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About Our Attorneys

Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  Practice Areas  >  Personal Bankruptcy  >  Chapter 7  >  Small Business Bankruptcy

Cedar Rapids Small Business Bankruptcy Lawyers

Starting and running a small business can be very expensive as a number of start-up costs and ongoing expenses go into keeping the business up and running. Unfortunately, even after all this effort, a small business may not be as successful as one had hoped, particularly during trying economic times. The decision to file for small business bankruptcy is not an easy one, but sometimes it is the easiest and best option for recovering from overwhelming debt.

Depending on how your business was organized (as a corporation, partnership, LLC, or sole proprietorship) and whether or not you personally guaranteed your small business debts, you may qualify to file a Chapter 7 business bankruptcy and discharge your small business debts. In fact, it is often easier for higher income small business owners to qualify for Chapter 7 bankruptcy than it is for higher income non-business owners. Depending on the amount of debt your small business owes and the amount of assets your small business owns, a Chapter 7 bankruptcy may be the solution to help you keep your small business operating. However, if you prefer to close your business down completely, filing Chapter 7 bankruptcy may also help you perform an orderly liquidation of your business while protecting your personal assets.

If your small business is operating in the red and your debts are becoming overwhelming, our Cedar Rapids small business bankruptcy lawyers of Hong Law, PLC, will work diligently to help you through the complicated small business bankruptcy process. Our experienced bankruptcy lawyers will do everything in their power to make sure your specific needs are met. Contact us at (319) 294-5853 to learn more about how we can serve you.

Protecting Your Business Assets

If you own a small business and are considering filing for Chapter 7 small business bankruptcy, it is important that you speak with a small business bankruptcy attorney to ensure that your business assets are protected. Our small business bankruptcy lawyers at Hong Law, PLC, can help you do this in the following ways:

  • Fill out and file the appropriate paperwork
  • Help manage your interactions with creditors
  • Help you work with your bankruptcy Trustee effectively
  • Make the most of any exemptions for which you may be eligible

By enlisting the support of a competent and skilled Chapter 7 bankruptcy attorney, you can best ensure that any frustrating or substantial problems that could derail your bankruptcy do not arise.

Contact Us

If you are facing insurmountable small business debts, our Cedar Rapids small business bankruptcy lawyers of Hong Law, PLC, can help you determine if filing for Chapter 7 bankruptcy is right for you. Contact our experienced bankruptcy lawyers at (319) 294-5853 for a free, confidential case consultation.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office