Small Business Owners and Ohio Bankruptcy Laws

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Business and Personal Bankruptcies for Business Owners

 

We frequently see Ohio small business owners who are struggling with either their personal finances, business finances, or both. This leads to a very important decision for those business owners, whether to file personal bankruptcy, business bankruptcy, or both. There is no one-size-fits-all answer to this because each small business owner faces their own unique set of circumstances.

 

Bankruptcy Attorney in Columbus, Ohio helping small business owners with debt and tax relief

Personal Bankruptcy Including a Small Business

Small business owners who operate a sole proprietorship are often concerned with how to close the business and rid themselves of the business debt. These owners will usually look to file for personal chapter 7 or chapter 13 bankruptcy protection. Since the assets and debts of the business will be part of the personal bankruptcy estate, filing for personal bankruptcy can leave the filer discharged of both their personal and business debt. If the business owner wants to keep the business in operation, there are several options that also may exist to do so. Ultimately it will depend on the value, type of business and goals of the owner as to what will be the best option.

 

Business Bankruptcy

When seeking to file bankruptcy for a separate legal entity such as a LLC or Corporation, the small business owner should not be personally affected unless they have personally guaranteed the debts or have taken other action that would make them personally liable. Therefore, a business that is a separate legal entity should be able to file bankruptcy independent from the business owner, without the owner being personally liable for the debts of the business.

 

At Sheppard Law Offices our small business bankruptcy attorneys are experienced in working to assist business owners and small businesses that are struggling financially. Additionally, since a common issue among small businesses it created by tax debt, federal tax attorney Ken Sheppard, Jr. can guide you through the difficult process of determining what the best avenue to free yourself from business or personal debt, including tax debt. Call (614) 523-3106 today to schedule a FREE consultation to discuss your small business debt issues.

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Click Here to Call the Columbus Ohio Bankruptcy Lawyers, we help those facing debt problems to file chapter 7 or chapter 13 bankruptcy FREE15 Minute Phone Bankruptcy Consultation with attorney (614) 523-3106

 

 

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Sheppard Law Offices - Columbus

Sheppard Law Offices

The Columbus, Ohio bankruptcy debt relief and taxation law office of Sheppard Law Offices, LPA is conveniently located just inside I-270 off of Cleveland Ave. Our offices provide a short drive from throughout Central Ohio including counties of Franklin, Delaware, Knox, Marion, Licking, & Fairfield. We regularly serve  Debt  & Tax needs of clients from  Columbus, Westerville, Bexley, Dublin, Sunbury, Delaware, Fredericktown, Johnstown, Centerberg, New Albany, Gahanna, Pickerington, Grandview, Upper Arlington, Clintonville, Groveport, Pickerington, Pataskala, Reynoldsburg, Groveport, Lewis Center, Worthington, Granville, the Short North, Hilliard, Plain City, Grove City, Newark, Mt. Vernon, Canal Winchester, and Lancaster.

Columbus Ohio Office

2600 Tiller Lane, Suite A

Columbus, Ohio 43231

Telephone: (614) 523-3106

Newark, Ohio Office

843 N. 21st Street, Suite 108

Newark, Ohio 43055

Telephone: (740) 345-7138

Akron-Canton Office

Belden Village Tower, 200

Canton, Ohio 44718

Telephone: (330) 409-2876

Mt. Vernon, Ohio Office

11 West Gambier Street

Mt. Vernon, Ohio 43050

Telephone: (740) 392-0404

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