A Law Firm Offering Bankruptcy Solutions For Small Business Owners
It takes courage to run a small business and try to keep it afloat. But sometimes, factors beyond our control force us to close up shop. According to the U.S. Bureau of Labor Statics, about 45% of small businesses fail within five years of opening. Although some unsuccessful business owners can exit with all their bills paid, most are left with heavy debt.
If you operate a small business, you don’t have to keep enduring the stress of business-related debt problems. Instead, contact the law firm of William H. Lively, Jr. WHL, PLLC. We are among the leading bankruptcy firms in East Texas, and we’ve helped thousands of individuals and small business owners find debt-relief solutions. We can help you, too.
Understanding Your Bankruptcy Options
Most of the time, when a business is failing and regaining profitability seems impossible, Chapter 7 is the appropriate remedy. Under Chapter 7, your business may be closed and its assets may be liquidated to help repay creditors. In exchange, all or most of the remaining business debts can be discharged. Chapter 7 is faster and more cost-effective than any other type of bankruptcy. However, you must meet certain requirements to qualify.
You may also have the option to file for Chapter 13 bankruptcy, which allows you to create a workable repayment plan. Chapter 13 is intended for individuals, and you can use Chapter 13 to reorganize and repay personal debt, potentially allowing you to retain the assets you need to keep the business open.
In many cases, business debt is compounded by medical debt and debt related to divorce. Whatever your situation may be, let us help you explore your options for getting a handle on debt through Chapter 13 bankruptcy or Chapter 7 bankruptcy.
We Are Here To Support You And Help You Find Debt Relief
Small business owners take on a lot of risk. You shouldn’t have to keep bearing the stress of heavy debt just because you had the courage to be an entrepreneur. At the law firm of William H. Lively, Jr. WHL, PLLC, we have decades of experience in these matters, and we take care of our clients every step of the way in their debt relief journey. We know how to help small business owners and their spouses get the debt relief they need to make a fresh start.
From our office in Tyler, we serve clients throughout East Texas. If you are ready to discuss your bankruptcy options, we invite you to schedule a free initial consultation. Just call 903-920-0008 or complete our contact form.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.