While no business owner wants their business to go bankrupt, if your business is drowning in debt, business bankruptcy in Newport Beach California may be the most sensible choice to make. However, the decision to file for bankruptcy requires a careful analysis of all the facts of the situation. If you are considering business bankruptcy in Newport Beach California you should contact an experienced business bankruptcy attorney to get the competent legal advice you need to help you make such an important decision.

There are a variety of personal as well as financial factors that will determine whether or not you intend to stay in business after a bankruptcy filing. Once you decide whether you want to shut down your business or keep it running, you will need to decide which type of bankruptcy filing is the most appropriate for you and your business. Some of the other relevant factors to take into consideration when deciding what type of business bankruptcy to file include:

  • What type of legal entity is your business? (sole proprietorship, general partnership, corporation, or limited liability company)
  • Are you are personally liable for your business’ debts?
  • How much and what types of debts you have?

Depending upon your answers to the aforementioned questions, you may be able to file for Chapter 7, 11, or 13 bankruptcy. Don’t take chances by filing the wrong type of bankruptcy for your business. Contact a local bankruptcy attorney for a consultation to find out what option is best for you.