When faced with a bankruptcy, business owners have many options. In deciding to choose and work with a Business Bankruptcy Attorney in Oak Park IL, business owners need to consider the firm’s expertise and what they can do for the business owner.
There are different types of businesses, with a sole proprietor and a corporation being the most common types of setups. If a business owner is a sole proprietor, meaning that personal assets are tied together with business assets, declaring bankruptcy could mean that the business owner loses his or her home and other assets as if declaring personal bankruptcy. This could be huge upset and long-term loss. However, if the business owner owns and had formed a corporation, losses from bankruptcy may only be limited to business assets, which could help to protect the business owner’s personal assets such as his or her home, car, and other items considered personal and not part of the business.
No matter the situation facing business owners or entrepreneur, getting the right help is extremely important. That’s why finding the right Business Bankruptcy Attorney in Oak Park IL is so important to help protect the business owner’s rights and personal assets. Good firms, such as Schottler and Associates, will sit down to evaluate the situation and provide a course of action that is both feasible and cost effective for the business owner while limiting losses to business assets, which don’t affect personal assets very much. This requires the firm to be very knowledgeable about different types of business setups, if the business can be salvaged and reorganized after bankruptcy, or if the business can somehow hold onto or retain some of its assets to begin a new after bankruptcy proceedings.
To choose the right firm for this, business owners should interview different law firms to gain a firm understanding of their situation. Once they have a good idea of what they need to go through and the work involved, they can choose and work with a firm that knows and understands their type of business so they can be ensured that bankruptcy is the right course of action. With thorough research and a good firm to work with, business owners may end up getting through everything with the power to start over and rebuild their business with only minor hassles.