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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have a Tool & Gage business. I had 8 employees in 2008. Now

Resolved Question:

I have a Tool & Gage business. I had 8 employees in 2008. Now I'm down to only my son, wife & myself. I have barly been getting enough orders to keep the business going. Starting in Nov. 2009 I have not been getting enough orders to make end meet. The bank has told me to either sink or swim. I have owned this business since 1996. I have never been behind on my payments. However now it's looking like I'm going to be if things don't pick up soon. What should I do?

Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.

So sorry to hear of your situation.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open and nonconfidential forum.

What do you want to do? Do you want to close the business? Specifically how can I assist you?
Customer: replied 6 years ago.
What steps should I take to close the business. Should I file for bankrupcy first & then close the business or close the business & then file for bankrupcy. What steps should I take?
Expert:  Ellen replied 6 years ago.
Is the business incorporated? Are the debts personally guaranteed?
Customer: replied 6 years ago.
Yes the company is incorporated & dedts are personlly guaranteed.
Expert:  Ellen replied 6 years ago.

You might want to consider filing a chapter 7 bankruptcy for your business. After your business is liquidated by the bankruptcy court, you can then determine the extent of your personal liability and determine whether you will be required to file a chapter 7 bankruptcy personally as well
Ellen and other Bankruptcy Law Specialists are ready to help you