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Chapter 11 vs. Chapter 7, What is the Best Alternative for my Small Business?
I’ve been running a small accounting practice from my home for several years. At one point, I had to hire extra people. I now have to let some people go. During the past six months, I’ve fallen way behind in paying several business creditors. Where can I look for some trustworthy Chapter 11 information? I actually don’t know whether to file for Chapter 11 or Chapter 7 relief in order fully protect my business assets and relationships.
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Answers (1)
First, briefly review the following government links that explain some of the main differences between Chapter 11 and Chapter 7 filings. (See: Chapter 7 and Chapter 11). Although you’ll probably choose to file under Chapter 11 since you’ve only mentioned catching up with certain business debts and obligations, you really should seek out the advice of a bankruptcy law specialist. This expert will know how to help you fully protect as many of your business and personal assets as possible.
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Posted by Elizabeth Smith on 21 Jan 2010
1 person found this useful
(4 Votes)