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Should Your Small Business File for Chapter 7?

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Should Your Small Business File for Chapter 7?

Small-business owner calculating her coffee shop's finances and considering Chapter 7 bankruptcy

Making the decision to file for Chapter 7 is never easy. When the bankruptcy involves your small business, it can be an even more difficult decision to make. While filing bankruptcy doesn't necessarily mean you have to shut your business down, it does have some risks as well as some benefits that you may need to consider.

If you have run your business as a sole proprietor rather than a corporation, filing for Chapter 7 could potentially allow your creditors to go after you for any personal property that you may own. This means that the court could order your possessions to be sold to help pay off your debts.

Although it is possible to file for Chapter 7 for your small business without the help of a legal professional, you could potentially make costly mistakes trying to handle it all by yourself. Since there is a good chance that your small business is intertwined with your own personal finances, you may find that it is much easier to request the services of an attorney to help you sort the whole mess out.

Despite these drawbacks, you may find that getting out from your load of debt by filing Chapter 7 will allow you the opportunity to begin anew with a new business or venture. Filing bankruptcy often gives business owners a way to examine what went wrong with their old business strategy and can help them to not make the mistake again when they start something new.

Individuals who are considering filing a Chapter 7 bankruptcy may find it beneficial to learn more about the legal process and how it could pertain to their own personal case.

Source: FindLaw, "Should Your Business File for Bankruptcy?," Brett Snider, June 11, 2015

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SEE HOW NICOLET LAW MAKES A DIFFERENCE IN OUR CLIENTS’ CASES

CAR ACCIDENT

Result with Nicolet Law 
$1,200,000.00

CAR ACCIDENT

Offer before Nicolet Law
$50,000.00

SEMI-TRUCK ACCIDENT

Result with Nicolet Law 
$700,000.00

SEMI-TRUCK ACCIDENT

Offer before Nicolet Law
$75,000.00

SLIP AND FALL ACCIDENT

Result with Nicolet Law 
$180,000.00

SLIP AND FALL ACCIDENT

Offer before Nicolet Law
$5,000.00

PEDESTRIAN HIT BY CAR

Result with Nicolet Law 
$1,050,000.00

PEDESTRIAN HIT BY CAR

Offer before Nicolet Law
$0.00 - denial

DRUNK DRIVING ACCIDENT

Result with Nicolet Law 
$815,000.00

DRUNK DRIVING VICTIM

Offer before Nicolet Law
$0.00

UTV ACCIDENT

Result with Nicolet Law 
$250,000.00

UTV ACCIDENT

Offer before Nicolet Law
$5,000.00
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Nicolet Law Office is honored to have been nominated for numerous awards for excellence in service and client satisfaction. Our attorneys have appeared in such prestigious lists as Top 40 Under 40 and Rising Stars. While we’re thankful to have the support of industry peers and independent third-party organizations, nothing beats the feeling of gratitude we share with clients when we can make a positive impact on their lives.

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12 locations in Wisconsin and Minnesota to serve you

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Wisconsin Locations:

EAU CLAIRE:

402 Graham Ave.
Suite 305
Eau Claire, WI 54701

Phone: (715) 835-5959
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HUDSON:

517 2nd Street
Unit #205
Hudson, WI 54016

Phone: 715-226-6158
Map & Directions

LA CROSSE:

119 N 19th St S
La Crosse, WI 54601

Phone: 608-527-0876
Map & Directions

NEW RICHMOND:

1500 Madison Ave.
Suite 220
New Richmond, WI 54017

Phone: 715-226-6164
Map & Directions

RICE LAKE:
337 North Main Street
Rice Lake, WI 54868

Phone: (715) 790-1114
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RIVER FALLS:
215 S 2nd St #20
River Falls, WI 54022

Phone: (715) 716-5869
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SUPERIOR:
1200 Tower Ave.
Superior, WI 54880

Phone: (715) 718-2969
Map & Directions

WAUSAU:
408 3rd Street
Suite 303
Wausau, WI 54403

Phone: (715) 716-5092
Map & Directions

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Minnesota Locations:

DULUTH:
306 West Superior Street,
Suite 606 West
Duluth, MN 55802

Phone: (218) 729-0628
Map & Directions

HIBBING:
Howard Court Bldg.
302 Howard Street, Suite 123
Hibbing, MN 55746

Phone: 218-217-0659
Map & Directions

MINNEAPOLIS:
225 South 6th Street
Suite 3900
Minneapolis, MN 55402
Phone: (608) 315-5639
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WOODBURY:
724 Bielenberg Drive
Suite 126
Woodbury, MN 55125

Phone: (651) 815-0017
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Wisconsin and Minnesota’s Local Award-Winning Injury and Disability Attorneys.
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