Can You Keep Your Business Afloat If You're Drowning in Debt?

Can You Keep Your Business Afloat If You're Drowning in Debt?

Consult a bankruptcy lawyer in Knoxville, TN

Like many Knoxville, TN business owners, you've invested a lot of time and energy into making sure your company succeeds. Unfortunately, you're concerned your overwhelming debts will put you out of business. Don't give up just yet. Ask a bankruptcy lawyer what kinds of options are available to you.

Woodside Law, a local bankruptcy law firm, can help you work toward a positive solution. Talk to us about your company's assets and debts so we can develop a customized strategy.

Contact our bankruptcy law firm today.

Types of business bankruptcy explained

There are three types of bankruptcy that small business owners in the Knoxville, TN area can consider: Chapter 7, 11 and 13. Here's a general overview of the benefits of filing for...

Chapter 7 bankruptcy: By liquidating your assets, you can pay creditors right away. You'll also receive a discharge from your debts (this does not apply to partnerships or corporations).
Chapter 11 bankruptcy: You can restructure your debts to keep your business afloat.
Chapter 13 bankruptcy: If you're in a sole proprietorship, you can use a repayment plan to pay creditors over a period of time.

Have questions about your business bankruptcy options? Speak with a bankruptcy lawyer at Woodside Law today.