An Attorney Who Understands Small Business Bankruptcy in Indianapolis is Important if You Are Contemplating Bankruptcy...

Mar, 2014 by Alma Abell

The United States Congress has recognized the economy of the past 5 years has been rough on small businesses which are often considered to be the backbone of this country’s economy. The Federal bankruptcy law has been updated to make it easier for a small business to declare bankruptcy, but the effects of declaring bankruptcy are much harsher than those previously in effect. However, if the small business is a single proprietorship the rules of personal bankruptcy still apply. Incorporated businesses face a different problem but one with a less favorable disposition. Regardless, bankruptcy means giving up certain assets which are over the statutory limit and a restriction on starting a new business. The bankruptcy court may require a restructuring of the business and the business debt. The intent is to allow the business...

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