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Bankruptcy options for small businesses

For many entrepreneurs, the thought of starting a business in Louisville is fun and exciting. Many of them do not realize how important it is to plan carefully and have a sound business plan in place. If you are the owner of a recent startup or intend to open a small business, you must plan for the possibility of bankruptcy. 

There are three types of bankruptcy for business owners to file: Chapter 7, 11 and 13. Your company’s tax structure determines which protections it can benefit from. Sole proprietors can utilize all three types of bankruptcies. Chapters 7 and 11 are most suitable for corporations and partnerships. The business world is tough and highly competitive. Many small businesses go belly up within the first few years. To circumvent many of the financial and operational challenges your venture might encounter, review the following information on small business bankruptcies

Find out the complete financial picture 

First, understand that filing for bankruptcy does not mean you are a failure. Though you may feel it means the end for your company, it does not. The bankruptcy options that are available to business owners provide protections to alleviate the business financial burdens. Before filing, you should review all company financial documents and agreements. Taking a good, hard look at the books can help you determine which expenses are necessary. If you do not know your business’ financial picture, you could lose out on the full protections of business bankruptcy. 

Do not wait too long 

The longer you allow financial problems to persist, the harder and more challenging it may become to deal with them. Get expert financial and business advice so you can learn ways how to utilize the protections and benefits to improve your company’s standing. The sooner you address the concerns that have you considering filing business bankruptcy, the fewer financial issues you will have to deal with after you finish restricting your company.

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  1. Charles W. Dobbins, Jr.

    Charles earned his J.D. degree from the University of Virginia in 1974

    He was graduated from Washington & Lee University in 1970 with a B.A. with Distinction

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    Mark W. Dobbins

    Mark earned his B.A. from Emory University.

    He earned his J.D. from the University of Louisville.

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    Patrick T. Schmidt

    Patrick earned his B.S. in Accounting from the University of Kentucky in 1989.

    He earned his J.D. from the University of Kentucky in 1992.

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    Terrence L. McCoy

    Terry earned a B.A. from Dartmouth College in 1964.

    He earned his J.D. from Duke University in 1967.

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    Lisa Koch Bryant

    Ms. Bryant has extensive commercial litigation and bankruptcy experience. Prior to entering private practice, Ms. Bryant served as head of litigation for the Federal Land Bank of Louisville.

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  2. Wm. Stephen Reisz

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

    Thomas earned his J.D. degree from the

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    Sandra F. Keene

    Sandra earned her Bachelor of Health Science degree, with Honors, from the University of Louisville in 1982.

    She earned her J.D. degree from the

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    Elizabeth M. Jenkins

    Colgate University, B.A., Political Science, magna cum laude, 1983

    University of Virginia, J.D., 1992

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    Edward L. Galloway

    Ed graduated from Indiana University in 1967 with a degree in history.

    After obtaining a master’s degree in political science from the University of

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    Thomas G. Karageorge

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

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  3. Tacasha E. Thomas

    Tacasha attended Harvard University in Cambridge, Massachusetts during the summer of 2001, where she studied courses in law and psychology.

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    Ayala Golding

    Ayala received her J.D. in 1994 from the University of Louisville, Louis D. Brandeis School of Law, Louisville, Kentucky, where she was a member of the Brandeis Family Law Journal, and

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    Kacie A. Wilkinson

    Kacie A. Wilkinson recently joined Tilford, Dobbins & Schmidt, PLLC, where she practices in the areas of business law & transactions, real estate, estate planning and probate.

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    Gwendolyn Chidester

    Gwen recently joined the Firm after being employed by notable Louisville companies for over 15 years in a variety of capacities including Corporate Counsel, Director of Human Resources, and Risk Manager.

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    William A. Buckaway, Jr.

    Bill earned his B.A. from Centre College in Kentucky in 1956.

    He earned his J.D. from the University of Louisville in 1961 where he was a

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    Terrell L. Black

    Terry earned a B.S. in Social Science from Campbellsville College in 1966.

    In 1969, he attended graduate school at Eastern Kentucky University focusing on

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    John A. Wilmes

    John was admitted to the Kentucky bar in 1977 and admitted to practice before the U.S. District Court, Western District of Kentucky in 1979.

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