People should not consider bankruptcy as a personal failure, but as an opportunity to start again.
Chicago, Illinois (PRWEB) September 29, 2014
As a service to assist people struggling with debt and to provide the public with information on a wide range of relevant legal and financial topics including bankruptcy, foreclosure, and debt management strategies, financial rescue specialist and Chicago bankruptcy lawyer Richard G. Fonfrias, J.D., the managing partner of the Fonfrias Law Group, LLC, has added another informative new article to his law firm’s website (http://www.chicagomoneylawyer.com). The new article, entitled Business Debt: Erase Your Personal Liability with a Chapter 7 Bankruptcy, discusses how a Chapter 7 Bankruptcy can be used to protect a small business owner from being personally liable for the debts their company is unable to repay.
Fonfrias’ new article, which is the latest of many educational and informative articles on his Chicago law office website, provides small business owners with important information that they need to consider if their company has serious cash-flow problems and unmanageable debt. In Business Debt: Erase Your Personal Liability with a Chapter 7 Bankruptcy, Fonfrias cites several different situations where a small business owner might want to consider filing for Chapter 7. He then goes on to describe how Chapter 7 personal bankruptcy works and how it can help protect the personal assets of small business owners of sole proprietorships and general partnerships. The owners of corporations and limited liability companies (LLC) are usually not personally responsible for business debts, except where they have signed a statement of personal responsibility or a personal guarantee, and then they are on the hook. Fonfrias also gives reasons why a person filing for personal bankruptcy might wish to close their business and start afresh with a new company.
“Many people are surprised to learn that they can rid themselves of personal liability for the debts of their failing business. Small businesses were hit especially hard during the last recession, and many of the ones that managed to survive are still struggling as the economy slowly recovers. People should not consider bankruptcy as a personal failure, but as an opportunity to start again. Small business owners helped to build this country, and our founding fathers seemed to understand this when they drafted the Constitution and charged the United States Congress with the responsibility of creating national bankruptcy laws. They recognized that, for any number of reasons, both people and businesses sometimes become overextended, and believed that everyone deserves a second chance at success,” says Fonfrias.
Richard G. Fonfrias, J.D.
Fonfrias Law Group, LLC
First National Plaza
70 West Madison, Suite 1400
Chicago IL 60602
About Fonfrias Law Group: Chicago financial rescue specialist and bankruptcy lawyer Richard Fonfrias of the Fonfrias Law Group has built a solid reputation helping people with serious money problems. The Fonfrias Law Group is Chicago’s experienced financial rescue and bankruptcy team, providing a wide range of financial legal services including, bankruptcy, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan and mortgage refinancing advice. Ready to assist businesses in serious financial trouble and consumers faced with unmanageable debt, Richard Fonfrias of Fonfrias Law Group invites your questions about Illinois bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information or to arrange a complimentary first consultation with Richard, call 312-969-0730 or inquire online http://www.chicagomoneylawyer.com