Failed Business Endeavors and Bankruptcy
If you have recently started a new business, you may be finding yourself with unforeseen financial difficulties. The initial capital required upon establishment often takes business owners by surprise. Many business owners just do not see success, and their endeavors leave them faced with massive amounts of debt. Fortunately, bankruptcy can help business owners escape their debts, with minimal effect on credit and overall financial well-being. The attorneys of Hong Law, PLC can help Cedar Rapids business owners investigate their options involving bankruptcy after a difficult business venture.
Business Bankruptcy Options
Depending on the type of business you own, you will have a couple of options for bankruptcy. Each option can help you eliminate debt fairly quickly, either through liquidation or through reorganization. Business bankruptcy options include:
- Chapter 7 Bankruptcy, business liquidation
- Chapter 11 Bankruptcy, business reorganization
- Chapter 12 Bankruptcy, specifically for family farms
- Chapter 13 Bankruptcy, for personal debt
These options give business owners the ability to work with a Cedar Rapids bankruptcy attorney to determine the best course of action.
Contact a Bankruptcy Attorney in Cedar Rapids
Facing bankruptcy may seem difficult at first, but it can help you escape tumultuous amounts of debt after your commendable decision to take a risk and start a business didn’t work out too well in the end. Feel free to consult with an attorney at Hong Law, PLC about your legal and financial options. Call our Cedar Rapids office at (319) 294-5853 to discuss the particulars of your situation with a friendly member of our legal team today.
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office