Business Bankruptcy

BUSINESS BANKRUPTCY

When you own a business, you are likely going to have to take out some form of business loans, especially at start up. It costs money to start a business, and business owners typically don’t get “out of the red” for a period of time after they open their doors. The banks require their monthly payment for the loans, but what happens if you aren’t making enough profit to cover these payments? What happens if your business has less customers and less income than you anticipated?

Often, it becomes prudent that a business will have to declare bankruptcy. If you are a business owner and have become overwhelmed with debt that you simply cannot reasonably pay back, chapter 11 bankruptcy may be your best option. Chapter 11 bankruptcy is designed for business owners to obtain debt relief while still allowing them to retain their valuable assets.

Declaring bankruptcy as a business owner is never an easy decision, and there are a significant amount of factors to consider first. Consulting with an experienced business bankruptcy attorney is the first step to clearing your debts and starting over with a clean financial slate.

At the Kalra Law Firm, we have the knowledge and skills to give you sound legal advice regarding your business’ finances. We will lay out your options so you can make the choices that provide you and your business associates with the best future. Call us today to set up an appointment for a consultation to discuss the options you have available to you. (310) 325-9012.