Tinley Park small business bankruptcy attorney, bankruptcy basicsBankruptcy can happen to any business, of any size, and at any time. Unfortunately, knowing this does not make the process easier, or less devastating. What can make it easier, however, is knowing what to expect and where to find assistance. The following can help you with both aspects of small business bankruptcy, and may even provide you with hope for an alternative solution.

Deciding Whether You Should File

When your business has overextended itself, fallen short of income projections, or otherwise taken a major financial hit and the debts begin piling up, bankruptcy might seem like the only option. Thankfully, this is not always the case. It may be possible to negotiate your debts, or to restructure your business spending so you save more money. Whatever your situation, you should commit to speaking with an attorney before moving forward. He or she can examine your business earnings, debt, and projections to help you determine what options may be most suitable for the future of your company.

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Cook County business tax and IRS defense attorney, business taxesMaking sure you are caught up on your IRS tax obligations as a business owner is an important part of maintaining your company’s finances and avoiding a myriad of IRS issues. Failing to file, filing too late, or simply filing incorrectly can potentially land you in serious trouble, with repercussions ranging from hefty fines and lawsuits to even more extreme consequences, such as jail time.

No matter how small or large your company, it is a good idea to stay up on your business tax knowledge, especially if you are a new business owner just beginning operation.

General Tax Categories

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Tinley Park small business bankruptcy attorney, small business bankruptcyDespite its increased use and benefits, there are still misconceptions about bankruptcy. This is perhaps most damaging when it comes to filing for bankruptcy as a small business. Owners may fear it will damage their credit, or that they will ultimately face closure if they file. Hence, they continue to trudge through debt, possibly putting the future of their company at risk. If you are a small business owner in serious debt and considering bankruptcy, the following can help you understand the misconceptions about bankruptcy and assist you in deciding if it might be the right option for your company.

Understanding the Purpose of Small Business Bankruptcy

If you are considering bankruptcy for your small business, you are probably having a difficult time meeting your financial obligations each month. In fact, your company may already be bankrupt. At the very least, it is heading in that direction. To ignore this is not only poor decision making, it could potentially lead to personal financial issues and the closure of your business. Bankruptcy may help you avoid such issues. In fact, some companies manage to negotiate the terms of their debts, consolidate, and pay off their creditors while keeping their businesses open and running. When used in this way, bankruptcy could be more of a benefit and less of a hindrance to your company’s future.

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Illinois bankrutpcy attorney, Illinois business lawyerDeciding to file for small business bankruptcy is not an easy decision. You must determine if staying in business is even an option (if not, chapter 7 bankruptcy may be your best option). Then you must determine which chapter you wish to file under. This part of your decision – one full of possible misinformation and legal complexities – is best made with the assistance of a skilled and experienced bankruptcy attorney. However, you can begin to consider your options by using the following comparison and information on chapter 11 and chapter 13 bankruptcies.

Chapter 11 and Chapter 13 Bankruptcy Similarities

Both considered a “reorganization” of your debt, chapter 13 and chapter 11 bankruptcy plans have a number of similarities. Each allows you to retain the property you need to continue your business (up to a certain value) while allowing you time to sell un-exempt assets to be placed toward your bankruptcy estate. Furthermore, each offers you the chance to pay back your creditors on an approved payment plan that is more manageable than your current obligations. Once you have fulfilled the terms of that plan, your eligible debts can be discharged and you will no longer be held liable.

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Illinois bankruptcy attorney, federal bankruptcy lawsBankruptcy can help debtors turn their lives around, but it is a highly complex process with a lot of potential pitfalls. Landing in one of them can have consequences that range in severity, from difficulty in getting the bankruptcy discharged to a full-on bankruptcy fraud investigation with additional consequences, if found guilty. If you are planning on filing for bankruptcy, know your risks and how you can best avoid these possible consequences.

What Is Bankruptcy Fraud?

Bankruptcy is intended for those that cannot afford to pay back their creditors. If, however, one files simply to avoid paying debts they owed, they can be found guilty of bankruptcy fraud – a broad term used to describe any and all intentional abuse of the system. This can include:

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