Small business owners near Asheville NC consult with me all the time about their options in bankruptcy. They often wonder if they can keep their business going, and what life will look like after a case has been filed.
The good news is that a “fresh start” in bankruptcy can give a small business a chance not only to survive, but to thrive and profit. One common strategy is to file a personal Chapter 7 case for small business owners when the most valuable part of the small business is the “sweat equity” that the potential client invests everyday through hard work. This can be done by matching up the proper exemptions to protect the value of the company.
The bigger question, and one we often end up discussing, is what has changed to allow the company to thrive and profit going forward. Sometimes, the great recession reduced revenues which have now returned. Other times, one bad decision led to a loss which can now be wiped away.
Properly executed, a bankruptcy case can provide a fresh start and another chance. The difficult part is planning to make the most of the second chance. For those of you in Western North Carolina, I would be pleased to speak with you during an initial consultation.
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