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For people facing financial difficulties, bankruptcy can be a key decision. It is a court-supervised process where a person legally declares themselves unable to pay outstanding debts.
There are two types of bankruptcy available to people in debt, often called "consumer debt." You might choose to:
Small businesses can declare business bankruptcy (Chapter 11). This means the company will close or continue to operate with a reorganization and reduced payments to debtors. Chapter 7 is also available to small businesses that need to close due to significant debt.
Note: For those facing bankruptcy due to COVID-19, you may have special rules applicable to your case. Reach out to us to discuss today!