Logo-Top

Small Business Bankruptcy

An Alternative to Bankruptcy

Share

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


  1. 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.

  2. 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.

  3. 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!

Contact McCormick Law Firm today for a free consultation to see how we can help your particular situation improve.

Passionate, Accessible, and Responsive
We are a bilingual firm passionate about helping our clients, and look forward to helping you put your debt problems behind you, whether they stem from a failed business, personal loan situation or from credit card debt.
The McCormick Firm P.C.

Contact Us

Contact Us