A business bankruptcy filing is more specialized than a personal one. In most cases, a business in need of relief to reorganize its finances can file for a Chapter 11 bankruptcy in Fort Worth. Chapter 11 bankruptcy can assist your company through a reorganization process while you continue to operate the business.
Our Fort Worth B2B bankruptcy services give you:
Our skilled and dedicated attorneys can guide you toward the best possible Fort Worth business work out and convince your creditors to agree to a fair and workable repayment plan. We also provide ongoing protection to make sure your creditors abide by that plan. Our ultimate goal is to move your business forward toward a better financial footing.
A business in financial distress, unable to pay its bills, will face legal action from creditors. If your business bank account is empty, business bankruptcy can give you some leverage and breathing room while you try to work things out. The degree of your personal liability for business debt depends on how the business is structured and whether you personally guaranteed or secured any of its debts. In some cases, bankruptcy can protect your personal assets such as your house, car, and personal property.
The IRS is a tough creditor. It holds business owners liable for unpaid payroll taxes regardless of how the business is structured. With unpaid payroll taxes, you must find a way to pay at least part of that debt. Your alternatives can include negotiating a payment plan with the IRS and making an offer in compromise for less than you owe. Your first step should be to find an experienced attorney (not an accountant) to negotiate on your behalf with the IRS.