Chapter 7 Bankruptcy to Discharge Business Debts in Texas
Small businesses in Texas are facing tough conditions due to the economic problems in the state and throughout the country. Many businesses now find themselves faced with overwhelming amounts of debt and need responsible solutions to provide financial relief.
For many small business owners, debt can threaten their personal assets and financial security, depending on how their businesses are organized. For sole proprietors and partnerships, Chapter 7 bankruptcy may be the best option for limiting that liability and discharging business debts in a quick and simple fashion.
At my Austin law firm, I, Charles R. Nettles, am a bankruptcy attorney who provides advice and representation to businesses throughout Central Texas who are dealing with issues of debt. If your business bank account is low and you are in a lot of debt, you should get answers to your questions about bankruptcy and what protection it can offer to you and your business.
Self Financing and Credit Card Debt for Businesses
As banks continue to face troubling economic conditions in the United States, there are fewer that are willing to offer lines of credit to small businesses. Since many small businesses rely on this financing to pay for merchandise, make payroll and take care of other expenses, they must find other sources to make ends meet.
One frequent source of money for businesses is self financing through the use of credit cards. These credit cards are used to get inventory in stores, get build outs completed and to fund other areas, but unfortunately, these are short term solutions with long term implications. It is easy for businesses to rack up tens of thousands of dollars in debt on credit cards with high interest rates.
When business slows and owners are no longer able to pay off this credit card debt, creditors will start calling and other consequences may appear. Chapter 7 bankruptcy can discharge credit card debt, stop creditor harassment and halt foreclosure proceedings on business and personal properties.
Bankruptcy May Be Able to Help Your Business
Filing for Chapter 7 bankruptcy is not an ideal situation for any business but can often be a helpful option that can get you and your business out of debt. Contact me, Charles Nettles, to speak with an experienced lawyer about your situation.
Either send me an e-mail describing your situation or call my Austin office at 512-443-5545 (toll free at 800-460-5555) to make an appointment for a free initial consultation.
I am a Board Certified Bankruptcy Attorney assisting Individuals and Small Businesses File Bankruptcy.
