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Reorganizing small business debt through Chapter 13 bankruptcy

As a small business owner, you know how difficult it can be to navigate complicated financial issues. Unexpected expenses and other temporary setbacks can be expensive, eventually taking a toll on your ability to make payments and keep up with other financial responsibilities. If your Kentucky business has been threatened by your debt burden, you may consider the benefits of debt reorganization by filing for Chapter 13 bankruptcy.

Often, small business owners find themselves in a complicated situation when their cash flow slows down or stops. This could be caused by a slow season, dip in the local economy or a sudden onslaught of several expenses at once. If you find yourself in this situation, it is possible that bankruptcy protection could allow you to confront your debt while still operating your business.

Chapter 13 bankruptcy reorganizes debt and allows the applicant to pay off owed balances over a period of three to five years. During the bankruptcy process, you will maintain control of operations, and creditors will not be allowed to contact you. Despite common misconceptions about bankruptcy, there are many benefits to this option.

Bankruptcy may be a smart choice for you, but it is not the optimal decision for everyone. It is important to seek the opinion of a lawyer who can analyze your debts and assets and identify the most appropriate alternative. We know how difficult it can be when debt is overwhelming, but we can help you get your Kentucky small business back on track. By scheduling a case evaluation, you can get the information you need regarding Chapter 13 bankruptcy.

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