Jump to content

Small Business Bankruptcy

GUIDING SMALL BUSINESSES THROUGH BANKRUPTCY

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. Contact us to schedule a free initial consultation.

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 are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

This site is not intended to constitute legal advice, nor does it create an attorney-client relationship. The materials on this site are not guaranteed to be complete or current, and they should not be relied on as a substitute for legal advice. This site conveys general information related to bankruptcy law in Omaha, Papillion, Bellevue, Gretna, Council Bluffs and surrounding communities. If you are contemplating or involved in any matter in which legal advice or other expert assistance is required, the services of a competent professional should be sought. The determination of the need for legal services and the choice of a lawyer are extremely important decisions and should not be based solely upon advertisements or self-proclaimed expertise. This disclosure is required by rule of the Supreme Court of Iowa. Memberships and offices in legal fraternities and legal societies, technical and professional licenses, and memberships in scientific, technical and professional associations and societies of law or field of practice does not mean that a lawyer is a specialist or expert in a field of law, nor does it mean that such lawyer is necessarily any more expert or competent than any other lawyer. All potential clients are urged to make their own independent investigation and evaluation of any lawyer being considered. This notice is required by rule of the Supreme Court of Iowa.