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Knowledgeable Bankruptcy Guidance For Small Businesses

Last updated on November 7, 2022

Small businesses face unique challenges in bankruptcy proceedings that larger businesses do not. The solutions that work for large corporations might not be suitable. It would be wise to work with a law firm that regularly works with small, independent businesses.

This is where Mahaffey & Associates, comes in. For more than 25 years, we have assisted the owners, partners and shareholders of small businesses to find financial solutions through bankruptcy. Our law firm will be your knowledgeable guide to help you find debt relief during a time of uncertainty.

Tailored Solutions To Protect Your Future

We do not take a one-size-fits-all approach. You are more to us than just a bankruptcy case file. When you work with us, our attorneys will sit down with you to come up with an approach that they tailor to your unique circumstances. Here are the various bankruptcy options for businesses:

Chapter 7 business bankruptcy: This is appropriate for small business owners who are deep in debt and do not feel that the business can survive. In Chapter 7 cases, a bankruptcy trustee will liquidate business assets to repay creditors.

Chapter 13 bankruptcy: This option is limited only to businesses that are sole proprietorships. It is intended for individuals to reorganize and repay their personal debts. In doing so, you can improve your overall financial health and help your business stay in operation.

Chapter 11 bankruptcy: This option allows businesses with a profitable business model to stay in operation and survive bankruptcy while reorganizing and repaying their debts over time. Because of its costs and complexities, it is typically only available to larger corporations. Small business owners can, however, explore the option below.

Chapter 11, Subchapter 5 bankruptcy: An option that has only existed since 2020, it is well-suited to small businesses who have significant debt but are otherwise profitable. Business owners can reorganize debts into a payment plan lasting three to five years and courts can force creditors to accept the repayment plan. The business may also be able to shed some of its unsecured debt.

Our attorneys care not only about your company’s financial standing but also about your personal, long-term well-being. The solutions that we work toward are designed for you as a person as well as for your business.

Serving Business Clients Throughout Northwest Ohio

Our team has experience in representing business clients in bankruptcy courts throughout the northwest Ohio metro area. We understand the needs of our local clients and can help you navigate the various municipal regulations of the city and county in which your business is located. In addition, Mahaffey & Associates has a convenient location in Sylvania.

Schedule Your Initial Consultation With A Lawyer

We are ready to help you and your small business find relief. To discuss whether bankruptcy is the right option for you, contact our firm today. To schedule an initial consultation, call 419-741-0111 to get started. You can also reach us online via email.

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