Business Bankruptcy

Business Bankruptcy in Kansas

Helping Business Owners Filing a Bankruptcy

Filing bankruptcy for your small business is similar to filing consumer bankruptcies. A business bankruptcy in Kansas is designed to help business owners eliminate or repay their debt under the protection of federal bankruptcy law. A Business bankruptcy is usually described as either liquidations or reorganizations depending on the type of bankruptcy you take.

Contact our office now for a Free Business Bankruptcy Consultation or call us at 785-273-1353 in Topeka or 800-347-1353.

There are three types of bankruptcy that your business may file for depending on its business structure.

Chapter 7 Chapter 7 bankruptcy may be the best choice when the business has no future. It is usually referred to as liquidation. It is usually used when the debts of the business are so overwhelming that restructuring them is not feasible.
Chapter 11 Chapter 11 is a better choice for businesses that may have a future. Chapter 11 is a plan where a company reorganizes and continues in business. It is reorganized under a court-appointed trustee. In addition, a Chapter 11 and 12 bankruptcy is structured where if you own a farm, you can create a plan to pay-back debt and still keep your farm.
Chapter 13 Chapter 13 bankruptcy is a reorganization bankruptcy typically reserved for consumers, though it can be used for sole proprietorships. You file a repayment plan with the bankruptcy court detailing how you are going to repay your debts. The amount you will have to repay depends on how much you earn, how much you owe, and how much property you own. If your personal assets are involved with your business assets, as they are if you own a sole proprietorship, you can avoid calamities such as losing your house if you file Chapter 13 bankruptcy versus Chapter 7 bankruptcy.

If you are considering a business bankruptcy in Kansas, it's important to consult with a good business bankruptcy attorney before deciding on which type of business bankruptcy you will file or whether you will file bankruptcy at all. The Law Office of Paul D. Post, P.A. can help you with that decision and all the questions and concerns you have around filing a business bankruptcy in Kansas.

Contact our office now for a Free Business Bankruptcy Consultation or call us at 785-273-1353 in Topeka or 800-347-1353. We understand that you probably have been working very hard to avoid a bankruptcy, if you feel that you can’t recover or reverse your current business debt, we are here to help you.

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