Definition of bankruptcy

Many small businesses close within the first 18 months after opening. It is estimated that approximately 80 percent of new businesses fail within the first 18 months. Fifty percent of new businesses fail after the first four years of being opened. Only one in five businesses make it past their five year anniversary. With statistics like this, why would anyone want to open a new business in Florida or anywhere in the United States? Even though the statistics may discourage some people from opening a new business, thousands of entrepreneurs decide that the risk is worth the dream of owning their own business. However, what happens to the debts a small business owner incurs if theirs is one of the businesses that does not make it. Does the business owner owe all the company debt when the company closes? PERSONAL LIABILITY FOR BUSINESS DEBT. If an entrepreneur is a sole proprietor, they are liable for all business debts. In many cases, a small business owner signs personal guarantees ...

Law Office of Tony Turner, 4465 US 1 #101, St. Augustine, Fl 32086, United States (US) - Phone: 9046792020 Fax: Law Office of Tony Turner Email: tonyturnerlaw@gmail.com Monday 08:00 - 17:00 Tuesday 08:00 - 17:00 Wednesday 08:00 - 17:00 Thursday 08:00 - 17:00 Friday 08:00 - 17:00 Saturday Closed Sunday Closed 4475 US 1 ST. AUGUSTINE FLORIDA 32086 As a Bankruptcy Lawyer in St. Augustine and Orange Park Florida, I realize deciding whether to file a Chapter 7 or a Chapter 13 case can be confusing to most clients. First, you will want to schedule a conference with your bankruptcy lawyer to discuss in great detail you financial situation and the assets you own. This will help your attorney determine which chapter of bankruptcy will be the best for you. The goal is to discharge your debts in the most affordable and effective manner. The Law O...