Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

How Do You Know if Missouri or Illinois Bankruptcy Is the Right Option for Your Small Business?

If you are a small business owner that usually means that you’ve followed your dreams to get exactly what you want out of life. Unfortunately, the current economy is not the best climate to keep small businesses afloat and more and more businesses are closing their doors. If you have hit hard times also, you could consider Missouri or Illinois bankruptcy.

“But James, doesn’t filing bankruptcy mean I’ve given up?” No, it doesn’t. In fact, filing bankruptcy means that you’ve taken responsibility for your debts and are willing to make a change. Whether you want to give the business up or simply reorganize the debt to keep your doors open, Missouri or Illinois bankruptcy might be your best option.

As a small business owner, you can actually file a Chapter 13—or even Chapter 7— in Missouri and Illinois. A chapter 7 is typically best when the business has no future, no substantial assets, or too much debt to be able to reorganize and keep the doors open. A Chapter 13 bankruptcy reorganizes the debt to free up enough cash to get you through the hard times—and to continue on your dream. Keep in mind, though, that to be eligible as a debtor, you must have primarily consumer debt. Having your business declare bankruptcy is a separate issue and you would be well-advised to speak with an experienced Missouri and Illinois bankruptcy attorney if that is the path you must take.

Are you wondering what else bankruptcy can do for the small business owner? Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”