Small businesses are an essential part of our economy. They pay taxes to the IRS, participate in the local community, and provide a portion of jobs to local citizens. However, small businesses are the most likely to struggle when times get tough, which can lead to financial problems.
If you are having difficulty keeping your doors open and need help, you may consider filing for bankruptcy. Our centrally located Salt Lake City business bankruptcy attorneys at Enderton & Mathews, LLC can help you determine if this is the right step, as well as which chapter is right for you.
There are two types of bankruptcy which may be used by small businesses that are separate legal entities (unregistered businesses are included in a personal bankruptcy):
- Chapter 7 bankruptcy
- Chapter 11 bankruptcy
FACING BUSINESS BANKRUPTCY IN SALT LAKE CITY?
Though you may have made all the right choices to create a solvent business, factors beyond your control can sometimes negatively affect your finances. After all of the sacrifices you have made and the money you have personally invested, it can be difficult just to give up. Instead of closing your doors and calling it quits, bankruptcy may give you an opportunity to restructure or discharge a portion of your debt.
CONSULT WITH AN EXPERIENCED BANKRUPTCY LAWYER
Before you make any decisions, seeking counsel from a knowledgeable Salt Lake City bankruptcy attorney is in your best interests. We can discuss your business' situation with you to establish a plan of action. The sooner you take steps to protect your business by taking legal action, the better. Our team has more than 30 years of experience and are extremely skilled and familiar with all of the bankruptcy laws which affect businesses.