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Small business bankruptcy must be carefully navigated

Small business owners who are experiencing financial problems may benefit from learning about the available remedies. The federal Bankruptcy Code protects individuals and businesses in Ohio and other states. However, filing for bankruptcy is a complicated process and must be carefully navigated. Things to gather before consulting with a lawyer about a business bankruptcy include an up-to-date set of company books and accurate financial records.

It is also suggested that creditors who are informed of ongoing financial problems may be more inclined to work with the business owner during a difficult time. Any list of creditors must be complete because those debts left off the list will not be discharged in bankruptcy. It is also important to refrain from transferring any assets into the names of family or friends in an attempt to hide them from the bankruptcy court.

Bankruptcy schedules are signed under penalty of perjury. Moreover, during the initial meeting with creditors, the bankruptcy filer will be under oath. Any omitted information or false declarations provided can cause the case to be dismissed, and a charge of bankruptcy fraud could even be filed.

Filing for bankruptcy is typically unknown territory for the average small business owner in Ohio. It is more easily navigated with the guidance of an experienced bankruptcy attorney. Having seasoned legal counsel from the onset can ensure that the necessary information is submitted in the appropriate manner with no omissions or oversights. With adequate support, a small business owner may be able to emerge from bankruptcy with regained financial stability.

Source: FindLaw, "Bankruptcy Do's and Don'ts", Accessed on Oct. 1, 2016

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