Running a business can be a risky venture. Virtually any business needs to take on at least some debt in order to get established and grow, but when debts get out of hand, they can get in the way of your goals.
At John T. Turco & Associates in Omaha, we help small business owners in Nebraska and Iowa explore their bankruptcy options. Whether you want to keep your business or give it up, we will skillfully advise you and, if you choose bankruptcy, carefully guide you through the process.
Pursuing Small Business Debt Reorganization
Larger businesses that wish to reorganize under bankruptcy protection generally file for Chapter 11 bankruptcies. These are the major corporate bankruptcies that we hear about on the news. However, small businesses are often eligible for the more straightforward bankruptcy process of Chapter 13 reorganization.
Chapter 13 can give you time to pay off business debts while continuing to bring in revenue running your business as normal.
A small business’s debts must be below a certain limit in order for it to file for Chapter 13, and if it is organized as a limited liability company or S corporation, it may be necessary to change that status before Chapter 13 can be filed. Our attorneys can advise you on all of the steps to a successful bankruptcy filing.
Skillfully Negotiating Chapter 7 Consequences
Many small business owners mistakenly believe that if they file Chapter 7 bankruptcy, their business assets will be seized and sold off. In fact, if it is possible to run your business profitably after the bankruptcy, it should be possible to negotiate with the bankruptcy trustee to purchase back the equity or otherwise keep the business going under your control.
This is a very tricky area to navigate, and an inexperienced or careless bankruptcy lawyer can do a lot of damage. We have a strong background of helping small businesses come through the Chapter 7 bankruptcy process.
Of course, you may not want to continue running your business. Chapter 7 can also help you wind down a failed business and get its debts off your back so you can move on. Whatever your goals, don’t hesitate to contact us to discuss the impact of bankruptcy on your small business.
We can help. Contact us to speak to one of our experienced bankruptcy lawyers or to arrange a free initial consultation. If you cannot come to our Omaha offices, we can consult with you by telephone.