Jeff Field & Associates focuses primarily on personal bankruptcy, but there can be some overlap between personal and business bankruptcy.
If your business is established as a limited liability company under Georgia business organizations law, filing for business bankruptcy under Chapter 7 or Chapter 11 usually does not affect you personally beyond limiting your ability to receive income from your business. Often, though, the same cannot be said about personal bankruptcy affecting your business:
- If you operate your business as an unincorporated sole proprietorship, your business is considered an extension of you, so filing for personal bankruptcy means you are filing for the bankruptcy of your business as well. If you file under Chapter 7, you may have to liquidate some or all of your business assets.
- Even if your business is set up as a separate entity, filing for personal bankruptcy may require you to sell your interest in your company to pay off your creditors. You may be able to avoid this by proceeding under Chapter 13 if you are eligible.
For small-business owners and sole proprietors, personal bankruptcy can be much more complex than for the average filer. Our experienced personal bankruptcy attorneys are no strangers to this type of situation and can guide you through it.