If you are a small business owner who is experiencing serious financial problems, bankruptcy could be a solution. The bankruptcy laws give you options. To determine which of these options is in your best interests, you need a skilled small business bankruptcy attorney.
The Help You Need From a Gardena Small Business Bankruptcy Attorney
The Los Angeles, California,Law Office of Cynthia L. Gibson, attorney at law provides business liquidation legal advice to all types of small businesses. We have extensive experience representing countless small businesses in Chapter 7 bankruptcy proceedings. We counsel small business bankruptcy clients throughout Southern California, including Los Angeles County and Orange County, and the communities of Los Angeles, Seal Beach, Gardena, South Bay, Torrance, Long Beach, Huntington Beach, Lakewood, Pasadena, the San Gabriel Valley and Santa Ana.
Pasadena Business Bankruptcy Lawyer Providing the Protection You Need
In situations where it seems unlikely that the business will ever be able to pay its debts and continue ongoing operations, a Chapter 7 bankruptcy filing may be appropriate. Under a Chapter 7 bankruptcy petition, the debtor turns all assets, except those exempted by the Bankruptcy Code, over to the trustee, to be sold to satisfy the creditors.
The primary benefit of a Chapter 7 filing for a business is the automatic stay, allowing the business to dissolve without fear of harassment or lawsuits from creditors. Upon the filing of the bankruptcy petition, the debtor immediately obtains the protection of the automatic stay provisions of the Bankruptcy Code. The automatic stay prohibits creditors from taking any further action to collect any debts included in the bankruptcy estate while the bankruptcy is pending.
Discharging Tax Debt through Bankruptcy
Additionally, small businesses can discharge most income tax debt, payroll tax debt, and sales tax debt through a bankruptcy filing. There are a number of conditions that must be first met and the IRS must assess your debt at least 240 days prior to your filing for bankruptcy. Our office can evaluate your situation and determine if you are eligible to discharge tax debt through bankruptcy.
Contact Us
Contact the small business bankruptcy attorneys at the law offices of Cynthia L. Gibson, attorney at law, to schedule a free initial consultation.
DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent counsel for advice on any legal matter.
Pursuant to 11 U.S.C. section 528(a)(4) of the bankruptcy code, we are required to state: we are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.