Minnesota Business Bankruptcy Attorney

Business Bankruptcy Options in Minnesota

Filing for business bankruptcy can be confusing to say the least. It can come with emotional stress and legal complications that you will most likely want to avoid at all costs. Regardless of whether you have owned the business for 30 years or 30 days, there are legal procedures you will need to complete.

If you currently own the business by yourself, or if your business is a husband and wife venture, then you will need to file for Chapter 7, Chapter 13 or Chapter 11 bankruptcy, depending on your situation. There is no difference between the business and your personal assets; however, there are different roads to take when it comes to filing for sole proprietorship bankruptcy which is why it is important to discuss your options with a lawyer. Corporations and partnership businesses have two options when it comes to filing for bankruptcy: Chapter 7 or Chapter 11. If you plan on dissolving the business completely and want to stop operation, then Chapter 7 is the right choice. Chapter 7 bankruptcy will liquidate all your assets. Keep in mind that Chapter 7 business bankruptcy does not mean your debts will be completely discharged. If you want to remain in business and simply reorganize the debt, then Chapter 11 is the better alternative. If you own a business with a partner, then you will need to consider how this bankruptcy will affect the partnership. Under a general business partnership, all partners will be liable for the debts. In a limited partnership, the partners have limited liability in regards to the debt. There are a number of complications surrounding business partnership and bankruptcies, which is why it is important to sit down with a Minneapolis bankruptcy attorney to discuss your options and what this will mean for not only your business, but also your partnership.

Minnesota Business Bankruptcy Lawyer

At Heimerl & Lammers, we understand that business bankruptcy can seem complicated, especially surrounding LLC and corporation partnerships. Filing for a Chapter 7 or Chapter 11 bankruptcy does not eliminate the personal obligations of the corporation's officers. Regardless of what type of bankruptcy you will need to file, it is important to weigh your options to determine if bankruptcy is your best choice.

Contact a Minnesota business bankruptcy attorney to schedule a free consultation to discuss bankruptcy.