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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Bankruptcy For Small Business Owners

bankruptcy for small business ownersBankruptcy can be precarious for small business owners. Many people wonder how their personal bankruptcy will affect their small business. The answer to this question depends upon a number of factors including what kind of bankruptcy you’re filing.

Bankruptcy for Small Business Owners

Chapter 7

You can file a Chapter 7 bankruptcy for both yourself or a legal business entity. If you’re the sole proprietor of your business, your personal bankruptcy will apply to your business debt. In this situation, you can protect business assets using exemptions. Thus, you can stay in business so long as all of your essential business assets are exempted. Be mindful that nonexempt business assets can be liquidated if you file a Chapter 7 as a sole proprietor of your business.

If your business is a corporation or LLC, then your personal bankruptcy will not discharge business debt. This is because your business is its own legal entity. Your business can file a Chapter 7, which essentially closes it down and liquidates its assets to pay creditors.

Chapter 13

A legal business entity cannot file a Chapter 13. However, like a Chapter 7, a sole proprietor can include business debt in a Chapter 13. Filing a Chapter 13 can actually be preferable if essential business assets are nonexempt, which would make them subject to liquidation in a Chapter 7. Nonexempt business assets can be included in a Chapter 13 payment plan, allowing the debtors to keep their assets and stay in business as long as they stay current on their plan.

If you’re a small business owner looking for a Fairfield bankruptcy attorney, feel free to contact our office for a free consultation.

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