How Does Chapter 7 Bankruptcy Deal With Small Business Debt In Missouri And Illinois?
Small Business Debt
How Does Chapter 7 Bankruptcy Deal With Small Business Debt In Missouri And Illinois?
small business debt
Starting and operating a small business in Missouri and Illinois is not an easy task, especially in this economy. Fortunately, bankruptcy may be an option for some business owners. The debt involved in a Chapter 7 bankruptcy is divided into two categories: dischargeable and non-dischargeable. Dischargeable debts, which include credit card debt, personal loans, medical bills, and most income tax debts more than three years old, can be eliminated through bankruptcy. Non-dischargeable debts, however, cannot. Those debts include student loans, alimony, child support, and income tax debts less than three years old.
So, where does small business debt fall? If you are filing Missouri or Illinois Chapter 7 bankruptcy to stop harassing creditor calls, get credit card debt help, or stop a wage garnishment, your debt must be primarily consumer debt. Chapter 7 bankruptcy discharges your personal obligation to pay a small business debt, if you are eligible. Does that mean that you can assume your small business debt is lost and gone forever? Not necessarily. Depending on how your business is structured, creditors may still take action to collect the debt from the business. Filing a chapter 7, however, does protect your personal interest in the debt; and since most lenders require small business owners to make a personal guarantee on any loan, this could be a great move to get yourself out from under your crushing debt.
The best move would be to contact a St. Louis Missouri or Belleville Illinois bankruptcy attorney who is experienced in handling small business debt in a bankruptcy case. Normally I recommend finding the best attorney in your area but, if you are filing bankruptcy as a small business owner, finding the best attorney in your area is absolutely critical. You may even be able to keep your small business with a Chapter 13 bankruptcy.
The roots of the American economy all lie in small business. Following your dreams to open a small business is not always an easy process. But, luckily, there are Missouri and Illinois bankruptcy lawyers who can help you keep your dream alive while also helping you handle the debt you?ve incurred in the process. How do you know when you’ve found the best bankruptcy attorney in your area? Most attorneys offer a free consultation but the best attorneys will offer you free information before you even step foot in an office. Look for an attorney who offers you free articles, blogs, and even free publications to help you understand how bankruptcy can help you.
Missouri Bankruptcy attorney James Brown has been working to relieve the debt of hard-working American families for over 15 years. He has dedicated his career to educating consumers about options for debt relief and has released 5 publications, including, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.” You can request a free copy at http://www.castlelaw.net
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small business debt question by : Is it fair that governments label a debt caused by their incompetence as the ” National debt “?
I live in the Republic of Ireland and i’m talking about Governments elsewhere too like in the States for example, is it fair that everyone in a nation gets sunk with a huge debt consequence because of the incompetence of national leaders ? how is it a national debt if it was caused by the government and the greed of bankers ? is it fair on everyday ordinary people who struggle to get by ?
Its a Government debt not a national debt .
& I don’t see any politicians struggling financially despite any debt , no its the ordinary working class people who struggle, the small farmer , the labourer , the fisherman , the small business owner etc.
Get my drift ?
and of course those who are unemployed struggle even more, many people who are ill and cannot work have their allowance cut thanks to a shite government ? thats just sick .
small business debt best answer:
Answer by Lib Nemesis ®
Yes exactly, ours should be called ‘Obama’s debt’
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