Debt to the IRS and Illinois Department of Revenue are often the most difficult to settle. It takes the right negotiator to convince these institutions to settle for less than what is owed. If your business owes either income taxes, payroll taxes, or sales taxes, you must seek immediate help because, over time, the penalties and interest accumulate, leaving your business owing an even more substantial, and more unmanageable debt to the IRS.
Doing nothing can lead to severe consequences, such as tax liens, levies on bank accounts, and seizure of property. Financial problems in your business affect your personal life as well. Attorney Eric Zelazny is a business bankruptcy attorney, a CPA (certified public accountant) and an IRS attorney.
Doing nothing can lead to severe consequences, such as tax liens, levies on bank accounts, and seizure of property. Financial problems in your business affect your personal life as well. Attorney Eric Zelazny is a business bankruptcy attorney, a CPA (certified public accountant) and an IRS attorney.
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Business Bankruptcy
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When a business falls behind on its bills, the situation can become far more complicated very quickly, often involving more than just debt owed to banks and employees: businesses in this situation frequently also owe money to the IRS. If you own a small business and face unmanageable debt, you need a skilled bankruptcy lawyer to help your business get back on its feet.
Chapter 11 Bankruptcy
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Businesses with a high amount of debt that want to stay open often choose to file a Chapter 11 bankruptcy. Chapter 11, also known as business reorganization, provides companies protection from creditor collections while giving them time to reorganize and get back on their feet. If you own a business with debt problems and want to continue operations, Chapter 11 bankruptcy may be the best solution.
Chapter 7 Bankruptcy
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If you own a small business that is facing debt problems, Chapter 7 bankruptcy may be your solution. Filing for Chapter 7 is an effective debt liquidation tool used by both individuals and businesses with more debt than they can manage. Eliminating most (if not all) of your small business debts can give you a fresh start.
Alternatives To Bankruptcy
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If you are facing a large amount of debt that is unmanageable, Personal Bankruptcy is often a good option. However, Chapter 7 Bankruptcy can only be filed every eight years and will remain on your credit report for up to 10 years, so it is a step that should not be taken lightly. For this reason, it is always best to explore possible alternatives to bankruptcy before going down that road.
Business Bankruptcy Q&A
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When facing bankruptcy, either business or personal bankruptcy, you likely have a number of questions preventing you from moving forward. Fortunately, Eric Zelazny has taken the time to address some of the most common questions in situations like these. Eric's background as both a Bankruptcy Attorney and a Certified Public Accountant make him a powerful ally.
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