Business owners throughout our community are facing unprecedented challenges as we head into 2021. Chapter 7 bankruptcy may relieve the financial strain on a business either by relieving an individual’s personal debt, allowing them to keep more money for their business, or a Chapter 7 liquidation, where the business assets are liquidated and the company essentially goes under. Our attorneys are licensed in Kansas and Missouri, and we can help you decide whether or not bankruptcy, and what type, is right for you and your business.
Both individuals and businesses can file for Chapter 7. A personal Chapter 7 bankruptcy can pay off in the long-term by freeing up resources for your business. In most cases, your place of residence and your retirement funds will be protected from creditors. We recommend this to anyone who is currently struggling to keep their business afloat but are also optimistic about their business in the long term. A personal Chapter 7 bankruptcy does not require your spouse to also file for bankruptcy if the assets are held solely in their name. It’s important that you consult with a professional before shifting any liabilities or assets to either your spouse or business.
We have served the KC community for over 20 years and it breaks our heart to see businesses hurting from the pandemic, some even serving the KC community longer than Castle Law. If you are considering filing for bankruptcy, you’re not alone. We expect to see an increase in Chapter 7 filings in both Kansas & Missouri. Our attorneys are prepared to provide you with resources to help you make a decision and will guide you through the entire process.
Bankruptcy Hotline: (816) 842-6200