Chapter 7 and Chapter 13 Bankruptcy for Small Business Owners
A lot of small and mid-sized businesses in the San Joaquin Valley and Central Valley are struggling financially. Not only have businesses experienced a downturn in customer orders, but many small business owners are also finding it difficult or impossible to obtain the loans they need.
If your small business, S-corp or sole proprietorship is facing financial hardship, bankruptcy may be an option for you.
For more than 25 years, Modesto bankruptcy attorney Thomas Hogan has been helping business owners in the San Joaquin and Central Valleys obtain debt relief through the bankruptcy process. Mr. Hogan has worked with dairies and farms, construction and real estate companies and other small to mid-sized businesses.
Call 209-409-3103 or contact Mr. Hogan online to arrange a free half-hour consultation.
Which Type of Bankruptcy Is an Option for Your Business?
There are several types of business bankruptcy — Chapter 7, Chapter 11, Chapter 12 (farm) and Chapter 13. At the Law Office of Thomas Hogan, we primarily help business owners with Chapter 7 and Chapter 13 bankruptcy. In our experience, Chapter 11 bankruptcy is both expensive and unnecessarily complicated, and many small and mid-sized businesses will qualify under Chapter 7 or Chapter 13.
Chapter 7 : Chapter 7 is a business liquidation bankruptcy for individual business owners who are going out of business. In some instances, the bankruptcy court will agree to Chapter 7 for an ongoing business if it is the owner's sole livelihood and there simply is not enough income to do debt repayment.
Chapter 13 : Chapter 13 is a debt reorganization bankruptcy. If you have an ongoing business (a partnership or S-corporation) that you wish to keep, Chapter 13 will help you reduce your overall debt load and get your finances back on track. A debt reorganization plan for a business is the same as for an individual:
- Fees and fines from late payments can be removed
- Your overall debt load can be reduced
- You have three to five years to pay off debts
- Any debt remaining at the end of your plan (if you followed the plan successfully) can be discharged
Mr. Hogan can quickly identify the underlying issues in a case and advise you on the options available to you. He is a former CPA (certified public accountant) with exceptional analytical abilities. He is also a skilled negotiator who understands how to get the most for his clients with creditors and the IRS.
Free Half-Hour Consultation • Convenient Location
For a free half-hour consultation with a bankruptcy lawyer, contact the Law Office of Thomas P. Hogan or call 209-409-3103. Office hours are Monday through Friday, 8:30 a.m. to 5:30 p.m. Evening and weekend appointments are available upon request. The firm's offices are conveniently located in downtown Modesto, California, just off Highway 99.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
