Gillman Bruton & Capone, LLC have been representing Small Businesses and their owners in New Jersey business bankruptcy and other proceedings since 1981. Whether the business debt problems are a single creditor suing you and the business in a lawsuit or a pile of accumulated debt, it is important to consult with an experienced New Jersey business bankruptcy attorneyto learn your rights and review all of your options to protect you and your small business.
Businesses and business owners facing serious debt problems often need to consider their bankruptcy options. While a Chapter 13 Bankruptcy case may only be filed by an individual (or married couple), we have represented many business owners who find themselves in significant financial trouble as a result of their ownership in a business or who wish to protect themselves, their property and their family from the effects of business debt or a business that fell victim to the challenging economy.
CAUTION: In our experience, one of the most common errors we see our clients make is waiting to consult an attorney experienced in small business debt issues. Small business owners assume that they don’t need to consult an attorney until things are “much worse” or feel that attorneys who are experienced in Small Business Debt will force them to close or cost too much. We have assisted many Small Business owners in all stages of business debt and believe that it is never “too early” to consult an experienced attorney to know your rights, options, and to be able to make the best business decisions. Your creditors have attorneys. Small business owners need one too.
A business entity – such as a Corporation, S-Corporation, Limited Liability Company (LLC), or a General Partnership – may not file a Chapter 13 Bankruptcy case. A Business seeking to reorganize its debts through a bankruptcy case must file a Chapter 11 Bankruptcy case. However, it is possible to file a Chapter 13 for the principal of a closely held business where the business debts are mostly joint debts owed by both the principal and the business entity. By filing the Chapter 13 for the individual and paying the debts out over time, it is often possible to obtain the breathing room the business needs to survive.