Most of the time, solving Business debt isn’t significantly different than any other kind of debt.
If, for example, someone is a sole proprietor or co-signed a debt for their LLC, Corporation, or other business entity, creditors may often agree to settle the debt.
Or it may be possible to eliminate these obligations in a personal Chapter 7 Bankruptcy. But if any of these debts are for taxes, financing business purchases, or problem debts, such as those obtained by fraud, you may face serious problems getting rid of these debts.
In Bankruptcy, businesses must provide the Court with detailed financial records. The Court has requirements for preparing these records, which may not be how you have created them. And frankly, many business owners don’t keep up with their accounting as they should. OK, we’ve all been there! No one’s perfect.
You do need expert advice before deciding how to proceed. And at Vegas Debt Solutions, our experienced attorney can provide the answers you need.
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