As a small business owner filing for bankruptcy in Southwest Florida, there are some strategies ZinnLaw can recommend that will successfully provide financial relief. At ZinnLaw we will provide you with all of the steps you need to take in this process. We will create a plan together that looks at what type of bankruptcy you file and why, how you will pay your small business debt, what assets you will keep and how you will manage your business going forward. One of things we will look at together includes the legal form of your business, is it a partnership, a corporation, a limited liability company or a sole proprietorship? Is your business set up in such a way that you are personally liable for business debts? Are you looking to claim bankruptcy and close your business or do you want to keep it running after the bankruptcy petition is complete? How much and why types of debts does the business have?
First things first, gather your financial information. Some of the info must be filed with the court with your bankruptcy petition, and some of it will be required by your It’s a good idea to have that information with your for your first meeting with one of our ZinnLaw lawyers, as that will help us determine which type of bankruptcy works best for your case. Some of the financial information you need will depend on which type of bankruptcy you choose to file for. For example, if you are filing for Chapter 7 bankruptcy, the court will want two years for tax returns, but you’ll need four years of returns to file Chapter 13 bankruptcy. If you don’t have copies of your returns, you can get them at https://www.irs.gov/individuals/get-transcript. You’ll need to have six months proof of income, whether it is paycheck stubs from an employer, proof of alimony or maintenance payments, unemployment benefit stubs, or proof of income from any sources. You’ll need six months of bank statements, including the most recent two months and all paperwork showing income from investments, and retirement accounts. Bring copies of the following documentation, but also bring originals when you go to court: driver’s license, ID card, government ID or passport, and a social security card or proof of social security number. The name on these identification documents must match the name on your bankruptcy petition exactly. For your bankruptcy petition you will need a credit report, credit card and other billing statements, credit counseling completion certificate, and a household property list that includes the value of the items on the list. You can group small items such as clothing, dishware, bedding and art together.
If you are filing Chapter 7 or Chapter 11 bankruptcy, you will be appointed a trustee by the court. For Chapter 7 cases, the trustee oversees the liquidation of the business assets and the distribution of the proceeds to creditors. If you are filing Chapter 11 bankruptcy, the trustee will oversee the reorganization process and ensure that there is a repayment plan in place to follow. There are certain documents your bankruptcy trustee will need from you. These include twelve monthly profit and loss statements, and two yearly profit and loss statements, and copies of all liability insurance policies. The trustee may also ask for home valuation, car valuation, mortgage and car loan statements, valuation of any unusual items you may own like antiques, along with photos of said unusual, antique, rare or collectible items. If you have any damaged property, the trustee will want photographs of the damage and repair estimates.
For the creditor’s meeting you will likely need bank statements showing your bank balance on the date of filing, and other financial documents. After the creditor’s meeting you’ll need to complete a debtor’s education course and file that completion certificate with the court as well.
Contact ZinnLaw for Assistance
If you are deeply in debt with your small business, you may want to consider filing for bankruptcy. Talk with one of our experienced attorneys. ZinnLaw can help you create a plan for how to handle your business bankruptcy. To find out more about filing for bankruptcy for your small business, call Brian Zinn for a free consultation to look over your case (239) 418-1529, (239) I-1 U-1 LAW or go to our website www.zinn.law to schedule a complimentary consultation.