 bankruptcy.
Chapter 13 bankruptcy, also known as “reorganization” bankruptcy, is designed to help individuals and sole proprietorship businesses who are swamped with debt to pay off and eliminate their debts quickly and efficiently. Chapter 13 bankruptcy reorganizes and consolidates debts owed into a manageable monthly payment so that the debtor can keep all if not most assets throughout the bankruptcy period. Hiring an experienced bankruptcy attorney is imperative for your bankruptcy period to go as smoothly as possible.
Filing for Chapter 13 bankruptcy allows the debtor to maintain their possessions rather than liquidating them (as in Chapter 7 bankruptcy cases). Retaining possessions and assets is part of the agreement that the debtor makes, in committing to paying the monthly installments on time and in the proper amount.
When determining the amount of time a debtor’s bankruptcy period will last, as well as the monthly payment amount, some factors are taken into consideration by the bankruptcy court. These include:
- Debtor’s monthly income
- Debtor’s monthly expenses
- The amount of debt in the debtor’s name
- If the debts are secured or unsecured
- The amount of assets to be retained
Filing for Chapter 13 bankruptcy for small businesses may be the best option for you and your business if you are faced with heavy debts that you cannot manage on your own. By partnering with a bankruptcy lawyer at Long, Burnett, and Johnson, your options will be laid out for you so you and your attorney can strategize your best course of action.
Contact the Lawyers at Long, Burnett, and Johnson, PLLC
If your small business is overwhelmed with debt and is being harassed by creditors and collection agencies, you need to contact Long, Burnett, and Johnson, PLLC. Our lawyers are exceptionally knowledgeable in all matters pertaining to finance, bankruptcy, and law. We work with you every step of the way to ensure a better financial future for you and your business.