Small Business BankruptcyWe are a bilingual firm passionate about helping our clients.
Small Business Bankruptcy Attorney in Cumming, GA
Serving North Georgia and the Greater Atlanta Area
Sometimes a business faces such a large amount of financial debt that the only solution is to seek out a quality bankruptcy lawyer to help guide the business owner through the various steps involved in bankruptcy. If your small business is suffering and you are considering filing for bankruptcy, always choose a respected law firm such as The McCormick Law Firm PC.
How to Temporarily Avoid Bankruptcy
- Cut Expenses – If you don’t have enough money to pay your bills, create a basic cash flow analysis of your business. This will allow you to find out which bills you have to pay immediately, and which ones can be negotiated to be paid later if possible.
- Use More Than One Bank Account – If you owe money to a bank and have an account with that same bank, the bank can essentially tap into your account and withdraw money from it to pay the bills that you owe. To help avoid this problem, you may want to have more than one bank account or more than one business account, including at the bank where you took out your loans.
- Pay Your Payroll Taxes – The IRS will know if you have not been paying your payroll taxes, and will seek to penalize you in lieu of this. Even If you file for business bankruptcy, you will still be responsible for the taxes withheld from your employee’s paychecks.
Even after implementing the above strategies, many business owners in the United States still file for bankruptcy so they can achieve a fresh start!
Why Hire the McCormick Firm P.C.?
Our seasoned team will always protect your rights while using our large pool of resources and experience to help save your assets. Often mortgage companies and banks will try to violate your rights in an effort to take all that they can from you, which is why you need an aggressive bankruptcy law firm that has years of experience in dealing with the complexities of debtor and creditor law.
You will have peace of mind knowing that we are on your side throughout the debt relief or bankruptcy process. The McCormick Law Firm always takes the time to explain to new clients how bankruptcy works, and will always advise you on the best course of action to take based on your situation. We will dispel any myths that you may have about filing for Chapter 7 or Chapter 13 bankruptcy, and present you with facts and information that will help you decide on the best course of action to take.
What Happens to My Credit?Bankruptcy can damage your credit and subsequently your credit score. We all know that credit scores play a large part in our lives and have for some time, as they help determine how much we pay for our cars, houses and more. However, if your score has already been damaged, bankruptcy can be a great first step to rebuilding your credit.
How Will I Pay My Bills Going Forward?
The key to paying your bills in addition to getting the most out of your bankruptcy case is to form a stringent budget that you can follow reasonably. If you have filed for Chapter 13 bankruptcy, you need to have a budget to make sure that you are taking care of all of your required payments. If you file for Chapter 7 you will have your debts discharged, but only those debts that you had before the petition for Chapter 7 was filed. You will need a budget if you file for Chapter 7 to make sure that you won’t have to file again in the future. You should be able to consult with your Cumming Georgia bankruptcy attorney on this matter.
Will I Lose My Job if I File for Bankruptcy?
Filing for bankruptcy is information that the public can view. However, this information is not published in any newspapers or distributed at any stores. The only people that will know that you filed for bankruptcy is the trustee in your case, your creditors, and the people that you choose to tell. If your employer finds out about your case, it should not adversely affect your position or job. This may not be true if you work within the financial industry.