I am operating a business and having a problem paying the bills, what are my options?
A. If the business is owned by you or with your spouse and not indirectly by way of a partnership, corporation or LLC, you may be able to reorganize under Chapter 11 of the Bankruptcy Code or even possibly under Chapter 13 of the Bankruptcy Code. If you just want to get out of the business altogether you might be best in a Chapter 7 liquidation. A Chapter 11 is expensive and there are substantial requirements imposed by the Court and U.S. Trustee’s office in order to keep that kind of a Case going. A Chapter 13 proceeding, on the other hand, is a quite a bit simpler and much less expensive and has other benefits over a Chapter 11 especially with respect to taxes you may owe the government (Federal and State) and other debts (including those incurred by way of misrepresentation) that are not dischargeable in a Chapter 11 or Chapter 7 but are in a Chapter 13 where full payment thereon may not be required. Chapter 11 and 13 contemplate the confirmation of a Plan by which creditors are pai
