Small Businesses Can Benefit From Chapter 7 Bankruptcy
Running a small business always involves financial risk. If your business is deep in debt with little hope of a turnaround, Chapter 7 bankruptcy can help insulate you from personal liability for those debts. Experienced legal counsel will help you take full advantage of the protections of bankruptcy.
Protecting Owners From Liability For Business Debts
Mahaffey & Associates, LLC, has helped business owners in Toledo and northwest Ohio liquidate under Chapter 7. Our bankruptcy lawyer will sit down with you to analyze your debt situation and discuss your legal options. Whether you are trying to save the business or get out from under it, you can count on us for honest and attentive counsel.
Liquidating A Business Through Chapter 7 Bankruptcy
While large corporations sometimes survive under Chapter 11, reorganization seldom works for small businesses. If your business has been losing money quarter after quarter, shutting it down under Chapter 7 bankruptcy may be the prudent option.
A small-business bankruptcy under Chapter 7 liquidates the business assets to satisfy creditors and mitigates personal liability for debts of the business. We have helped sole proprietors and general partners obtain bankruptcy relief as individuals. We have also helped owners of LLCs and small corporations file for bankruptcy on behalf of the business entity.
In some cases, equipment or tools of a trade are exempt. In some scenarios, owners are still on the hook for certain debts incurred, such as a personally guaranteed loan. Toledo attorney Ty Mahaffey has practiced bankruptcy law since 2002. He can help you assess if and when to liquidate under a Chapter 7 for small businesses.
Is It Time To Pull The Plug?
Call us today at (419) 827-5008 or contact us online. We offer a free initial phone consultation. With convenient office locations in Sylvania, Toledo and Northwood, we can meet clients evenings and weekends by appointment.
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