Filing Bankruptcy for Small Business Relief

Video Transcript

"You're interested in filing a bankruptcy for your small business. Hi, I'm Andy Forman, and I'm a Consumer Business Bankruptcy lawyer, and I can give you some advice in this topic. In order to file for bankruptcy relief, for your small business,there are different chapters that are available, to a small business. The first question or topic would be, What is the structure of your small business? Is it a corporation? Is it an LLC? Is it a partnership? or is it a sole proprietor? Each one of those have different constraints and requirements for filing. The next question would be, What's the purpose of filing? Is it involving a business closure? or is it a restructuring of the debt, to weather this tough economy? The restructuring of debt, is typically done in the format of a Chapter 13, Reorganizational Bankruptcy. Unfortunately, Chapter 13 is not available to corporations and LLC's, and other non-natural legal entities. It's only available for individual or natural persons, as the code provides, but again, you need to seek out competent legal advice. When you're filing for relief in bankruptcy for a small business, you need to have legal counsel, who can guide you, tell you what the requirements and constraints are, and you should do just fine. Again, my name is Andy Forman. Good luck."