With the economy still struggling to bounce back, many people have decided
to start their own business when they were unable to gain employment.
Having an entrepreneurial attitude during an economic downturn can be
beneficial with proper planning. Yet, even self-employed individuals and
those with a business run into financial problems and wonder if
bankruptcy is an option.
Thinking About Filing a Personal Bankruptcy as a Business Owner?
Whether you are a small business owner or self-employed, if you are considering
bankruptcy you may be able to get the fresh start you need with a personal
bankruptcy filing. The process for business owners is similar to an individual
seeking protection, with the exception of using W-2 information and pay-stubs.
A business owner or someone self-employed would supply documentation that
details earnings, losses and proof of income.
There are false assumptions that self-employed individuals or business
owners who operate as a sole proprietor cannot file for bankruptcy. The
process may include more documentation in this matter but an experienced
bankruptcy attorney in Dallas / Fort Worth can help you get through the
process. You can discuss the possibility of filing with an attorney to
get a better idea on whether this can be an option.
The key for debtors in this situation is to be honest about their finances
and provide clear proof of income. This includes bank statements, loss
and profit sheets, or other documents you use to keep track of earnings
and expenses. You can review your income and debts with a qualified financial
expert such as bankruptcy attorney or certified public accountant (CPA).
In doing so you can help save your business, wipe out business and personal
debts, stop collections from creditors, or even end your business with
legal assistance.
Reference:
http://www.denhalaw.com/?p=563