Business Bankruptcy

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Types of Business Bankruptcy in Washington State

Whether you are a sole proprietor struggling with a business in your name, or you are the owner of a partnership, corporation, or LLC with debt that may have been personally guaranteed, Seattle Consumer Justice is here to assist. We may be able to help you get your business back on its feet, buy time to complete a sale of assets or of the company itself, or provide you with a fresh start.

We handle all the following bankruptcy cases for business owners in Seattle:

  • Chapter 7. Otherwise known as liquidation bankruptcy, Chapter 7 allows business owners to discharge most or all debt by liquidating their assets. You will not retain ownership over your business, but you can achieve the new financial beginning you need.
  • Chapter 13. Chapter 13 allows people to reorganize debt into manageable 3-5-year repayment plans. Because they are personally responsible for their business debts, sole proprietors are the only business owners who can file Chapter 13 bankruptcy. Owners of LLCs, corporations, and partnerships will need to liquidate through Chapter 7 or restructure through Chapter 11 or 12.
  • Chapter 11. Generally, Chapter 11 is the business version of Chapter 13, allowing people to restructure business debt into manageable repayment plans while retaining control and ownership over their businesses. If you own a small business, you may be able to take advantage of Subchapter V, which is a streamlined version of Chapter 11 that is exclusively available to small business owners.
  • Chapter 12. Chapter 12 is another form of debt restructuring, but only qualified family farmers and fishermen can file. As with Chapter 13 and 11, the farmer or fisherman must use all disposable income to make payments in 3-5 years.

For business owners, bankruptcy can provide the crucial opportunity to reorganize these debts and present a plan that will pay key creditors while discharging others. No matter which chapter you choose, bankruptcy will trigger an automatic stay, which prevents collection activities such as foreclosures, evictions, and lawsuits.

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  • “It is my belief that we came out way ahead of the game but we owe the success to Jacob.”
    “Jacob very clearly explained the course of action we should take and held our hand through the very scary process of the bankruptcy nightmare.”
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  • “He really cared about getting me the best outcome given my financial situation.”
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    “When I, and my company, were struggling financially and about to go under, she showed me options I never knew I had, and then she followed through and protected me so that I ultimately did not have to declare bankruptcy.”
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    “We were very concerned about resolving this matter in a short period, and she adhered to our needs by expediting this case within our thin margin of time that we had.”
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