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Metrowest Business Bankruptcy Lawyer

Chapter 7 and Chapter 13 Bankruptcy for Small Businesses

While the economy seems to have rebounded quickly for large businesses, it's been a different story for small and mid-sized businesses. Cash flow problems, business cycle challenges, getting through to the next season … or is it time to simply close up shop and start anew. Bankruptcy may be one possible solution.

If your business is in financial trouble, it's important to understand your options. At the Law Office of Raymond Mastroianni, we can review your business debt and advise you whether bankruptcy may help your situation and which type of bankruptcy would be an option for you. We'll also tell you if we think your problem can be resolved outside of bankruptcy.

To speak with a Framingham area business bankruptcy lawyer at our office, call(508) 473-8801. Your initial consultation is free.

Why You May Not Want to Use Chapter 11 for Business Bankruptcy

Chapter 11 of the U.S. bankruptcy Code deals specifically with business bankruptcy. It offers business owners a lot of flexibility but that comes at a cost. It is more expensive to do a Chapter 11 bankruptcy than a Chapter 7 or 13. Why spend more money than you need to?

Many small and mid-sized family-owned businesses have the option of using Chapter 7 or Chapter 13 bankruptcy. It depends on how your business is structured.

Discharging Business Debt with Chapter 7

Chapter 7 is an option for sole proprietors whose struggles with debt may mean they close down their business. Chapter 7, or liquidation bankruptcy, will require that you return or sell all assets you can't afford to keep. Unsecured debts such as credit card debt and personal loans, are completely discharged. You can also be relieved of the financial obligation for space and equipment leases. Businesses in Worcester, Framingham and throughout Metrowest, Massachusetts discharge their debt using bankruptcy.

If you have valuable business assets you want to save, or you want to keep your business going, you may want to file for Chapter 13 instead.

Restructuring Business Debt with Chapter 13

Chapter 13 is another personal bankruptcy option available to sole proprietors. It does many of the same things that Chapter 11 can do, but is less costly.Chapter 13 is only available for people who have an income, though as the owner of the business you can file on your own behalf.

Chapter 13 restructures your debts. You may pay only pennies on the dollar. Some of the debt may be completely discharged. While you are in the bankruptcy process, you can continue to do business.

There are limits to the amount of debt that you can discharge, however. And the amount of time you have to pay off business debt is limited to no more than five years. If you cannot repay the debt within that time, then a Chapter 7 liquidation bankruptcy may be your only option.

Talk with a Metrowest Area Business Debt Attorney

Take that first step to getting out from under unmanageable business debt. Contact our Milford law office or call (508) 473-8801.

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Earlier this week I received the documents from you relating to discharging my credit card debt. Thank you for your great service, your kindness and the confidence you inspired. Initially, I found the process very upsetting and stressful, but was relieved once the process got started. It was also a comfort knowing that all the legal parts of this situation were being handled by you and your staff. Everyone was easy to work with. Thank you, and have a great fall. - Cindy F.

Attorney Mastroianni thank you for your prompt response to my difficult financial situation. By educating me about my options I was able to work with you so that now on the other side of my bankruptcy having gotten the documents from the court yesterday. I feel lucky I found a lawyer who is professional but also easy to talk to and friendly. -Ned H.
Milford, MA

Without hesitation I will recommend you to my friends. Through bad luck I ended up in a financial situation I never thought I would be in. It was not easy to reach out to a lawyer and look at my options to deal with my debt but it became clear to me that working more hours in my job was never going to get me out of the situation I was in. My situation has turned out better than I could have imagined. I only wish I had done it sooner. - Julio S.
Franklin, MA

Thanks for all your kindness toward me and all the appreciated help. You helped change my life. - J.D. Metrowest


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Raymond M. Mastroianni
231 East Main Street, Suite 202
Milford, MA 01757

Local 508-473-8801 Cell Phone 508-400-1295 Toll Free 800-301-0000 Fax 508-473-8821


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