Sometimes financial hardships result in the need for small businesses to file for bankruptcy in the Portland, Beaverton, Gresham, and Bend, OR areas. As difficult a decision as it may be, it could be in the best interest of your small business. If your small business is drowning in debt with no sign of relief, consulting a seasoned small business bankruptcy attorney could provide you with comfort and insight into a solution for your money woes.
When filing for small business bankruptcy in Oregon, the courts will need your complete financial information including assets, debts, expenses, and income. In addition, you will be required to take debt counseling and debt management courses which usually take less than two hours each. If you are being consistently hassled by debt collectors, filing for bankruptcy will halt any correspondence or communication of that nature almost immediately. In addition, garnishments typically cease as well.
Filing for small business bankruptcy does not necessarily mean the end of your business. Business bankruptcy in Oregon can help you restructure your finances and get you back on track while still in keeping the doors open. The two most common bankruptcy options for small businesses are Chapter 11 and Chapter 13.
For sole proprietorship businesses, Chapter 13 is the ideal choice as it is far less expensive to pursue and is only available to this type of small business composition. There are debt limits on filing for Chapter 13 bankruptcy so this is a consideration when deciding which type of bankruptcy is best for your business. For Chapter 11 bankruptcy, small businesses of any composition can apply and unlike Chapter 13 bankruptcy, there are no debt limitations.
For trusted advice from an experienced small business bankruptcy attorney, call The Law Offices of George Hoselton today. It is important you know your options so you can preserve your business and get your finances on the right track. With the help of George Hoselton, creative and practical solutions will be identified so your small business can continue on for many years to come.