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Small business owners may benefit greatly from Chapter 7

Starting your own business can be a rough road to travel, and for many business owners, the idea simply fails to get off the ground. There are numerous reasons why this might be, but whatever the reason, a failed business idea does not have to dismantle your entire life. Many business owners file for bankruptcy to keep a failing business from destroying the rest of their lives, which is a perfectly legitimate use of bankruptcy.

Recently, a specialty homebuilder in Northern Alabama chose to file Chapter 7 bankruptcy and liquidate more than 20 homes in an auction sale. The builder had attempted to get in on the emerging market of tiny homes, providing high-quality homes that could qualify for many of the tiny advantages that buyers seek. Whether because of a softer-than-anticipated market or because of outside factors, the business chose to liquidate in order to pay creditors.

You may be facing a similar situation, which can be exceptionally difficult to navigate. Chapter 7 bankruptcy offers some wonderful freedoms when executed correctly, but the process is not particularly user-friendly. If you believe that you may be a good candidate for Chapter 7 liquidation to meet your debts, be sure to get proper counsel before beginning the process. If not planned very carefully, you may end up in a bigger mess on the other side, no better off than when you began.

With proper legal guidance, it is possible to use the law in your favor and find relief from your creditors. However, it is crucial to do so with guidance of an experienced attorney who understands the specifics of bankruptcy and can help you consider every aspect of the procedure before you begin. With proper planning and guidance, you can keep your rights protected and truly make a clean start in a new season.

Source: Daily Progress, "25 tiny houses, many unfinished, in bankruptcy court auction," March 22, 2017

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