Small-Business Bankruptcy

Is Your Family-Owned Business Struggling to Make Ends Meet?

In these difficult economic times, many small businesses are finding it impossible to stay afloat. For those involved in a family-owned business seeing what may have been generations of a dream come to an end can be utterly devastating. However, filing for bankruptcy may be the only viable option for obtaining debt relief.

At Twohey Maggini, PLC, our business bankruptcy attorneys have helped small-business owners in the Grand Rapids, Michigan, area find relief from overwhelming debt for more than 50 years. We recognize how difficult it is to wave a white flag and surrender something you’ve worked so hard to build. We will always take the time to listen to your story, answer your questions and advise you of your options.

Which Form of Business Bankruptcy Is Right for You?

For the owners of family or small businesses, the “right type” of bankruptcy depends upon your unique circumstances. It is extremely important to understand the pros and cons of each business bankruptcy option before making a final decision. Our attorneys will carefully explain your options surrounding Chapter 7, Chapter 13 and Chapter 11 of the United States Bankruptcy Code.

1. Chapter 7 bankruptcy: Chapter 7 may be an option if you have no intention of retaining any portion of your business. In Chapter 7, a majority of your business debt is eliminated through liquidation of your assets.
2. Chapter 13 bankruptcy: Chapter 13 bankruptcy may be a viable choice if your business debts are connected to your personal finances. In some instances, small-business owners have mortgaged their homes or other properties to finance business ventures. In these cases, it is often a good choice to file for Chapter 13 personal bankruptcy in an effort to save your home and other assets.
3. Chapter 11 bankruptcy: Chapter 11 is known as business bankruptcy. It allows for a restructuring of your debt and enables you to reorganize your business in an attempt to remain functional.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.