In the case of small businesses, most individuals who believe that they need to file bankruptcy for their business actually need to file a personal bankruptcy in the form of Chapter 7 or Chapter 13 instead.

We often encounter situations in which a corporation or LLC with few assets ends up closing or experiencing a slump, and the owner is left with debts that are personally guaranteed.  In order for the business owner to avoid getting sued personally, filing Chapter 7 or 13 is often the best solution.  Each business is unique, however, and will require an evaluation from one of our experienced attorneys in order to decide the best course of action.