There are numerous reasons why a small business owner might face a bankruptcy; however, knowing the available options is the number one priority before deciding how to handle financial troubles. Contacting a bankruptcy attorney to get advice is a good first step in deciding how to proceed with regard to a potential bankruptcy filing. Several bankruptcy options exist and each has its own merits, consequences and costs. For example, a Chapter 7 liquidation may be suitable for one business but may not be the best option for another business owner. Whereas, a Chapter 13 reorganization may be better for a business that just needs to reorganize its debts.

To read more see, “A Bankruptcy Guide for Business Owners.”