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Could Bankruptcy Help My Business?

If you’re trying to decide whether or not to file for bankruptcy, you’re NOT alone. Nearly every business owner has had to decide whether to either file for bankruptcy or to keep putting money into their business venture. Throughout this difficult time, keep in mind that filing for bankruptcy is not necessarily synonymous with surrendering your business. In fact, in some cases, filing for bankruptcy can actually help your business. At Lucé Law, PC, we are experienced in business law; we’ve outlined the basics of bankruptcy below.

Filing for bankruptcy can often be a great way to regroup, and even re-think your business strategies and goals. If you need time to pay off debts and recalibrate, then you may want to consider filing. After all, when you’ve take the time, money, and energy to start your own business, then you owe it to yourself to take some time to think things over before throwing in the towel.

So, how do you know when to file for bankruptcy? To start, you can ask yourself the following questions:

  • Is my business making a profit? Do you find yourself tunneling deeper and deeper into debt, or are you actually making some money (even if only a little)? If you find yourself consistently losing money, it’s probably time to file for bankruptcy.
  • Am I personally responsible for business debts? If you have a chunk of business debts under your own name, you may be better off keeping your business running. That way, creditors will not go after your personal assets.

Get in Touch with Lucé Law, PC Today

For further advice and counseling on bankruptcy, or to learn more about business law, get in touch with a business lawyer at Lucé Law, PC. You can give us a call at (972) 632-1300, or contact us online. We’re always happy to offer our quality assistance.

Legal Practice Areas

Joe Lucé represents individuals dealing with the repercussions of personal injuries, auto accidents, slip and fall injuries and wrongful death.
Personal Injury

Personal Injury

Our experience dealing with personal injury claims means we know how to get results.

wrongful Death attorney

Wrongful Death

The loss of a loved one is compounded when it’s the result of wrongful death.

Slip and Fall Injuries

Slip and Fall Injuries

Slip and fall accidents occur regularly in commercial buildings, workplaces, stores and malls.

Auto Accidents

Auto Accidents

Auto accidents are frequently preventable, with distracted drivers, vehicle malfunctions and other conditions to blame.