Small Business Bankruptcy Relief

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Over the past several years, small businesses have faced significant challenges. Many privately owned restaurants, lawn care providers, general contractors, and other professional businesses have been forced to close, either temporarily or permanently. Some businesses are still operating but losing ground. At Bruce W. White, P.C., we can assist business owners in deciding whether to move forward or close their business. We will discuss options to help keep your business open and return it to a state of profitability or to close it permanently and clear business debts through bankruptcy. We will also explain how to terminate the business with the State Corporation Commission and the consequences involved.

Unfortunately, closing the business does not resolve the financial issues for the owner, as guaranteed loans or personal debts may still remain for the business owner. Attorney Bruce W. White will take the time to review your financial situation and determine the best course of action, which may include bankruptcy, debt consolidation, or debt settlement negotiation. If you're struggling with debt due to a failed or failing business, reach out to Bruce W. White, P.C. to discuss the best strategy for recovery and a fresh start.

Properly managing your debt as a small business can mean the difference between merely surviving and thriving. Reports from the Small Business Association reveal that nearly 50% of small businesses fail due to a lack of capital, poor credit arrangements, and excessive debt.

When a company secures a loan and subsequently generates a return on that borrowed money, it benefits both the creditor and the business and the business owner. However, if the borrowed funds do not yield increased income, the business must still make loan payments, which can create financial strain for owners. If your business's loan payments become burdensome, legal assistance from experienced bankruptcy attorneys in Richmond, VA, may be your best option. Contact us today to explore what solutions are available for you and your business. If you find yourself in need of debt relief, here are some options:

1. Make Arrangements with Your Creditors - Although restructuring loan details with creditors may not always be feasible, discussing your situation with them could lead to extended due dates or alternative repayment options that allow you to keep your business afloat.

2. Get a Small Business Debt Consolidation Loan - For businesses overwhelmed by debt, a small business debt consolidation loan can be beneficial. If your business qualifies, you may reduce interest rates and combine all monthly debts into a single, manageable payment.

3. Bankruptcy - Filing for bankruptcy for a business can be complex. If you are contemplating this step or wish to discuss the implications of bankruptcy Chapter 7 in Richmond, VA, contact our office to schedule an appointment with our attorney.

Experienced Bankruptcy Attorney

Bruce W. White, P.C. has over 30 years of experience helping small business owners succeed. Contact us today for a free, no-obligation phone consultation regarding bankruptcy in Richmond, VA.