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Choosing bankruptcy for your business

If you run a business, one of the worst feelings is that you've lost control of the financial aspect of the job. Sometimes, you might just have a bad month. Other times, you find you're buried in debt from purchases or losses throughout the year.

If you are in a situation where you risk losing your business, then bankruptcy may actually be able to help. Since you run a small business, Chapter 11 bankruptcy, which is for restructuring, might be out of the picture, but you could opt to enter into Chapter 7 or 13.

With Chapter 13 bankruptcy, you can repay some of the debts you owe, which could help you stay open and continue operations. On the other hand, if you are done and want out of the business completely, Chapter 7 liquidation bankruptcy could be the right option for you.

It's not easy to know exactly which form of bankruptcy is right for you. Many times, the decision is made for you, though. If you have a low income and low assets, then Chapter 7 bankruptcy might be the only option for you. Chapter 13 bankruptcy is generally for those with good profits but overriding debts that need consolidation and repayment to keep the business afloat.

You can help avoid bankruptcy in the future by developing a strong business plan. Your attorney has education in the law that revolves around bankruptcy, so make sure you learn what you can to give your plan the best chance of succeeding in the future. Our site has more on bankruptcy and what you should expect.

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