Oklahoma Small Business Bankruptcy: What Happens to Employees?
March 3, 2020
When a small business files for bankruptcy, what happens to employees? Will they still have their jobs? Will the business be required to pay their employees? Small business bankruptcy can be incredibly scary for both small businesses and their employees.
Here's what happens under the bankruptcy code to employees after small businesses file for bankruptcy to get help with their business debt.
chapter 7 Bankruptcy: can you keep your house and your car?
If you're a small business owner who is thinking about filing a bankruptcy case, you may be wondering which option is better: chapter 11 reorganization or chapter 13. There are several factors involved in a successful reorganization and relief from debt collection practices according to bankruptcy law, and in this article, you will learn more about both chapter 11 reorganization and chapter 13.
Filing for bankruptcy for a small business is considerably different than filing as an individual or married couple. While a sole proprietor, limited liability companies, and other corporations are entitled to seek the protection of the bankruptcy code for their business debt, there are certain factors that must be considered. These factors determine which type of bankruptcy should be chosen to benefit the business entity. In this article, you will learn more about the main factors business entities should consider before filing for bankruptcy with the bankruptcy court and how those factors determine which type of bankruptcy is best for small businesses. If you have questions about small business bankruptcies after reading this article, schedule your free consultation with the Law Offices of B. David Sisson.
Chapter 13 bankruptcy is a way that individuals and businesses can choose to repay some of their unsecured debts. It is different than filing for a chapter 7 bankruptcy since it allows the debtor to keep their belongings. A chapter 13 bankruptcy takes longer to complete than a chapter 7 bankruptcy. Those who file for this type of bankruptcy use all their excess income to repay their debts. Not all people qualify for or want to file for chapter 7. Chapter 13 is often a better option for their circumstances. In this video, Attorney B David Sisson explains who may qualify to file for a chapter 13 bankruptcy under the US bankruptcy code.